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

ICSC

ICSC: Lessons Learned and Shopping Hotspots

Adelaide Polsinelli, senior director at Eastern Consolidated

The International Council of Shopping Centers’ (ICSC) New York conference is over. Meetings were held, retailers were courted, flirtations between players crackled with possibilities. The Commercial Observer asked three experienced New York brokers what they learned at the conference and where the city’s retail hotspots are. This is what they said…

West Side Story

“With Read More

Lease Beat

Lego Signs Lease For Flagship At 200 Fifth Avenue, Store Will Cozy Up To Eataly

2005th

LEGO Systems has inked a 10-year lease for 7,703 square feet of retail space at 200 Fifth Avenue. The company behind the beloved children’s building blocks projects that the new flagship will open in January 2014, and in a building that for 75 years was known as the International Toy Center before L&L Holdings bought it in 2009, the New York Post reported.

L&L’s David C. Berkey and Andrew Wiener represented the building in-house, while Cushman & Wakefield‘s Jonathan Scibilia and Andrew Kahn represented the toy tenant. Read More

Lease Beat

IMG Worldwide Does 30K S/F Deal At 200 Fifth Avenue

200 Fifth Avenue

IMG Worldwide has leased nearly 30,000 square feet at 200 Fifth Avenue, roughly half of the building’s seventh floor, for 15-years.

IMG is a media and marketing company involved primarily in television production and talent management. The company will be relocating to the space from the General Motors Building in Midtown. Read More

Lease Beat

Lee & Associates Find New Home at 600 Madison Avenue

600 Madison Avenue.

Lee & Associates is moving into a new 22,000 square foot office at 600 Madison Avenue to accommodate the real estate services firm’s surging growth in recent months.

The company is taking the entire third floor of 600 Madison Avenue in a four-year sublease from Tiffany & Co., the jewelry company that vacated the property last year to relocate to the high end Midtown South building 200 Fifth Avenue. Read More

ADDRESS BOOK

The New Tiffany

There was a time when your (almost) every whim could be satisfied by a set of New York City cross streets. Joke shops? Go to Broadway below 23rd Street. Religious paraphernalia? Vesey Street. Baby furniture? Avenue A. It was a city composed of smaller cities, microcosms of commerce vibrating against each other, a city that Read More

Treasure Trove

Tiffany & Co. To Relocate Headquarters to Flatiron District

It’s finally official. Tiffany & Co., the legendary jeweler whose Fifth Avenue, multi-tiered wedding cake of a flagship store regularly attracts hordes of bauble-seeking tourists and New Yorkers alike, will relocate its corporate headquarters from midtown Manhattan to the Flatiron district, according to a just-issued press release. The Observer broke the news about Tiffany’s imminent Read More

Tiffany & Co. Close to New Headquarters Deal on Madison Square Park

Madison Square Park may soon play host to an enormous cluster of jewelry professionals.

Tiffany & Co. has a lease out—industry jargon for being this close to a signed contract—for more than 200,000 square feet at the beautifully restored Toy Building at 200 Fifth Avenue, the former merchandise mart for the “children’s entertainment” industry.

If Read More