New York, Jan 3, 2019 (Issuewire.com) - When the world-famous Lord & Taylor building on New York Citys 5th Avenue closed on Wednesday, January 2, it marked the end of an era for many people, including Manhattan real estate broker, Joshua Garay, principal of Garay Real Estate, a frequent shopper at the store.
To pay tribute to Lord & Taylor, Garay featured the building in On the Streets, a video series featuring iconic Manhattan buildings in Manhattan.
Lord & Taylor has always been one of my favorite stores in Manhattan, Garay said. As a real estate broker, its important to dress well for clients, and Lord & Taylor was my go-to clothier. My salesman, Richard, on the 10th floor was the best around.
Like many New Yorkers, there is a great nostalgia for Lord & Taylor, as this was a destination for so many people, especially during the holiday season with its showcase of incredible Christmas decorations.
The prized location at 5th Avenue and 39th Street was sold to WeWork in 2018 for more than $800 million. At 656,000 square feet, that's more than $1,000 per square foot.
Manhattan real estate is the golden ticket for investors, said Garay, a top-producing commercial and residential sales broker who also specializes in 1031 exchanges. The ability to purchase more than 600,000 square feet of commercial space on 5th Avenue within proximity to Bryant Park is an incredible opportunity. The property not only can serve as commercial or retail but also accommodate a top floor of condos in the future.
While Lord & Taylor will still operate online with other retail locations around the country, the Manhattan property will now serve as the corporate headquarters for WeWork.
About Garay Real Estate
Garay Real Estate is a licensed real estate brokerage firm in New York, New Jersey, Connecticut, and Pennsylvania. With more than a decade of real estate transactions, including the management of a 150-unit family portfolio in Manhattan, the company is well versed in both residential and commercial real estate investment properties.
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Source :Garay Real Estate
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