Retail, Finance

Believe the Hype: Retail Redux

ICSC crowd in Las Vegas.

“Nobody goes there anymore. It’s too crowded.”—Yogi Berra, possibly talking about the cabana parties in Las Vegas at ICSC.

Approximately 36,000 real estate professionals attended the ICSC annual convention in Las Vegas this May. That number is more like 50,000 when you count the people who came simply to attend the private parties held at Read More


Brokers Divulge Westfield WTC Retail Details

WTC hub

Despite the fact that World Trade Center retail developer Westfield Group has yet to announce any tenants for the retail component in the Santiago Calatrava-designed Oculus transportation hub at the WTC site, the hub will open fully leased next year, a trio of CBRE retail brokers predicted earlier this week.

The global shopping center company that bought the eventual 440,000 square feet of retail space planned for the transit hub and towers 2,3 and 4 from the Port Authority of New York & New Jersey for $1.4 billion is looking for tenants who can offer omni-channel retailing, the new trend in which stores offer customers the ability to purchase products through a variety of mediums and devices, as well as a unique customer experience, the brokers said at a briefing for the media at CBRE’s Midtown offices. Read More

Retail Eyes West 34th Street for First Store Offline

7 West 34th Street

Website behemoth will open its first brick-and-mortar store, according to a Wall Street Journal article published Tuesday.

The enormous online empire and largest Internet-based company in the U.S. will have space at 7 West 34th Street, a property owned by Vornado Realty Trust. The 10-story commercial building includes 23,000 square feet of retail space and over 400,000 square feet of office space. Read More


Jay-Z’s Family Wings Business Plans Big Expansions

Adam Stupak and Jamar White

As hungry wing-lovers lined up at Buffalo Boss on a busy weekday afternoon at a Downtown Brooklyn location of the organic chicken wings business that rap legend and entrepreneur Jay-Z helped his cousin Jamar White and Mr. White’s business partner Ronald Lee start in 2010, Mr. White and his broker, Adam Stupak of TASK Realty, invited Commercial Observer inside for an exclusive chat and chicken sampling.

With hip-hop music blaring from the speakers and Japanese animation running on flat screen televisions in the 1,200-square-foot fast-service eatery at 400 Jay Street, Mr. White dished out both boneless and bone-in selections to go with Buffalo Boss’s homemade blue cheese dressing and insider information on the growing company’s enlargement ideas. Read More


Inside the New ‘Normal’ in Brick and Mortar

Normal store

Just weeks after opening its flagship store and factory in an 11,000-square-foot space on the ground and basement floors of the Chelsea Castle building at 150 West 22nd Street, the Normal custom earphone company and building landlord M. Rapaport Co. invited Commercial Observer for an exclusive tour of the brand new store.

The facility where Normal’s 10 3-D printers churn out earbuds custom-designed for every individual customer showcases the experience-based, tech-savvy methods that today’s retailers are employing in an age where brick-and-mortar retailers like the sleek, glassy store between Avenue of the Americas and Seventh Avenue appear anything but traditional. Read More


Clarke’s Standard FiDi Space Hits the Market

101 Maiden Lane.

Clarke’s Standard, a burger joint owned by P.J. Clarke’s, plans to vacate its 1,683-square-foot, Financial District location at 101 Maiden Lane, Commercial Observer has learned.

Winick Realty Group was tapped to exclusively market the ground-level retail space, which is located inside one of TF Cornerstone’s two luxury residential buildings which are collectively known as 2 Gold Street. Read More


J&R Express Planned at Century 21 Flagship

Century 21 (Chor Ip:Flickr).

J&R Music and Computer World will open a 1,500-square-foot boutique location inside the Century 21 flagship department store at 22 Cortlandt Street, between Broadway and Church Street, The New York Post reported. The new store is expected to open in October.

J&R, which was founded in 1971 by Joe and Rachelle Friedman, closed its store at 1-15 Park Row in April. While the company’s website says it plans to redevelop its Park Row store, J&R is currently without an open location. Read More


Subsidized Residents Question New Private Learning Center

444 Second Avenue.

The private Explore + Discover early learning center slated to open in a retail space on the ground floor of the 14-floor, 404-unit Henry Phipps Plaza South affordable housing complex has provoked questions about whether it’s appropriate to place the pricey daycare program in a building whose occupants can’t afford it.

While residents of the building of 290 Section 8 units and 114 other affordable apartments at 444 Second Avenue in Kips Bay acknowledged that nonprofit landlord Phipps Houses Services could help pay for upkeep of their subsidized housing through the 15-year, $80-per-square foot lease, they expressed frustration that their children wouldn’t have access to the educational programs for pupils aged three months to two years. Read More


RKF to Market Retail Space at World-Wide Group’s QLIC


World-Wide Group has appointed RKF as the exclusive agent for 8,300 square feet of ground-level retail space at QLIC, a 21-story residential building in Long Island City, according to a release issued by the company.

The retail space for the development is situated on Queens Plaza North from 23rd to 24th Street, and has 186 feet of continuous frontage, the release noted. Read More


Retail Corner Across From Harlem USA on Market

285 St. Nicholas Avenue. (PropertyShark)

Douglas Elliman’s Retail Group is marketing a 3,000-square-foot corner retail space across from Harlem USA at 285 St. Nicholas Avenue, Commercial Observer has learned.

The unit boasts 135 square feet of wraparound frontage and approximately 1,500 square feet of basement space. Asking rent for the space is $90 per square foot. Read More


Elliman Wins Soho Retail Building Leasing Assignment

372 West Broadway.

Douglas Elliman retail pros Faith Hope Consolo and Joseph Aquino have been hired to lease the standalone Soho building that was once home to Tommy Hilfiger‘s headquarters, Commercial Observer has learned. The asking rent for the single-tenant building is $2.25 million.

The 11,520-square-foot elevator building at 372 West Broadway, at the corner of Broome Street, spans three floors and includes a lower level selling floor and a rooftop garden. There is 112 feet of frontage along West Broadway. Read More


Ripco Targeting Temp Retailers for East 86th Street Building

147 East 86th Street.

Before its time to demolish a corner property to make way for a big residential project, Ripco Real Estate is hoping to lease Stillman Development‘s roughly 15,000-square-foot building on East 86th Street to pop-ups or temporary operators, Commercial Observer has learned.

Ripco, which was tapped to lease the two-story building, is seeking two year-long tenants for 147 East 86th Street, at the corner of Lexington Avenue, said Andrew Mandell, managing partner at Ripco, who is leasing the space with a Ripco team. The asking rent for the entire space is $1.4 million per year. Read More


Ian Schrager Taps CBRE for 20 Times Square Retail

A rendering of the 20 Times Square Edition hotel.

The retail, at the northeast corner of Seventh Avenue at 47th Street, in Times Square’s bow-tie and across the street from 2 Times Square and the iconic Coca-Cola sign, will feature 200 feet of wraparound frontage, a 25-foot-tall glass storefront and flexible floor sizes ranging from 10,700 to 14,700 square feet. Read More


Douglas Elliman Tapped to Market 412 Columbus Avenue Retail Space

412 Columbus Avenue

Douglas Elliman is marketing the 1,409-square-foot retail space at 412 Columbus Avenue, Commercial Observer has learned. The firm’s leasing and sales team of Faith Hope Consolo and Joseph Aquino has been awarded the exclusive agency for the space, the duo’s third assignment on the block.

“We are redoing the entire block front,” Ms. Consolo said. “For a long time the Upper West Side was about sneakers and sweatpants. Now, it’s lululemon and lipstick.” Read More