Mortgage Observer

Development Projects Abound, But Boroughs Still Under-Retailed

Throggs Neck Shopping Center.

New York City is the number one retail location in the world. Retailers from around the world flock to open flagship stores throughout the Big Apple. Apple’s store on Fifth Avenue, with its familiar cube, has the highest revenue of all Apple stores. Then there are the flagships of Uniqlo, Zara, Tiffany & Co., Bergdorf Goodman and a cast of others. Nevertheless, when you ask prominent owners of commercial real estate as well as local and national retailers, the general consensus is that the outer boroughs of New York City are severely under-retailed.

Eastern Consolidated’s Barbara Byrne Denham reported in May 2012 that retail sales per capita ratios for the outer boroughs were far below the national average. Brooklyn was 39 percent below, Queens was 40 percent below and the Bronx came in a whopping 60 percent below. Read More

Lease Beat

Petco Joins Riverdale Crossing

Courtesy of Black Friday

Petco has inked a deal for a new location in the Bronx.

The pet supply store will be located in the Riverdale Crossing retail center and will occupy 9,556 square feet of ground floor space in the freestanding building next to the crossing’s 118,000-square-foot anchor tenant, BJ’s Wholesale Club. Read More