More than a decade ago, with just 30,000 people living south of Chambers Street and the neighborhood largely silent at night and on the weekends, high-end, luxury retail in lower Manhattan was at best a pipedream and at worst a failed enterprise.
Today, with some $20 billion being spent on new construction between the upper stretches of Battery Park City and Broadway, the residential community has doubled to 60,000 and continues to grow. That affluent community of residents, not to mention increased tourist traffic, has upped the demand for luxury retail.
Burberry, Hermès, Ferragamo, Michael Kors and Zegna are some of the luxury names to have signed on at Brookfield Place, while J. Lindeberg and Tory Burch head the list of names rumored to be in talks for space at Westfield’s World Trade Center retail corridor.
Engineering firm Simpson, Gumpertz & Heger, Inc. has signed a seven-year, 11,695 square-foot lease and relocation to 550 Seventh Avenue.
The full, 10th floor space will be used as the company’s New York City headquarters after its relocation from its West 34th Street offices, where the company was leasing several floors. The new space features Read More
Average asking rent for the Fifth Avenue retail corridor has crossed over $3,000 per square foot, the highest in New York City, according to CBRE’s second quarter Manhattan retail report. The increase represents the first time a Manhattan retail corridor has registered average asking rent north of $3,000.
“There was a time when $600 per square foot was considered outrageous on Fifth Avenue,” Richard Hodos, executive vice president of the CBRE Retail Group, told The Commercial Observer. “Putting inflation aside, it speaks to the fact that New York is a world class city.”
Club Monaco is moving on up to the northeast side of Broadway and Spring Street.
The mid-price casual apparel company signed a 15-year, 5,100-square-foot lease at Thor Equities‘ 532 Broadway in Soho and will move there from its current 14,500-square-foot location at 520 Broadway.
Robert Cohen of RKF represented the tenant. Joseph Sitt‘s Thor Equities represented the landlord in-house. Asking rents were $800 per square foot.
Following RXR Realty’s $700 million acquisition of 450 Lexington Avenue last year, six of the firm’s top executives met with sellers Daniel Saliba and Mark Troy of Istithmar World Capital for a closing dinner at Lavo, the Italian restaurant on Manhattan’s East Side.
A round of toasts that evening, most agreed, was in stark contrast Read More
Canada-based real estate firm, Avison Young, continues its poaching expedition, announcing today that Michael A. Leff has been named principal and will operate, effective immediately, from the company’s New York office. Mr. Leff, formerly a senior managing director with Newmark Grubb Knight Frank, will shoulder a number of responsibilities, including site selection, lease negotiation, strategic Read More
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.
Eyeglass maker Warby Parker has signed a lease for its first permanent retail location, taking about 2,500 square feet at 121 Greene Street in Soho.
Warby Parker rose to prominence successfully selling prescription eyeglasses online, a product many shoppers had preferred to buy in person even well into the age of Internet commerce.
The Kaufman Organization’s Grant Greenspan and Michael Heaner have been given the exclusive leasing assignment for 550 Seventh Avenue, a Penn Plaza building that is brimming with notable lifestyle brands like Donna Karen, Ralph Lauren, and Lily Pulitzer, The Commercial Observer has learned.
The 251,467 square foot Class B Office building has over 35,000 Read More
Stuart Weitzman, the high-end footwear company, is moving its corporate headquarters from 50 West 57th Street to a third-floor office space at 625 Madison Avenue.
“They wanted space that could be designed to accommodate showroom, offices, marketing department, design studios and back-of-house functions as well and enabled interaction amongst the various disciplines to strengthen corporate culture,” Laura Pomerantz Read More