Realtor Lists Available Shops

Jones Lang LaSalle, the real-estate firm working for RIOC on commission to market Island properties, last week gave interested Island merchants a listing of retail properties now available for rent. Prices range up to $35 per square foot per year, a figure that many Island merchants have said is unrealistic, given the state of the Island’s mercantile economy.

But spaces are available at lower rates. The Gallery RIVAA space is on offer, for example, at $4,716.25 per month for ground-floor space of 1,617 raw square feet (RSF) on the ground floor and 817 RSF in the basement. That works out to $23.25 per square foot per year.

Other properties being offered are:

• 532 Main (Capri Pizza, now vacant), at a "monthly base rent" of $3,409.58. With more than half its space at the basement level, the space works out to $17.26 per square foot per year.

• 546½ Main (the vacant bakery space) is listed at $2003.83 per month. With about two-thirds of its space on a mezzanine level, it is priced at $12.23 per square foot per year.

• The vacant Montauk Credit Union space at 559 Main Street, with 568 RSF ground and 286 RSF basement, works out to $23.28/year/square foot, or $1,656.67 a month. USAlliance Credit Union, which had expressed strong interest in the space for over a year, recently gave up seeking to rent it when it could not get a waiver of a provision in RIOC’s lease to New York National Bank. The provision prohibits location of another financial institution on the Island.

Two other spaces are in the offering:

• 503 Main, which is at the southeast corner of Rivercross, at $29.22/year/square foot, or $5,769.17 per month for 1,978 RSF ground and 283 RSF basement.

• 615 Main (in Westview), with 776 RSF at the ground level, at $35/year/square foot, or $2,263.33 per month.

In the papers supplied by Jones Lang, prospective tenants are asked to make a proposal for any space of interest, supplying such information as proposed rent increases, the term, amount to be spent in improvements, and hours/days of operation. The papers call for a description of the proposed tenant’s experience plus exterior and interior renderings. The papers provide no address for submission of the papers, but e-mail addresses for RIOC real-estate consultant Paul Mas and others are provided.