Lease Beat

Brooklyn Getting its First Michael Kors, Fossil and Justice Stores [Updated]

Kings Plaza Shopping Center

South Brooklyn’s Kings Plaza Shopping Center will be home to the borough’s first Michael Kors, Fossil and Justice stores, the mall announced.

Michael Kors, which sells sell apparel, accessories and footwear, leased 4,000 square feet at the borough’s only enclosed mall. Fossil will sell its watches, handbags and jewelry out of a 1,100-square-foot space at the mall and Justice girls clothing store will sell its wares from a 4,200-square-foot space. Read More

Retail News

JFK’s Terminal 4 Welcomes Slew of New Shops

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Terminal 4 at John F. Kennedy International Airport has announced the opening of three new retail shops and five more coming this month.

JFKIAT, the management company that operates the terminal, which is undergoing a major redevelopment program, announced the opening of Victoria’s Secret; Bijoux Terner, which sells watches, earrings, necklaces, scarves, bags and other accessories under $10; and Bluewire electronics, where customers can try before they buy. Read More

Lease Beat

Victoria’s Secret Moves Upstairs After Kylie Bisutti Finds God

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One week ago Victoria’s Secret Model Kylie Bisutti opened up about her decision to quit modeling in order to make amends with The Man Upstairs – now her former employer is moving upstairs.

The lingerie retailer has signed a 3.5-year lease for an additional 60,000 square feet across floors four and five at its 2 Herald Square retail flagship location, David Sitt, a principal with landlord Sitt Asset Management, told The Real Deal. Read More

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34th Street Partnership Eyes Ambitious Retail Makeover

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This week, as brokers and retailers descend upon Manhattan for the International Council of Shopping Centers’ conference in New York, retail consultants John Harding and Richard Cohan, of the 34th Street Partnership, will be meeting with eight to 10 representatives of brands, restaurants and stores each day to convince them to seek locations in the 34th Street area. Given the retail and brand presence already in place along the retail corridor, they may not have to try very hard.

Mr. Cohan, one of the organization’s retail specialists, lists B&H, Gap, Victoria’s Secret, H&M, Foot Locker and Zara as brands that have found a home in the area. There are also newcomers—Joe Fresh and Vince Camuto have set up shop between Seventh and Eighth Avenues, and Timberland landed in the area last year, as did Uniqlo. Read More

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Fulton Maul: Culture Clash Ensues in Downtown Brooklyn

Armani Exchange at the City Point Development

With the long-awaited Barclays Center open and new residential and mixed-use development projects popping up across Downtown Brooklyn, a retail conundrum is growing along the 17-block Fulton Mall.

The national and in some cases high-end retailers moving onto the strip paint a stark contrast to the long list of mom-and-pops, local discounters and jewelry shops that once almost exclusively lined the street. Read More

Mortgage Beat

$325 Million Refi for 100 West 33rd Street

100 W 33rd St

Vornado Realty Trust has refinanced its 100 West 33rd Street building—home of Manhattan Mall—for $325 million. The REIT realized $87 million of net proceeds in the process.

The new loan, at an interest rate of LIBOR plus 2.5 percent, matures in March of 2015 and has two one-year extension options built in. Net proceeds were realized upon paying off the existing loan and closing costs for the current refinancing. Read More

Lease Beat

EXCLUSIVE: Victoria's Secret Owner Adds 100K

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Limited Brands Inc., an apparel company that owns several major retailers including Victoria’s Secret and Bath and Body Works, has reached a deal to add nearly 100,000 square feet of space at 1740 Broadway, a building owned by Vornado.

Limited Brands will take floors 14 through 17 in the expansion and will now occupy about 500,000 square feet in the roughly 700,000 square foot property. The company, formerly known as The Limited, is represented by a team from the real estate services firm CBRE, led by CBRE’s New York area Chief Executive Mary Ann Tighe and executives Eric Deutsch and Ken Meyerson. Read More