At International Council of Shopping Centers‘ New York City National Deal Making Conference, a Lansco team showcased a new potential design for more than 13,000 square feet of retail at the base of the residential Dorchester Towers on the Upper West Side.
“There’s nowhere on Broadway where you have this much space available to create a synergistic tenant mix with a focus on contemporary fashion and we think the neighborhood can support and is crying out for those kinds of retailers on the Upper West Side,” Lansco’s Robin Abrams said at her booth today. She and colleagues Lisa Rosenthal and Alan Victor are marketing the space for Ogden CAP Properties.
Lansco is marketing 13,260 square feet of space on the ground floor at 2001-2017 Broadway spanning West 68th to West 69th Streets and Ms. Abrams said she is hoping for a retail mix a la Columbus Circle. Asking rents are $450 per square foot on the corner and $400 per foot in-line.
Current tenants in the retail space, all paying below-market rents and with leases rolling within the next few years, include Ann Taylor, BCBG, Innovative Luggage and Leicht kitchen showroom.
Lester Schwalb, head of leasing for Ogden CAP Properties and who is working closely with the Lansco team, noted that Ann Taylor, which has grown to 6,250 square feet since first opening in the building in the late-1980s, is “looking to get out.”
Ann Taylor has its space on the sublease market with an annual asking rent of $2.2 million, or $350 per square foot.
Ogden CAP Properties tapped Seattle-based international architecture firm Callison to create a new look for the retail facade, including some uniformity and blade signs while allowing for individual retailers to impart their own brand identity. The current facade is “a little bit dated,” Ms. Abrams said, and is a “hindrance” to bringing in new fashion tenants.
While Lansco has received offers “at top dollar,” from supermarkets, health and beauty aids and banks, Ms. Abrams said those are not the kinds of tenants Lansco is targeting for the Dorchester, which has 683 residential condo apartments on 35 floors.