New leases for 16.7 million square feet of space in the first two quarters of 2014 jumped 35 percent over this time last year and big deals downtown illustrate the movement of the market, according to the latest commercial lease data released today by Cushman & Wakefield.
With 25 leases of 100,000 square feet or more already signed this year over 18 last year at this time, officials from the company expressed continued optimism at a breakfast in Midtown Manhattan for staff and the media.
Gene Spiegelman, a vice chairman of retail services at Cushman & Wakefield, was the firm’s leading retail producer for five separate years, and he’s won the Real Estate Board of New York’s Retail Deal of the Year award twice during his 28-year career. Mr. Spiegelman is a veteran of the Manhattan retail market, but his Read More
TD Ameritrade has signed a 10-year, 9,509-square-foot lease for the ground floor and lower level at 100 Broadway, The Commercial Observer has learned.
The corner retail space in the 24-story office building features more than 170 feet of frontage along Broadway and Pine Streets.
“It’s a great corner space in the heart of the Financial District and steps from Wall Street, which lends itself well to a prominent financial institution like TD Ameritrade,” said Cushman & Wakefield’s Gene Spiegelman, who represented the landlord Madison Capital with Michael O’Neill.
With the long-awaited Barclays Center open and new residential and mixed-use development projects popping up across Downtown Brooklyn, a retail conundrum is growing along the 17-block Fulton Mall.
The national and in some cases high-end retailers moving onto the strip paint a stark contrast to the long list of mom-and-pops, local discounters and jewelry shops that once almost exclusively lined the street.
With more than 50 million tourists running amok each year, consumers feeling recharged, and throngs of foreign retailers streaming in, Manhattan’s prime retail corridors are not only booming—they’re expanding.
High rents and low vacancies in prime corridors are changing the invisible boundary lines that once separated high- and low-end sections of Fifth Avenue, Madison Avenue, Greenwich Village and other retail corridors throughout the city, analysts and real estate brokers claim.
“When these big names and huge chains move into these areas, people just love to follow them,” said Jeffrey Roseman, an executive vice president and principal with Newmark Grubb Knight Frank’s retail division. “They become anchors and magnets to pull others.”
Just as the earlier success of Urban Outfitters and H&M sparked further expansion below 49th Street on Fifth Avenue, and Alfred Dunhill and watchmaker Panerai boosted retail appeal below 57th Street on Madison when they emerged in 2009, aspirational clothing retailers are now doing the same in Greenwich Village.
Charles P. Rogers, the self-proclaimed “oldest source for beds” in America, is moving across the street to 26 West 17th Street from 55 West 17th Street for its new storefront, The Commercial Observer has learned.
The bed specialists, which opened its first showroom and factory in 1855, will be taking a total of 7,681 square feet on three floors in 26 West 17th Street, which is owned by The Winter Organization.
Asking rent for the space is $275,000 per year. The lease is for 10 years.
Michael O’Neill and Gene Spiegelman, both of Cushman & Wakefield, represented The Winter Organization in the deal. Michael Gambino, Michael Burgio, and Alan Schmerzler, also of Cushman & Wakefield, represented Charles P. Rogers.
Construction to the new storefront space is slated to begin this summer with an eye towards a fall opening for Charles P. Rogers’ new store.
RECon: Las Vegas
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
With the International Council of Shopping Centers’ RECon event around the corner, The Commercial Observer sat down with Cushman & Wakefield retail services executive vice president Gene Spiegelman to hear what keeps drawing him back to RECon year after year. Mr. Spiegelman, architect of complex and transformational deals that have earned him two REBNY Retail Deal of the Year awards, also tells us why taxing online retailers is an important way to level the cyber playing field and why zoning won’t protect mom-and-pop stores from what may be the inevitable.
French luxury home goods maker Daum Inc. and its sister dinnerware company Haviland will officially move out of its longtime Madison Avenue storefront to 4,500 square feet of office and retail space at 499 Park Avenue, where the business had been recently operating a temporary store for the holiday season.
Gene Spiegelman, an executive vice president at Cushman & Wakefield, has tallied several major awards in his nearly 25 years in the business-including a pair of REBNY ‘Retail Deal of the Year’ awards for his work with Crate & Barrel and Diesel. Accolades aside, the broker still counts the annual International Council of Read More