Quarantined shoppers are stepping out of their closets to be greeted by new stores as retail rents are withdrawn.
In retail-intensive neighborhoods like Meatpacking and Soho, store owners have found particularly attractive opportunities.
For example, a strong representative of the city, Givenchy Green Street, is opening a Soho post at 92, while Jonathan Adler is returning to the same house on 382 West Broadway, provided with a blank canvas for his brand.
446 W for Gucci holidays in Meatpacking District. 14. Leased the entire 26,600-square-foot base of St. Louis.
Many retailers move from deals to side-by-side streets and showrooms to a “right” retail store with strong participation, or from e-commerce to so-called “brick-and-mortar” physical participation. using it as a dental opportunity, said Michael Glanzberg, managing director of Sinvin Real Estate.
The remarkable success of the Harry Potter store on Broadway at 935 East 22nd Street in Flatiron County is a shining example of this.
Meanwhile, industry observers and politicians are concerned about closed stores along Madison and Fifth avenues.
According to NYC & Company, “Traditional tourist destinations that rely on tourists aren’t as bright,” said CBRE Vice President Richard Hodos, noting that international visitors in particular will increase from 13.5 million in 2019 to just 2.5 million in 2020. decreased. “Madison is like a smile, some without teeth, some bright and shiny.”
The bright spot is Dolce & Gabbana, on East 69th Street, beautifully decorated and doing a lot of business.
In that block of Madison 818, people at Monique Lewille were busy dressing up window mannequins in the latest black design as passers-by flocked to the idea of dressing up and attending more personal celebrations.
The Apple store remains located at 974 Madison Avenue, East 74th Street, as well as 401 W. on Ninth Avenue. At 14th Street Meatpacking, brokers say.
Peter Braus, director of Lee & Associates NYC, called Midtown a “donut hole” that moves around.
“What’s happening in Soho and other neighborhoods is exciting,” Braus said. “Tenants are coming and trying to use rent money that I haven’t seen since I came into the business 20 years ago.”
Meanwhile, the New York Real Estate Council in Brooklyn found that retail rents fell 10 percent or more in 10 of its 17 corridors, while Dumbo fell 23 percent.
Still, neighborhoods where people work from home, such as Cobble Hill and Park Slope, performed better when they saw an average rent increase of 10% per year.
Matthew Krell, an AMPS officer who represented Patagonia at his first lease in Brooklyn, said the nabe had not experienced a population relocation.
“Everyone was there and they didn’t go to their second home and there was a big push from the retailers.”
Nike opened at 87 N. 6th Street, and the concept is based on online sales at this zip code.
“These stores can serve as return and replenishment centers,” Krell said. “They get as close to the customer base as possible and make transactions smoothly, and that’s why we get help from national retailers in the neighborhoods.”
The Acadia City Point project in downtown Brooklyn is getting more leases with the opening of Lululemon – although some of the former Century 21 space cameras need tenants.
“Retailers want to be close to them,” said Ariel Schuster, project representative, Newmark vice president.
The Joybird furniture store is also “so, so good,” he said, and the Camp family store and the McNally Jackson bookstore are also rented. The goal is the anchor of the project.
Extell’s One Manhattan Square Brooklyn Fare Kitchen & Market has signed a 25,000-square-foot contract for a residential project,
Shuster said the deals are finally making landlords and tenants sit down to work together and negotiate more flexibility, more term options, as well as throws, discounts and interest rates.
“Cards are everywhere, fun and creative,” Shuster said. “They see that they need something that fits both.”