On the Market

Union Square TGI Fridays Hits the Market

A rending of 34 Union Square East's potential future.

A TGI Fridays that prompted considerable hand-wringing about the gentrification of downtown Manhattan is on the market.

Newmark Grubb Knight Frank is handling the leasing for 34 Union Square East, which includes two separate 3,125-square-foot retail spaces on the southeast corner of 16th Street. The firm’s Drew Weiss and Jeffrey Roseman are leading the assignment. Read More

Lease Beat

Room & Board Cuts Deal for Chelsea Flagship

Room & Board

Room & Board has leased 60,000 square feet for its new Manhattan flagship at Savanna’s 249 West 17th Street in Chelsea — the first lease at the building since a major renovation.

The American home furnishings retailer will occupy the entire ground, second and third floors, with its entrance on West 18th Street, between Seventh Read More

Development

Wavy Glass Tower to Rise on Site of Meatpacking District Woodshop

Rendering of 61 Ninth Avenue

A rare vestige of the non-glam Meatpacking District is bound for Hell’s Kitchen, clearing the way for a 12-story tower at the well-positioned 61 Ninth Avenue.

The 172,000-square-foot glass tower will rise on the soon-to-be former site of the 90-year-old Prince Lumber Co. and abut the Apple Store. The property, on what a source called “one of the last great development sites” in the Meatpacking District, will also include three floors of retail. Read More

Postings

REBNY Retail Deal of the Year Awards, Minute By Minute

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About 200 retail real estate specialists gathered at 101 Park Avenue’s 101 Club last Tuesday for the Real Estate Board of New York’s 15th annual Retail Deal of the Year Awards cocktail party.

Brokers flocked to a bountiful buffet and an open bar with generous pours. In a lonely corner, an ignored PowerPoint presentation summarized the nominees. Here’s what went down as the assembled waited to hear which of the nine submitted transactions would take home the evening’s two big honors. Read More

Retail Lease Beat

Oakley to Open Fifth Avenue Flagship

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Oakley has signed a 10-year lease for 6,800 square feet across the ground, second and lower levels at 560 Fifth Avenue, it was announced today. Asking rent for the ground floor was $1,150 per square foot.

“A few steps away from Rockefeller Center and other international retailers, this is a perfect fit for a brand like Oakley,” said Mark Stempel, president of CityVest Realty Corp., who represented the landlord, in a prepared statement. Read More

ICSC

Retail’s Big Renaissance

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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. Read More

Lease Beat

Sam Ash to Relocate to West 34th Street

sam ash

Music store Sam Ash, a longtime mainstay on West 48th Street, is set to consolidate its flagship Manhattan stores into a new retail space at 333 W. 34th Street, it was announced this morning.

The music store will take a nearly 30,000 square foot space at the SL Green-owned building, as wasJeffrey Roseman and Gregg Gropper of Newmark Grubb Knight Frank represented SL Green in the lease deal.  Read More

Power Broker

A Metric Mind: With Data Analysis the Norm, Winick Realty Looks to Kenneth Hochhauser for the “Secret Sauce”

Kenneth Hochhauser.

Years before Chipotle Mexican Grill became a calorie-packed part of Midtown’s daily diet, the burrito maker was mapping a path into the New York City marketplace.

In 2002, after launching in Washington D.C. and other suburban markets, Chipotle turned to Kenneth Hochhauser and Jeffrey Roseman, who subsequently turned to internal data accumulated by the former Newmark Knight Frank to determine an ideal location for Chipotle’s flagship store in New York City.

“They understood their business model, in that the bulk of their business came during lunch, so we focused on where the heaviest lunch concentration would have been,” recalled Mr. Hochhauser.

Now an executive vice president with the Winick Realty Group, Mr. Hochhauser, 45, recalled his days at Newmark Knight Frank pairing data with Chipotle’s own statistical analysis to determine where best to expand the brand. And considering his knowledge of Geographic Information Systems—a complicated theory used to better understand patterns and trends—Mr. Hochhauser found what he was looking for. Read More

Lease Beat

1491 Third Goes from Pop-Up to Paint with New Lease

1491 Third Avenue.

Janovic Plaza, a subsidiary of Benjamin Moore & Co., will have some redecorating of its own to do soon. The retailer, which specializes in paints and other decorating odds and ends, has signed for about 4,200 square feet of space at 1491 Third Avenue on Manhattan’s Upper East Side. The building is four stories and 24,000 square feet. Read More

RECon: Las Vegas

Newmark Grubb Knight Frank’s Jeffrey Roseman on New York and Las Vegas

Jonathan Roseman

Jeffrey Roseman is an executive vice president and principal of Newmark Grubb Knight Frank’s retail business and is a top retail leasing executive in the city. Mr. Roseman, who has handled a number of prominent leases over his long career, spoke to The Commercial Observer about how ICSC remains important for top-tier dealmakers, how retail isn’t going away despite the growth of e-commerce and what recent departures from Newmark means both to him and as part an industrywide shake-up in brokerage. As usual, Mr. Roseman will be heading into ICSC with several interesting space availabilities he is marketing. Read More

ICSC

Q: The City's Next Hot Neighborhood? A: Take Your Pick

The Flatiron District, one of many suggested "hot" "new" neighborhoods.

To seasoned retail brokers, the very concept of the next big neighborhood in a city that has been developed several times over is, well, naïve. Still, as The Commercial Observer recently learned, most are still looking for a reason to believe. Read More