The new ownership of a former teddy bear factory at 497 Broome Street in SoHo is breathing new life into a building that’s available for lease for the first time since it was built in 1900, The Commercial Observer has learned.
A.M. Properties and Quality Capital have appointed Cushman & Wakefield as exclusive leasing agent Read More
Much has been made of the metamorphosis of the Bowery from one time skid row to trendy runway. Boutique hotels, apartment buildings, the New Museum and residential developments have landed and it seems retail is realizing the street’s potential.
“I really think it’s coming together down there,” said Faith Hope Consolo, chairman of the retail Read More
The list of luxury retailers jockeying for space in Lower Manhattan the past several years, particularly along Wall Street, has been impossible to miss. The same holds true for investment in residential in the area, with Rose Associates taking on the former AIG headquarters at 70 Pine Street, 8 Spruce Street standing tall and the upper floors of the Woolworth Building even potentially on the verge of being transformed into luxury condos. All signs point to retail having a moment. Sensing the trend three and a half years ago, a team from Cushman & Wakefield installed itself in the middle of it all. Senior Directors Michael Stone and David Tricarico and Senior Associate Carl Wunderlich spoke to The Commercial Observer last week from their office at 100 Wall Street.
The Commercial Observer: Can you tell me a little bit about the retail team here?
Mr. Stone: We’ve been with Cushman & Wakefield a little over seven years, our team. About three and a half years ago, we were asked if we wanted to come down to the Wall Street office and establish a retail presence in our Lower Manhattan office. We have a strong office leasing component down here, and they’ve traditionally, for the past 40 or 50 years, dominated office leasing in Lower Manhattan, and we thought, based upon the fact that high-end retail deals were starting to get done on Wall Street and Broad Street, that it was a good idea for one of the big firms—and ours especially—to move a team down here. So we decided, because our practice area is really throughout the city, and we need some mobility and flexibility, that it was a good idea to assist the company in expanding retail.