Lease Beat

Target to Open Smaller Store Model in Downtown Brooklyn

City Point rendering. (City Point)

CityTarget, the big-box chain Target’s smaller store model, will find its first New York home at City Point, the 1.8-million-square-foot development under construction in Downtown Brooklyn.

First reported by the New York Daily News last Friday, the lease for CityTarget was signed over a year ago and includes 125,000 square feet of retail and storage space. A press release issued by Target noted that the location in Albee Square will target neighborhood residents, students and straphangers who use the nearby DeKalb Avenue subway station. Read More

Lease Beat

Apparel Supplier Inks Deal at 1370 Broadway

1370 Broadway

Intradeco Apparel has signed a lease for the entire 16,787-square-foot seventh floor at Normandy Real Estate Partners1370 Broadway, The Commercial Observer has learned.

The apparel supplier will pay rent starting in the mid-$40s per square foot, according to data from CompStak. Asking rents in the building are approximately $50 per square foot, according to listings on TheSquareFoot. Read More

Lease Beat

Famous Footwear Inks at Throggs Neck Shopping Center

Courtesy of SeekLogo

Famous Footwear has inked a deal for a new location in the Bronx.

The national footwear chain has signed a deal for a 5,500-square-foot store in the Throggs Neck Shopping Center located near the intersection of Lafayette Avenue, Brush Avenue, and Hutch Service Road.

“The leasing velocity we’re seeing at Throggs Neck Shopping Center demonstrates Read More

ICSC2012

On 10th Anniversary of First NYC Pop-Up, Retailers Look Back

43 Mercer vintage

It was a Los Angeles-based company inspired by Japanese shopping habits that brought pop-up retail to America. During a trip to Tokyo in 1999, Russ Miller witnessed the lengths to which the city’s famously voracious consumers would go to buy rare and limited-edition products.

Mr. Miller brought that mind-set back to L.A. with Vacant, “a retail concept and exhibition store” that would open shops only to close them as soon as they ran out of goods.

Discount retailer Target once again positioned itself as the funky anti-Walmart when it took over a 220-foot-long boat at Chelsea Piers for a two-week stay on the Hudson River that coincided with Black Friday in November of 2002. Vacant arrived in New York in February 2003, working with Dr. Martens on a pop-up space at 43 Mercer Street. Read More

The Sit-Down

Retail is Dead, Long Live Retail: Patrick Smith of SRS Real Estate on the Future of Brick-and-Mortar

Patrick Smith.

Patrick Smith is an executive vice president and principal of the retail real estate services firm SRS Real Estate Partners, which was spun off from Staubach when that company was acquired by Jones Lang LaSalle. Mr. Smith is a busy leasing dealmaker not only in the city but nationally and represents a host of large retailers that have been active in the market both here and around the country, including Dick’s Sporting Goods, Party City and Disney. With ICSC, the biggest retail event of the year, only weeks away, Mr. Smith weighed in on the state of the retail market with The Commercial Observer and discussed what he has planned for this year’s conference in Las Vegas. Read More

Whale Watch

Wooing Walmart: NYC brokers still have eyes for elusive retailer

The Category Killer.

The weekly phone calls. The dinner invites. The gifts.

When representatives from Walmart, the nation’s largest retailer, waltz into the New York Hilton for this year’s two-day International Council of Shopping Centers conference, many of the city’s most intrepid retail brokers will be close behind them, perhaps even plying those officials with compliments, dinner invitations and business opportunities. Read More