Urban Outfitters officially expanded its empire of mass hipster apparel stores–and transitioned into the so-called “lifestyle center” business–when it finalized a lease at Malkin Holdings‘ 1333 Broadway.
The 15-year lease was for 56,730 square feet spread over three floors. Exactly what the lifestyle portion of this location will be remains unclear. But the space is twice as big as the typical large Urban Outfitters store, and reports from some real estate executives hint at “features never before seen from the brand” at the Herald Square outpost.
The blended asking rent was $6.5 million per year. Andrew Goldberg and Matt Chmielecki of CBRE represented the landlord. Stephen Plourde and Keith Fencl of McDevitt Co. repped the tenant.
A 2.1 percent increase in tourist visitors to New York City in 2012 generated growth in retail sales and expansion, according to the fourth quarter Manhattan Retail MarketView from CBRE Global Research and Consulting.
“It has been a good year for retail, New York is coming off its best year for tourism, which translates to better retail sales and hotels at higher occupancies,” Andrew Goldberg, executive vice president at CBRE told The Commercial Observer.
Tourism has driven business to New York’s primary retail corridors, Mr. Goldberg noted. “Retailers are expanding in their current space, growing store counts, doing new flagships and seeing growth,” he said.
CBRE released a study today, showing that top tier retail areas in New York have held value, with Fifth Avenue’s rents increasing significantly. The new study lists the top shopping destinations on the planet, as well as the most valuable office space markets, and Hong Kong tops both categories.
“In simplest terms, globally the retail Read More
Andrew Goldberg is a retail executive at CBRE, where he is one of the firm’s top brokers, representing both landlords and tenants. With Nordstrom’s deal on 57th Street, retail leasing has been the talk of the town. Of course, Mr. Goldberg is no stranger to big-time leasing deals, having brokered Gucci’s 50,000-square-foot flagship at Trump Tower in 2006, one of the most valuable retail deals ever done in Manhattan. Mr. Goldberg spoke with The Commercial Observer recently about last month’s huge Nordstrom deal, the Drake development site, Gucci and Westfield’s plans for the World Trade Center.
Amira Yunis, a top retail leasing broker in Manhattan, is leaving Newmark Knight Frank for CBRE several sources say.
Ms. Yunis brokered a number of notable transactions with major retailers during her tenure at Newmark, where she rose to the rank of executive vice president within the company’s retail leasing arm.