weathermen aliquot: Real Estate Weekly ? Blog Archive ? Aurora marketing Daffy's stores

Thursday, September 6, 2012

Real Estate Weekly ? Blog Archive ? Aurora marketing Daffy's stores

By Sarah Trefethen

Aurora Capital Associates today confirmed it has entered into a joint-venture agreement with JEMB Realty Corp. to market and dispose of the majority of the leasehold interests of the fashion retailer Daffy?s, which JEMB purchased out of bankruptcy.

Real Estate Weekly first reported Aurora?s plans to acquire the Daffy?s portfolio on August 1.

Aurora Retail will exclusively market 15 leaseholds throughout New York and New Jersey, which do not include the space occupied by the Daffy?s store in the JEMB-owned 1 Herald Square.

?We are delighted to be working with JEMB and its principals on this very exciting project,? Jared Epstein, Aurora?s vice president, said in a statement. ?Daffy?s leaseholds represent a unique and compelling opportunity for retailers to acquire space at superior locations that rarely become available.?

Epstein will be in charge of marketing the spaces.

The Daffy?s leaseholds include seven premier Manhattan locations: 18,000 s/f in the heart of the Financial District at 50 Broadway; 30,000 s/f in Soho at 462 Broadway; 17,000 s/f at 3 East 18th Street, at Fifth Avenue in the Flatiron District; a brand new 28,000 s/f on West 44th Street in Times Square, at the former New York Times building; 17,000 s/f on Madison Avenue at East 44th Street; a 50,000 s/f flagship at the base of 135 East 57th Street; and 23,000 s/f at 3 Columbus Circle.

Locations are also available in other boroughs, including 19,000 s/f on Flatbush Avenue at Atlantic Terminal in Brooklyn; 19,000 s/f at the popular Queens Place Mall on Queens Boulevard in Elmhurst, Queens; and 28,000 s/f on Bartow Avenue in Bay Plaza in the Bronx.

In New Jersey, Daffy?s leaseholds include: 42,000 s/f on Route 4 West in Paramus; 33,000 s/f at the Jersey Gardens Mall in Elizabeth; 33,000 s/f at the intersection of Routes 1 & 9 in Elizabeth; and 24,000 s/f on Route 46 West in Totowa. All are within the greater New York Metropolitan Area.

Rounding out the company?s locations is a recently renovated 25,000 s/f store in Nassau County?s Miracle Mile shopping corridor on Northern Boulevard, in Manhasset. The store is located directly next to Apple and Americana Manhasset, the premier luxury shopping destination on Long Island.

Aurora Capital Associates owns over 150 properties in major cities throughout the United States. The firm has worked with retailers such as Saks Fifth Avenue, Barneys New York, Abercrombie & Fitch, Limited Brands, Zara, Express and LVMH, to name a few.