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.
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.
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.
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.
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.