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By: Don Driggers
Rachelle Friedman has put the retail and office spaces of 15 Park Row up for sale, marking a significant shift for the historic property in downtown Manhattan. Known for being the home of J&R Music World for decades, the space is now being offered as a 200-year condominium leasehold. J&R Music World, co-owned by Friedman and her late husband Joe, was once a key player in New York City’s retail music scene, attracting crowds to its location near City Hall with its extensive collection of records, electronics, and musical instruments
Since J&R closed its doors in 2015, the space has remained largely empty, but its legacy is fondly remembered by New Yorkers. As reported by the New York Post, Friedman has taken this step in response to a recent interest rate cut, which she believes has made the property more attractive to potential buyers.
The property includes 19,327 square feet of ground-floor retail space, offering 90 feet of sidewalk frontage. However, all of this retail space is currently vacant, a condition that has persisted since J&R’s departure nearly a decade ago. In addition to the retail portion, the second-floor office space comprises 15,186 square feet and is leased to creative agency DBOX through November 2026. This tenancy provides a stable rental income of around $700,000 annually, offering potential buyers some revenue security, even as they look for new tenants for the expansive ground floor. According to Adirondack Capital Partners, the firm marketing the space, the availability of both retail and office spaces offers an opportunity to reimagine a piece of downtown real estate that holds a storied place in New York’s commercial history.
The commercial unit lies below 322 newly built luxury rental apartments owned by Atlas Capital Group, which acquired the residential condo unit for $142 million in 2021. However, Friedman and her late husband retained control of the retail and office portion through a leaseback arrangement, giving them a continued interest in the property even after the sale. The mixed-use nature of the building highlights a broader trend in New York City’s commercial real estate market, where developers are increasingly looking for ways to integrate residential and retail elements to revive certain downtown areas, which faced significant challenges during the pandemic.
Friedman’s decision to sell comes after a series of setbacks in efforts to fill the vacant retail space. She revealed to the New York Post that she had been in discussions with City Winery for the space before the onset of the COVID-19 pandemic. Those talks were “promising,” but like many commercial real estate deals during that period, they fell apart as the economic impact of the pandemic took hold. A subsequent deal with a Todd English-branded restaurant group also fell through in 2022 when the group’s investors failed to secure the necessary funding.
This property’s availability is being marketed as a unique opportunity to own a part of New York City retail history. David Johnson, managing partner of Adirondack Capital Partners, emphasized this point, telling the New York Post, “15 Park Row is a piece of downtown New York retail history. The legacy of J&R and its impact on downtown is unparalleled.” The listing offers a chance to revitalize a space that has remained dormant for nearly a decade.
