In October 2023, former J&R Music owner Rachelle Friedman decided to sell the 200-year condominium leasehold of 15 Park Row, partly due to a recent interest rate cut.
The commercial unit beneath 322 luxury rental apartments offers a stable rental revenue of approximately $700,000 annually, as the DBOX office lease runs through 2026.
Friedman revealed she previously had 'promising' talks for the storefront space with City Winery before COVID-19 impacted negotiations, showcasing the challenges faced in post-pandemic leasing.
Adirondack managing partner David Johnson emphasized that '15 Park Row is a piece of downtown New York retail history,' highlighting the significance of J&R Music's legacy.
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