Finally, does everything come to the city shops? Maybe.
Detail lease speed throughout the city has increased by 14%, year after year. This represents more than 3.5 million square feet of new leases and renovations, and according to CBRE, the number of shop windows available on the main shopping streets has dropped.
This is good news for buyers, but a hard break for stores that want the best locations. It is a situation that is parallel to the Manhattan divided office market, said Lee Block of the Winick Realty Group. Retails want better spaces and are willing to pay the upper dollar for them.
“The flight to quality has been an important topic in the world of office and also works in the retail world,” said Block, in reference to the demand for luxury offices that are being spilled in some B -buildings, but leaving most C owners in the fight while promoting residential conversions.
In the competition, NYC retailers added 24 offers that increased 205,000 square feet just in the first quarter, according to CBRE.
For example, the immersive artistic experience, Meow Wolf, rented more than 74,000 square feet at the Moll 17 at South Street Seaport for its first New York location. And Seavew Productions, George Clooney’s Good Night and Good Luck “group, rented the vacancy of 16,679 square feet ex-theater second scenario in the 681 eighth AVE near Times Square.
If in fact, Times Square has always been a goal for great retailers, with shops like Sephora open until 11pm to serve the crowds of the end of the day, Pre and Learn-Broadow. “It’s the most busy place,” said Gene Spiegelman in Ripco.
At the end of last year, Lincoln Market signed to bring his supermarket to a 35,809 square feet left by Lucky Strike Bowling at the River Place in Silverstein Properties at 650 W. 42nd St.
However, Times Square still has mass holes, such as the 91,000 square feet that Forever 21 will give up the 1540 Broadway of Vornado and 58,000 square feet ABC exits 1500 Broadway.
Another sign of life comes from Manhattan’s ultra competitive restaurants that ate 171,000 square feet in 39 Manhattan offers. Among them are Chef Michelin Masaharu Morimoto, who will occupy 17,600 square feet on 1255 Broadway on a nomad. Michelin Steakhouse of Chicago, Maple & Ash, rented nearly 17,000 square feet to 1290 Ave. From the Americas and Stk of Vornado, it will open in 12,600 square feet to 200 Park AVE to the south.
Old Navy is giving up 150 W. 34th St. In Primark, so you can move to 55,000 square feet in the corner of Herald Square at 50 W. 34th St.
Looking beyond the center, vacancies along Broadway in Soho are almost extinct.
Crocs rented a new flagship to 543 Broadway, and New Balance will enter 542 Broadway. Calvin Klein signed to open a flagship at 530 Broadway and Gu opened on 668-678 Broadway. The Urban Revivo brand, quickly Chinese, opened its first American store in 30,000 square feet on 515 Broadway.
“Global Brands Stiltl considers New York the launch launch to expand his business,” said Spiegelman who represented Urban Revivo. “The top of your list is Soho.”
Adidas will move their flagship from 115 to spring to 8,700 square feet to 135 spring. Ray-Ban renewed its 7,000 square feet on 116 Wooster and is building a new global flagship at 62 Prince. In addition, 7 for all the denims of humanity renewed 5,500 square feet at 392 W. Broadway.
As a higher price space was rented, rents on Prince Prince Street dropped to $ 750 per foot, dropping 24% of quarter and 30% year -on -year, according to CBRE.
The competition for the best SOHO spaces is now so fierce that even the largest fish are being offered. For example, LVMH is looking for a corner location by Tiffany & Co. (now at 97 Green St.), but it has already been lost in spaces like the old location of the Nespresso de Ferrari space, at 92 Prince St., which may have rented $ 1,800 per foot, apple location to 103 Prince and Ralph Lauren’s Digs at 109 Prince who made a retailer of $ 132 million.
“Everyone is aware and uncertainty has an impact.”
Matthew Siegel of Lantern Real Estate
“It’s hard to find space for Prince, Greene or Spring; you almost have to pay key money,” said JLL Richard Hodos.
Like Ralph Lauren, some stores are tired of playing games. They are simply buying their space directly.
To take advantage of the frenzy of investors and retailers trying to block in main places, CBRE offers 115 spring for sale on behalf of SL Green as the two-level store of 5,100 square feet, will be vacant when Adidas moves to 135 spring in March. Uptown, Chanel talks about buying 60,000 square feet at the base of the next luxury residential tower of Gary Barnett, at the 655 Madison Ave., according to the commercial observer, and if this goes aside, it could turn into the tower related to the next block to 625 Madison or return to the first option of the former Barney of Madison, who should have the families who had the building.
In the meantime, B&H photo paid $ 150 million to buy 333 W. 34th St.
However, the rotations of the values market on global rates are even higher than everyone’s mind.
)We are seeing that our customers are preparing for the impact and implications of rates for both consumer behavior and entry costs, “said Matthew Siegel, Lantern Real Estate.” Everyone is aware and uncertainty has an impact. “
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