The landscape north of 72nd Street along Second Avenue has long been dominated by residential towers and corner grocers. Mom-and-pop retailers are far more present there than on Lexington and Third Avenues, where H&M, J.Crew and Brooks Brothers have all committed to space in recent years and where a Whole Foods is on the way.
But with the debut of the Second Avenue subway on the calendar for late 2016, the retail terrain in Yorkville may be set to change.
The Cushman & Wakefield broker marketing the Toys “R” Us flagship retail space in Times Square said today that he believes the space will be broken up for multiple tenants after the toy store’s departure.
C&W’s Brad Mendelson told The Commercial Observer that while Toys “R” Us has the option to renew in 2016, “I don’t believe Read More
A team from Cushman & Wakefield is marketing a prime retail space at 1514 Broadway currently occupied by Toys “R” Us – a move that comes in anticipation of a reported $38 million jump in rent that could give the toy store no other choice than to run from Times Square like a wronged schoolboy. Read More
Cushman & Wakefield is marketing a sub-level retail space at 1633 Broadway, where a 733-glass cube entryway designed by Moed de Armas & Shannon will serve as a portal to two lower levels made up of 39,588 square feet of stacked concourse space.
The opportunity lies within a 2.5 million-square-foot Class A office tower spanning the entire block-front of Broadway between 50th and 51st Streets, owned by the Paramount Group.
The vacant sub-level space, formerly occupied by the outer-space-themed Mars 2112, has been gutted, and a sparkling glass entry cube, reminiscent of the above-ground glass façade leading to Apple’s flagship store on Fifth Avenue, will provide visibility and signage opportunities for a range of potential uses, said Alan Schmerzler, an executive director at Cushman & Wakefield who reviewed the floor plans with The Commercial Observer. Mr. Schmerzler is marketing the space along with Executive Vice President Brad Mendelson, Senior Director Steve Soutendijk and Senior Associate Chris Schwart.
The Real Estate Board of New York handed out its annual retail deal of the year awards last night at Club 101 on Park Avenue. Fresh off its retail adventure at ICSC in Las Vegas a few weeks ago, The Commercial Observer was present to capture the cocktails, the awards ceremony and of course the Read More
The annual ICSC retail conference has kicked off at the Las Vegas Convention Center, drawing more than 30,000 real estate professionals, including some of the country’s largest retailers, developers and real estate services companies. The event is widely considered the industry’s Super Bowl of networking and dealmaking. Though the conference started officially on Sunday, by Monday morning the convention center’s sprawling floors—which make the Javits Center seem pint-size—comes alive in earnest with crowds of retail professionals. Here are a few observations from the opening hours of the conference. —Daniel Geiger
8:30 – The Commercial Observer steps out into the cab line at The Palms to head to the convention center. In the queue are several other ICSC-goers. A man quickly steps from the pack and offers to split a cab. He’s in his 30s, from New Orleans, and says he runs his own brokerage company. He looks incredibly bleary-eyed and wears dark sunglasses. “I was out till 4 a.m. last night at XS,” he explains, purporting XS (pronounced excess) to be the best club in Vegas. The cab driver chimes in that pool parties have become a popular destination for fun-seekers. “They’re top-tional,” he says. The broker takes note. Where are the best parties? he asks. “The Cosmo,” the cabby replies. He has taken several fares to the conference so far: “It seems like a busy year,” he says.
Speeches were casually ignored, drinks were spilled and bonds were formed at last Thursday’s 116th annual Real Estate Board of New York Gala, which this year drew an estimated 2,000 brokers, owners, advertising buyers and real estate reporters to the New York Hilton for an evening of conviviality, honorifics and hushed deal making. Among the fray was Commercial Observer staff writer Daniel Geiger, who during the course of the evening saw his stenopad tossed by an irate real estate broker and who unabashedly accosted Studley’s Woody Heller in the hotel’s bathroom, all for the sake of the story. Below, a timeline of gala comings and goings, from the innocuous gossip down to the downright obnoxious.
Long before last month’s news that Japanese clothing giant Uniqlo had inked a blockbuster deal to expand its rainbow-tinged empire across Fifth Avenue, Brad Mendelson was leading his team on a reconnaissance mission.
Armed with a laser-enhanced distance measurer and a tip that Uniqlo agents were scouting retail hot spots other than what he Read More