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Grnd Floor - Unit 3
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Retail
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9,299 SF
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Price Upon Request
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Unit Size: 9,299 SF
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Condo Use: Retail
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Price: Price Upon Request
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Sale Type: Investment
Description
Jones Lang LaSalle (“JLL”) has been retained on an exclusive basis to arrange for the sale of the retail condominium at CODA, located at 385 First Avenue (“The Property”) in Gramercy Park, Manhattan. The three (3) prime commercial spaces occupy the entire base of the building, situated at the southwest corner of East 23rd Street and First Avenue. With ~200’ of wraparound corner frontage, the Property offers exceptional visibility and access to a diverse customer base of residents, professionals, and students from nearby institutions.
Sale Notes
Manhattan’s retail market has demonstrated impressive resilience and growth
throughout 2025 and into Q1 2026, with key leasing metrics indicating a strong
recovery. The annualized average prime asking rents in Manhattan’s retail
corridors rose by 6.7% year-over-year, while direct ground floor availabilities
across the borough’s premier shopping areas hit a new record low of 13.7%.
This “top down” trend in retail leasing suggests that as prime locations become
fully occupied, we can expect increased leasing activity and rising rents in
quality neighborhood retail spaces along busy corridors such as First Avenue
and the 23rd Street thoroughfare.
The fully occupied ground floor retail at 385 First Avenue in Midtown
exemplifies the strength of Manhattan’s retail resurgence. Gramercy’s diverse
mix of residents, office employees, medical industry professionals, and students
provides a robust customer base for the current tenants, while the area’s
reputation for both mainstream and boutique retail aligns with current trends
favoring convenient and unique shopping experiences. The success of these
retailers demonstrates the enduring appeal of well-positioned retail spaces in
high-traffic locations
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Jonathan Hageman
JLL
