ICSC 2015

Bargain Binge: A New Wave of Discount Department Stores is Hitting the City

NEW YORK - MARCH 01:  A man carries a shopping bag from the Bloomingdale's store in the SoHo shopping district of Manhattan March 1, 2010 in New York City.  Consumer spending numbers tracked slightly higher in January, leading some economists to conclude that the economy is shakily regaining footing.  (Photo by Chris Hondros/Getty Images)

Since 2010, New Yorkers have been sitting shiva for their most beloved discount retailers; in 2011, Filene’s Basement shut its doors in Union Square and on the Upper West Side. The following year, Daffy’s closed eight of its Manhattan stores after it filed for bankruptcy. And last year, Loehmann’s bid adieu to the loyal following it had amassed since it opened in Brooklyn in 1921.

Even though it appeared that the discount designer store was a vestige of the past, a surprising phenomenon has happened over the past year: these stores are being replaced. And upgraded, by their high-end competitors. Read More

On the Market

Hamilton Heights Corner Retail Hits Rental Market

3556 Broadway.

A corner retail spot in Hamilton Heights has hit the rental market, not far from a new development by Columbia University, the brokers announced.

Currently housing a Payless ShoeSource, 3556 Broadway at the corner of West 146th Street has 3,700 square feet of retail space on the ground floor and 4,000 square feet on the second level, according to Douglas Elliman. The floors can either be leased together as a package, or separately.   Read More

The Sit-Down

Faith Hope Consolo on Fashion, Politics and Fourth Careers

Faith Hope Consolo

It’s difficult to wrap one’s head around this, but Faith Hope Consolo—Douglas Elliman Retail Group chairman and self-proclaimed monarch of New York City retail—didn’t always work in real estate, and she isn’t originally from New York. The native of (Commercial Observer was shocked to learn) Cleveland started a modeling agency in college and then worked in interior design in Los Angeles before she started her real estate career, she said. Ms. Consolo leads a team of 25 in New York City and 50 others in 37 countries worldwide, and she invited CO to her Madison Avenue office for a wide-ranging discussion in her usual forthcoming way. She declined, with a not-so-subtle look, to move on our request for her age (although it is already out there for those curious enough to search) but she did mention she’s a widow to her third husband and doesn’t have any children. Read More

Lease Beat

Moe’s Sneaker Spot Signs Harlem Lease

1890 Adam Clayton Powell Jr. Blvd

Trendy urban shoe retailer Moe’s Sneaker Spot will open its second Manhattan location this fall at 1890 Adam Clayton Powell Jr. Boulevard on the southwest corner of 115th Street in Harlem, Commercial Observer has learned.

The rapidly-expanding shoe chain with a dozen locations in New York and New Jersey inked a 10-year, 1,800-square-foot lease in the ground floor space of a newly-converted condo building owned by Tahl Propp Equities where asking rents for the formerly-vacant retail space run approximately $55 per square foot, said Faith Hope Consolo, chairman of Douglas Elliman‘s retail group. Read More

Awards

Real Estate Pros Give at Harlem Week Celebration

Faith Hope Consolo and Neah Banks

Douglas Elliman retail broker Faith Hope Consolo and Joseph Tahl, president of Tahl Propp Equities, participated in the Harlem Chamber of Commerce‘s annual economic development day business awards luncheon by contributing undergraduate scholarships to aspiring Harlem students earlier this month.

Ms. Consolo, Mr. Tahl, U.S. Congressman Charles Rangel, Former Mayor David N. Dinkins, State Assemblyman Keith L.T. Wright and Lloyd Williams, chairman of the Chamber, presented the awards from Ms. Consolo and other donors to a group of a half-dozen students in a ceremony at Columbia University during the month-long “Harlem Week” celebration that’s currently still underway. Read More

Retail

Retail Corner Across From Harlem USA on Market

285 St. Nicholas Avenue. (PropertyShark)

Douglas Elliman’s Retail Group is marketing a 3,000-square-foot corner retail space across from Harlem USA at 285 St. Nicholas Avenue, Commercial Observer has learned.

The unit boasts 135 square feet of wraparound frontage and approximately 1,500 square feet of basement space. Asking rent for the space is $90 per square foot. Read More

Retail

Elliman Wins Soho Retail Building Leasing Assignment

372 West Broadway.

Douglas Elliman retail pros Faith Hope Consolo and Joseph Aquino have been hired to lease the standalone Soho building that was once home to Tommy Hilfiger‘s headquarters, Commercial Observer has learned. The asking rent for the single-tenant building is $2.25 million.

The 11,520-square-foot elevator building at 372 West Broadway, at the corner of Broome Street, spans three floors and includes a lower level selling floor and a rooftop garden. There is 112 feet of frontage along West Broadway. Read More

ICSC 2014

Skincare Specialist Leases First Manhattan Store

1031 Third Avenue.

Infinite Beauty is getting ready to break into the New York City market with its first Manhattan location, Commercial Observer has learned.

“They are to skincare what Sephora is to cosmetics,” Douglas Elliman broker Faith Hope Consolo told CO on the last day of the International Council of Shopping CentersRECon. She along with colleague Joseph Aquino represented the tenant as well as the landlord, Marolda Properties, Inc., in the 1,800-square-foot lease deal at 1031 Third Avenue at the corner of 61st Street. Read More

Lease Beat

Literacy Org Moving Farther Uptown

216-218 West 135 Street.

Behind the Book, a non-profit literary organization, is moving from its digs on West 123rd Street to a two-level space at 216-218 West 135th Street come June 1.

Having signed a three-year lease, Behind the Book will be situated in the 1,650-square-foot ground level and 625-square-foot basement level at the West 135th Street building, which is between Adam Clayton Powell Jr. and Frederick Douglass Boulevards, the brokers in the transaction said. Read More

Lease Beat

Salon Inks Central Harlem Lease

2520 Frederick Douglass Blvd. (Credit:PropertyShark)

YSB Salon has signed a 10-year lease at 2520 Frederick Douglass Boulevard, between 134th and 135th Streets in Central Harlem, Commercial Observer has learned.

The lease includes 550 square feet of space on the ground floor and 450 square feet on the lower level. The tenant, a full-service hair and beauty salon, will pay rent in the mid-$80s per square foot. Read More

Five-year anniversary

Five Years Post-Stock Market Crash, How are CRE Pros Faring?

NYSE And Deutsche Boerse To Possibly Merge

This past Sunday marked the five-year anniversary of the lowest point in the stock market crash which sent everyone, including New York City’s real estate market pros, reeling. In late 2010 and early 2011, New York City essentially recovered from the economic meltdown but business hasn’t always been rosy since. Commercial Observer checked in to see how the city’s commercial real estate brokers were doing five years ago and how they are faring today.  Read More