retail beat

retail beat

New York City Marathon Cancellation Brings Ironic Good News for Some


The ING New York City Marathon-that-wasn’t had something of an ironic impact on the city’s luckier retailers.

There’s no question that those hit heavily by the storm have a long road ahead, especially Downtown, where many stores closed for days and others remain closed and damaged.

Mayor Michael Bloomberg finally called the storied marathon off on Saturday, but not before many of the 47,000 registered marathon runners were already in the city for the race planned for Sunday. Read More

retail beat

Despite Rumors of an H&M Deal, Space at 4 Times Square Remains Open

4 Times Square Retail (Formerly Occupied by ESPN Zone)

Executives involved in leasing a prominent Times Square retail space are preparing to release a new wave of marketing materials for the storefront, dampening speculation that the space is spoken for.

About 45,000 square feet of retail has been available at the office tower 4 Times Square since former tenant ESPN Zone vacated in 2010, but recent reports and rumors had it that the fast fashion giant H&M was in advanced talks to take the whole space for a flagship store. Read More

retail beat

Daffy’s Leaseholds to be Sold

daffys_fno_window_display_2010 (1)

JEMB Realty Corp. and Aurora Capital Associates have joined forces to market and sell off the 15 leaseholds belonging to Daffy’s, the now-defunct discount retailer, it was announced Wednesday.

The new duo will handle a portfolio that has several attractive retail locations in its stead, including a 18,000 square foot Financial District space at 50 Broadway and a 30,000 square foot space at 462 Broadway. 

“Daffy’s leaseholds represent a unique and compelling opportunity for retailers to acquire space at superior locations that rarely become available,” said Jared Epsteina vice president of Aurora, in a prepared statement.  Read More

retail beat

JEMB Realty, NOT Aurora, is Daffy for Daffy’s Real Estate (to the tune of $43 Million)

Happy Trails?

JEMB Realty is snapping up troubled (and bankrupt) discount retailer Daffy’s leasehold interests, “certain” real estate fixtures and “certain” intellectual property for $43 million, the company announced this afternoon.

As was previously reported yesterday by The Real Estate Weekly (and by The Commercial Observer), Aurora Capital Associates was rumored to have purchased the retail chain. A spokesman for JEMB Realty said Aurora has no interest in Daffy’s. Read More

retail beat

Fro-yo store Off the Wall Expands in NYC


Off the Wall Frozen Yogurt, a Long Island-based frozen yogurt chain, will open two new stores in Manhattan.

The fro-yo maker’s two new shops will be at 248 West 23rd Street and 4 West 14th Street, according to The Real Estate Weekly

Off the Wall will have a 2,000 square foot storefront at 248 West 23rd Street and a 1,700 square front at 4 West 14th Street. It already has locations at 1053 2nd Avenue and in Cedarhurst, NY.  Read More

retail beat

Caramel Baby & Child Opens First US Store on Madison

1244 madison avenue

Caramel Baby & Child, a British designer of luxury children’s wear, has inked a 10-year lease to sell their tiny and trendy threads to the Upper East Side set at 1244 Madison Avenue, The Commercial Observer has learned.

The store will be taking an 800 square foot space that was previously occupied by Keesal & Mathews, a maker of home furnishings. Judson Realty LLC represented Caramel Baby & Child in the deal. Faith Hope Consolo and Joseph Aquino represented the 17 East 89th Tenants, the coop that runs the building.  Read More

retail beat

Designer Yigal Azrouël Decamping Meatpacking Store for Upper East Side

1011 Madison Avenue

Israeli designer Yigal Azrouël will be leaving his flagship store in the Meatpacking District for a 1,800 square foot storefront on the Upper East Side, the company announced today.

The womenswear designer will be moving out of a 2,500 square foot space at 408 West 14th Street to a new corner store on 1011 Madison Avenue, a 21,636 square foot multi-family building.  Read More

retail beat

J Crew Eying Billyburg Spot at 247 Bedford Avenue

247 Bedford Avenue (photo courtesy of CoStar)

J Crew, the popular purveyors of all things preppy, are reportedly interested in taking a 35,000-square-foot retail space at 247 Bedford Avenue. 

The Bedford Avenue building that is situated between North 3rd and North 4th streets is part of “the Bedford portfolio” that sold for $66 million and is expected to be developed into 55,000 square feet of retail space, according to The Real Deal

Lee & Associates NYC are marketing the space and will be up for leasing in the next year. A partnership made up by Red Sky Capital and others bought the “Bedford portfolio” from The Backer Group in April. Read More

retail beat

Daffy’s Set to Shutter All Its Stores


Daffy’s, an affordable retailer that boasts “clothing bargains for millionaires” on its signage, is set to close all 19 of its locations sometime by the fall, it was announced today.

The company, which was founded in 1961, will be laying off a total of 1,300 employees.

“All associates will remain employed and receive pay and benefits for at least 60 days,” the company said in a statement. Read More

retail beat

Warby Parker Inks First Brick-And-Mortar Lease

121 Greene Street

Eyeglass maker Warby Parker has signed a lease for its first permanent retail location, taking about 2,500 square feet at 121 Greene Street in Soho.

Warby Parker rose to prominence successfully selling prescription eyeglasses online, a product many shoppers had preferred to buy in person even well into the age of Internet commerce. Read More

retail beat

Details on Nordstrom’s 225 West 57th Street Location


On the heels of The Commercial Observer’s report yesterday about all signs pointing to Nordtrom taking space at Extell Development’s project at 225 West 57th Street, the company said today that it has now finalized those plans. The store is projected to open in 2018 and excavation work could begin by the first quarter of 2013. When it opens, it will be the retailer’s New York flagship, and its first full-line store in the city. Read More

retail beat

Thor High Street Advisors Launches London Office


Thor High Street Advisors has picked branding and apparel expert James Hall to head up the company’s new European office, which will be based in London. Mr. Hall was most recently a principal and founding partner at retail leasing consultancy Johnstone Hall. His clients include Tory Burch, Kenzo and Roberto Cavalli. He’ll be an executive vice president at the firm. Read More

retail beat

Nordstrom Will Open at 225 West 57th

Gary Barnett

Sources say Nordstrom is in talks to anchor a development project that Gary Barnett would build at 225 West 57th Street.

Rumors have swirled for months that Mr. Barnett, one of the city’s most prolific and successful builders of residential and commercial real estate, is trying to arrange a transaction with the department store, which has been cruising around Manhattan for a site for years. Read More