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
Lisa Steinberg was just a few months out of college when she was bound, gagged and stabbed to death in the office of a Gap store on West 57th Street near Broadway. It was January of 1992, halfway through David Dinkin’s only term as mayor of an increasingly anarchic and crime-plagued New York.
The murder rate had peaked at 2,245 in 1990. But the number of homicides climbed in the Midtown South precinct—which includes Times Square—reaching 11 in 1993. East New York’s 75th precinct broke the record that year for the most murders in a single precinct: 126.
Westside Market has signed a deal for its fifth location in Manhattan.
The family-owned grocery store will take a 18,817-square-foot space at the base of 84 Third Avenue, currently being redeveloped by YYY Third Avenue LLC. The grocery store’s space spans 10,500 square feet on the ground floor, with the remaining 8,317 square feet situated on the lower Read More
RKF has arranged the $8.7 million sale of a 3,513-square-foot retail condominium at the base of 127 Seventh Avenue in Chelsea, the firm announced today.
The retail condominium, which consists of 2,063 square feet on the ground floor and 1,450 square feet on a lower level, is leased to CORE Group.
“The Chelsea market continues Read More
Following speculation yesterday that the designer Phillip Lim had closed on a second New York store, RKF confirmed a 5,800-square-foot lease at 48 Great Jones Street in Noho.
The deal will bring 3.1 Phillip Lim near the white hot center of the Bowery retail real estate stampede RKF has helped foment. Senior Director Andrew Connolly and Yael Amron represented the landlord, 48 Tenant’s Corp. Esteban Gomez of Town Real Estate repped the tenant, whose original Manhattan location is at 115 Mercer Street.
Wine bars really began to supplant winos on the Bowery in 2007, when Whole Foods, the Bowery Hotel and the New Museum of Contemporary Art all opened on New York’s fabled broken boulevard. The 2008 market crash did little to slow skid row’s transformation into the Meatpacking District East (see: The Standard, East Village Hotel at 25 Cooper Square, just off Bowery).
Now the Downtown thoroughfare is poised to enter yet another phase of redevelopment. Intermix, the self-proclaimed “fashion boutique for trendsetters, A-Listers and glam fashionistas” opened in May at 332 Bowery, a former bodega. And last month, a portfolio of 11 mixed-use buildings sold to hip-hop clothier Joseph Betesh for $62 million.
The retail brokerage RKF is at the front of this gold rush. And Senior Director Brian Segall has become the firm’s Bowery guru. Last week, Mr. Segall and Robert Futterman, RKF chairman and chief executive, led The Commercial Observer on a tour of the company’s Bowery assignments, which (to the dismay of preservationists including Martin Scorsese) bolster RKF Executive Vice President Ariel Schuster’s prediction that the Bowery will soon be “one golden strip.”
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.
Retail Lease Beat
Reebok Fit Hub has signed a 10-year, 4,078-square-foot-lease at 1132 Third Avenue, it was announced today. Asking rent for the ground floor retail space was $250 per square foot.
“Third Avenue in the 60s has rebounded and has become an extremely tight market once again,” said Michael Kadosh of CBRE, who represented the landlord, in a statement. “1132 Third Avenue’s prime location is across the street from lululemon, making it a perfect fit for Reebok Fit Hub.”
The London Candy Company, a British candy and coffee retailer is relocating from the Upper East Side to the West Village, having signed a 1,000-square-foot lease at 267 Bleecker Street.
“The London Candy Company is moving to a location where they will benefit from significantly enhanced foot traffic,” noted Justin Fantasia, associate at RKF, who represented the tenant, in a statement. “They’ll enjoy increased brand exposure to a wide variety of potential customers.”
Toronto-based fast casual chain Big Smoke Burger will soon be offering poutine–with real Ontario cheese curds and gravy–to New Yorkers after signing a lease at 70 Seventh Avenue.
“This is a great location to launch Big Smoke Burger in the New York market,” said Alexander Hill of Winick Realty Group, who represented the landlord, Group 868 Inc., in a prepared statement. “This area of Chelsea is growing rapidly with the 1, 2, 3 subway stop right nearby, the storefront is going to get seven-day foot traffic.”
The health retailer GNC inked deals for two new stores in well-trafficked Manhattan intersections.
RKF managing director Greg Covey and executive vice president Ariel Schuster represented the tenant in a 3,600-square-foot net lease of the entire 305 Avenue of the Americas. That Village property sits on the enviable corner of Avenue of the Americas and Carmine Street. The deal was part of GNC’s relocation from 101 Seventh Avenue South.
RKF has arranged the $48.5 million sale of a six-story, 18,850-square-foot mixed-use building at 138 Spring Street in SoHo.
Though the closing was delayed as the seller sought appropriate 1031-exchange properties, the firm found a buyer for the property in December of last year after hitting the market during the prior month.
RKF brokers described Read More
When Santiago Calatrava‘s much-delayed World Trade Center transportation hub (maybe) opens in mid-2015, its mammoth concourse floor will be leased out for private events and to retail tenants staging promotional blitzes. And while retail rents between $450 and $550 a foot rival those of respectable Midtown corridors, some industry insiders think that opening up Calatrava’s Oculus concourse to parties and glorified live commercials is an ominous sign for traditional retail in the $3.74 billion project.
If one hot-button retail issue has dominated the New York real estate landscape in recent years, it’s been Walmart. The giant discount retailer has been trying to find a suitable location in the city for nearly a decade, but resistance has been fierce. The reasons for this resistance range from the big-box store’s labor practices to the perceived threat to local retailers.
The conflict came to a climax last year when Christine Quinn, democratic candidate for mayor, snarled, “As long as Walmart’s behavior remains the same, they’re not welcome in New York City.” Last week, The Commercial Observer spoke with some of New York’s leading retail brokers about the role of politics in retail real estate, what Walmart can do to ingratiate itself and which locations, if any, are suited to its footprint.
RWN Real Estate Partners paid $3.8 million for a retail condominium at 328 Bowery, where the firm has appointed RKF as exclusive leasing agent for the space, The Commercial Observer has learned.
RWN will redevelop the 4,114-square-foot space and the existing storefronts, giving one to two prospective tenants 100 feet of wraparound frontage at the corner Read More