Lease Beat

Brooklyn Denim Co. Opens Second Location

Courtesy of KDA

Brooklyn Denim Co. is opening a new location in Greenpoint.

The denim retailer will take a 5,700-square-foot space at 39 Norman Avenue, adding a second shop to the original location at 85 North 3rd Street in Williamsburg. The retailer, which sells about two dozen higher end brands, has been rapidly growing in recent years. Read More

Lease Beat

Natuzzi Leaves Soho for Nomad

Natuzzi Americas will be relocating to Nomad.

The Italian furniture retailer will leave its space at 101 Greene Street and move uptown to 105 Madison Avenue. The new lease, set to extend through 2023, will span 4,900 square feet on the ground floor of the building. 

“With this lease, Natuzzi Americas has moved from one furniture district to another, Read More

ICSC 2013

NYC Retail Heat Map

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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. Read More

ICSC 2013

Retail on the Rebound: Spirits High at ICSC Event

(Credit: LeVar Thomas)

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

Lease Beat

Zero Halliburton Set to Open Midtown Location

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Zero Halliburton Luggage is opening a new location in Midtown.

The luggage designer will be opening a 3,900-square-foot retail location at Brookfield Properties300 Madison Avenue. The retail space is located on the corner of 42nd Street and Madison Avenue, a block away from the heavily trafficked Grand Central Terminal and Bryant Park. Read More

Lease Beat

Michael Kors Set to Open Flagship in Soho

Courtesy of Fashion BI

Michael Kors will be opening a new flagship store in Soho.

The purveyor of womenswear, currently operating out of 101 Prince Street in Soho, will grab 15,000 square feet at 520 Broadway for its new flagship. Coincidentally, the deal comes in light of the recent surge in popularity of their wristwatches and handbags. Read More

The World’s Most Expensive Retail & Office Space–CBRE Study

Hong Kong boasts the most expensive shopping and office space in the world, according to a report by CBRE (photo by Xopherlance on flickr)

CBRE released a study today, showing that top tier retail areas in New York have held value, with Fifth Avenue’s rents increasing significantly. The new study lists the top shopping destinations on the planet, as well as the most valuable office space markets, and Hong Kong tops both categories.

“In simplest terms, globally the retail Read More

Lease Beat

High-End Coffee Outfit Signs with Harbor

coffeebean

Coffee Bean & Tea Leaf, which is a purveyor of bowling balls (seriously, though, they sell coffee), has signed a 1,500-square-foot retail lease on the ground floor of 1412 Broadway.

The deal at the base of the 24-story, Harbor Group International-owned building brings occupancy to 95 percent occupancy, brokers told The Commercial Observer. The company, which operates at 750 locations worldwide, has, until now, not peddled its iced coffee, green teas or signature brews from a Manhattan store. Read More

Lease Beat

Upscale Footwear Walks Into 807 Washington

Fashionable club-goers and maybe even a few hog butchers will be able to navigate the brick roads of the meatpacking district in style now that Nicholas Kirkwood, the upscale designer footwear brand has inked a 1,572-square-foot retail deal at 807 Washington Street.

Located between Gansevoort and Horatio streets, the ground-floor boutique is scheduled to open by winter of 2012, broker said. As with most space—office and retail alike—asking prices have risen in the area since the High Line park opened two years ago, although specific prices at 807 Washington Street were not immediately available. Read More

Lease Beat

W&H Fills Last Retail Space at 1350 Broadway

Fill 'er up!

For caffeine guzzlers unable to find one of the 17,000 Starbucks currently operating on, oh, every other block across 50 countries, the search just got a little easier.

Indeed, W&H Properties inked a 10-year, 1,189-square-foot lease for the Seattle-based coffee brewer in its last remaining retail space at 1350 Broadway, brokers told The Commercial Observer. Read More

Lease Beat

5K-Foot Retail Deal at 103 Fifth at $275 a Foot

Squeezing Juicy.

Sperry Top-Sider, the nautically inspired seller of boat shoes, has notched its first deal in New York City with a 5,000-square-foot retail location at 103 Fifth Avenue, brokers told The Commercial Observer.

The company, which last year added stores in Westchester and Massachusetts to its roster of locations in Tampa, Boca Raton, Kansas City and Dallas, will take 2,500 square feet of ground-floor space and an additional 2,500 feet of basement space currently occupied by Juicy Couture. Read More

legal ease

The Dirt Dictionary, Part I

margolis foto for TCO

SHOPPING CENTER: A group of retail and other commercial establishments that is planned, developed, owned and managed as a single property. On-site parking is provided. The center’s size and orientation are generally determined by the market characteristics of the trade area served by the center. The two main configurations of shopping centers are malls and open-air strip centers.” – from the I.C.S.C. website

The hallmark of the shopping center lease is the interdependence of various tenants on one another and the special relationship between landlord and tenant, with each looking to the other to promote the “product.” The shopping center lease has many unique aspects and, in fact, a different vocabulary from the office or urban retail lease. “G.L.A.,” “CAM charges,” “go dark,” “exclusives” and the like pepper the deal-making dialogue.

While the shopping-center world is sometimes thought of as indeed from another planet, the savvy broker or his counsel should have at least a passing familiarity with the nomenclature employed in this specialized area of leasing.

So, here goes. Read More

The Neverending Story

Another Feather in Chris Ward’s Hard Hat: WTC Mall Deal

Nice mall. (PANYNJ)

Chris Ward’s days as head of the Port Authority may be numbered, but he is determined to do as much as possible before he gets the boot sometime after the 10th anniversary of 9/11. Who knows, it might even save his job. In addition to driving World Trade Center ever-skyward and fixing up bus stations no one even knows existed, the Port Authority is now approaching a deal with an Australian mall operator to run the hip, new retail at the site. Read More