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.
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
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.
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.
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.
Everyone knows that New York is full of luxury stores where the rich and fabulous can go to shell out big bucks.
But now Mint.com has released a breakdown of exactly which shops are raking in the most dough per visit.
The data is based on activity from Mint’s more than 4 million users, and Read More
On the top floor of 200 Fifth Avenue on Thursday evening, Simone Levinson compared herself to a mafia boss.
“You know how in The Godfather III when Al Pacino says, ‘I keep trying to leave but they just suck me back in?’” she said. “I feel like that with party planning.”
The event—celebrating the Read More
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
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
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