In the world of real estate, as in life, perception is in the eye of the beholder.
The retail market in the West Village and Greenwich Village is no exception, as neighborhood staples close due to rising rents, leaving spaces vacant and landlords searching for high-rent-paying tenants. While neighbors may find the shuttered shops to be eyesores and longtime retail tenants may find the skyrocketing rents unfair, many brokers leasing those spaces are saying it’s due to a hot market and the changing nature of the neighborhood.
Brick, a CrossFit gym, has signed a 10-year lease for just over 13,000 square feet at 257 West 17th Street, Steve Rappaport, senior managing director at Sinvin Real Estate, who represented the tenant, told The Commercial Observer.
Asking rents were $75 per square foot based on the 7,200-square-foot ground floor. The lease also includes 5,900 square feet on the building’s lower level. The space was formerly a D’Agostino’s supermarket.
The Chelsea location will be the fitness chain’s first in New York. Currently, Brick operates a gym in West Hollywood, Calif.
Condé Nast, the mega-publisher behind such magazines as Vogue, The New Yorker and Vanity Fair, holds several events per month at the Lambs Club on West 44th Street, two blocks from its 4 Times Square headquarters. It’s also been known to hold events at Michael’s on 55th Street, and a host of other venues.
Now, with the company having leased over 1.1 million square feet at 1 World Trade Center and saying goodbye to its old quarters, a new posh venue for its gatherings will have to be found, all of which has brokers asking the question: will high-end dining and retail come to Manhattan’s southern tip?
Retailers are hungry for Manhattan retail space at the moment, but lower Manhattan luxury stores may take time, said Steve Rappaport, senior managing director with SINVIN Realty. For that to change, a high-end retailer may need to stake a claim early on and wait for value to grow, Mr. Rappaport said.
Japan-based chocolate maker, Royce, leased 620 square feet of space at 253 Bleecker Street on November 20. The asking price was $290 per square foot.
“Bleecker Street between Sixth and Seventh Avenues is probably the best food block in the city,” said Steve Rappaport, senior managing director with Sinvin Real Estate, which represented both the Read More
Hello Monday is packing up to move their New York office into a loft in Tribeca.
The Danish design firm that specializes in digital and analogue media will move from its office at 441 Broadway in Soho to Nur Ashki Jerrahi Community‘s 5 White Street. The new office is a bit larger spanning 2,250 square Read More