Largest Family-owned Music Retailer in the U.S. Leases 29,688-Square-Foot Store
New York, NY – July 24, 2012 – SL Green Realty Corp. announced today that Sam Ash Music Stores, one of the nation’s oldest and most respected music retailers, currently operating 45 stores in 16 states, will relocate and consolidate its Manhattan flagship store to 333 West 34th Street. The move into the 10-story, 349,896-square-foot building located between Eighth and Ninth Avenues is planned for the first quarter of 2013.
Sam Ash Music Stores is the largest family-owned music retailer in the United States, and provides musicians with everything from guitars, keyboards, drums, recording equipment, sheet music, music software and more. The 15 year lease covers the building’s entire retail area on both the street and basement levels.
“We are excited that Sam Ash, a household name in the music world, will become the building’s sole retail tenant,” said Steven Durels, Executive Vice President, Director of Leasing and Real Property for SL Green. “The transaction raises occupancy to 100% following our comprehensive redevelopment and repositioning of the building which included the creation of retail space from a combination of space previously used as an employee cafeteria together with other underutilized space.”
“This is a long-anticipated consolidation for Sam Ash, which since the 1960’s has expanded numerous times into adjacent properties on West 48th Street as its business grew,” said Jeffrey Roseman of Newmark Grubb Knight Frank Retail LLC, who, along with his associate, Gregg Gropper, acted on behalf of SL Green in the transaction in conjunction with SL Green’s David Kaufman and David Amsterdam. “Sam Ash now will occupy a much larger location, with efficient, modern space for expansion, situated in the heart of the highly trafficked Penn Station submarket.”
SL Green’s $26 million repositioning of 333 W. 34th Street, completed in 2010, included major infrastructure upgrades which included the redesign and expansion of the lobby, new windows, storefront, building entrance and bathrooms. Among the major office tenants are Godiva Chocolatier, The Segal Company and Metropolitan Transportation Authority.
About SL Green
SL Green Realty Corp., New York City’s largest office landlord, is the only fully integrated real estate investment trust, or REIT, that is focused primarily on acquiring, managing and maximizing value of Manhattan commercial properties. As of March 31, 2012, SL Green owned interests in 70 Manhattan properties totaling more than 39.0 million square feet. This included ownership interests in 27.3 million square feet of commercial properties and debt and preferred equity investments secured by 11.7 million square feet of properties. In addition to its Manhattan investments, SL Green holds ownership interests in 32 suburban assets totaling 6.9 million square feet in Brooklyn, Queens, Long Island, Westchester County, Connecticut and New Jersey, along with four development properties in the suburbs encompassing approximately 0.5 million square feet.
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Steven Durels, Exec VP,
Director of Leasing and Real Property
SL Green Realty Corp.