Food & Drink
What do suits and steaks have in common?
Suit and tie maker Brooks Brothers plans to pair the two up like never before, with plans to launch its first steakhouse, branded “Makers and Merchants,” at 11 East 44th Street, the New York Post reported.
The giant steakhouse, just around the corner from Brooks Read More
New York retail comes in sizes large and small, from spaces of only a few hundred feet in Soho
to the city’s massive department stores. As developers continue to find new parcels of land to build upon, new opportunities for retail take shape.
Downtown continues to be repositioned as a retail destination with Brookfield Place, One World Trade Center and the redeveloped South Street Seaport expected to house hundreds of thousands of square feet of shopping space. Not to be outdone, Herald Square is looking at a repositioning, aimed not at discount stores but full-priced international retailers.
After the jump, The Commercial Observer pinpoints 10 retail trends impacting New York City.
Lower Manhattan 2013
National retailers are pushing north from 72nd Street on the Upper East Side, chasing changing demographics and searching for value, according to several brokers active in the market. Both 86th Street between Third and Lexington Avenues and Madison Avenue north of 72nd Street have seen strong activity and booming lease prices.
“I did deals up there 10 or 15 years ago and was hard-pressed to push $110 to $120 per square foot,” said Patrick Breslin, executive vice president of global retail at Studley. “Today, if you can find good real estate on Lex on 82nd to 85th, you’re looking at $400, $500, $600 per square foot.”
A onetime citadel of finance is proving to be a complicated sell.
The former J.P. Morgan headquarters at 23 Wall Street has been without a tenant for about seven years. And ambitious plans to woo a large retailer are being reconsidered.
Built in 1914, 23 Wall Street—also known as The Corner—has had a dramatic and occasionally fraught history. It was bombed in 1920, possibly by an Italian anarchist. The blast killed 38 people. The New York Stock Exchange is across the street, but despite the foot traffic its location generates, the property’s fortified address is a major reason why retailers—and large department stores in particular—have been reluctant to move in.
Fifth Avenue’s drop from the top spot of Cushman & Wakefield’s list of the world’s most valuable shopping destination has more to do with surging rental rates in Hong Kong than it does a loss of value here in New York. That city’s Causeway Bay now holds the distinction of being the most expensive strip Read More
Eastern Consolidated has promoted Lipa Lieberman and Aliza Avital, both former directors turned senior directors whom the firm’s president, Daun Paris, described in a press release last week as talented dealmakers and rising stars at the company.