Seven of the largest business improvement districts in the city are taking advantage of expanding budgets this year, thanks in part to an imminent changing of the guard at City Hall.
The Garment District witnessed one of the biggest gains, with an assessment-budget increase of $2 million, or nearly 35 percent, to $7.8 million for the coming year. The Alliance for Downtown New York’s yearly assessment surged 21 percent, to $15.8 million in 2013. The lower Manhattan BID expects 400 stores to open in the coming years as new retail space at Brookfield Place and Pier 17 fill up.
On a recent summer Saturday afternoon, the weather is perfect but the South Street Seaport’s so-called Tourist Alley is devoid of tourists. Nearly eight months after Sandy ransacked the area, its tent-pole businesses—Abercrombie & Fitch, Ann Taylor, Brookstone—remain closed.
Over at Pier 17, at the widely loathed third-floor food court, Arthur Treacher’s and Subway do a brisk business. A thousand little Statues of Liberty glimmer beneath fluorescent lighting.
SHoP Architects, one of the city’s leading architecture firms, has signed a 15-year, 30,500-square-foot lease at The Woolworth Building at 233 Broadway, where it will relocate in the fall from its headquarters across the street.
The move to one of the city’s most storied buildings seems suitable for an architecture firm that has climbed the 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.
In 2009 and 2010 “you could have rolled a bowling ball down the aisle” at the International Council of Shopping Centers’ RECon conference “and it wouldn’t have hit anybody,” Massey Knakal executive vice president of retail leasing Benjamin Fox told The Commercial Observer.
But when an estimated 33,000 real estate professionals converged upon one million Read More
The Howard Hughes Corporation named a team from RKF the exclusive leasing agent and consultant on the recently approved South Street Seaport redevelopment.
RKF Chairman and CEO Robert K. Futterman, Executive Vice President Karen Bellantoni and Tess Jacoby will represent Hughes Corp. on this pivotal project, which will bring 365,000 square feet of retail, dining and entertainment space to a Seaport shellacked by Superstorm Sandy last fall.
The New York City Department of City Planning has approved The Howard Hughes Corporation’s plans to raze South Street Seaport’s Pier 17 and replace it with a two-level glass structure.
The commission agreed to allow the Dallas-based developer to overhaul the existing development with 120,000 square feet of retail and additional open space, including a 10,000-square-foot Read More