Some of the city\u2019s biggest big box stores are moving or closing shop, creating once-in-a-decade opportunities in an already hot retail leasing market.<\/p>\n
\u201cThe market is rocking \u2014 this is when it\u2019s fun,\u201d said Brandon Singer of Retail by Mona. \u201cThe market is super strong and there\u2019s a ton of deal velocity.\u201d<\/p>\n
Earlier this month, outdoor lifestyle brand REI announced that it will vacate its longtime home at Kushner Companies\u2019 Puck Building at Lafayette Street and Houston when its lease runs out at the end of 2026. And while REI hunts for a new tent in Manhattan, tenants are lining up in hopes of snagging its roughly 40,000-square-foot digs.<\/p>\n
Crate & Barrel\u2019s 611 Broadway outpost is still up for sale. Christian Johnston<\/p>\n
\u201cThere will be another retailer right behind them,\u201d said Ripco\u2019s Richard Skulnik, who reps the Puck Building.<\/p>\n
Nearby, Crate & Barrel relocated to 811 Broadway, while its 40,217-square-foot former shop at 611 Broadway is still available through Gene Spiegelman of Ripco.<\/p>\n
\u201cI look at these as slack in the market, not problems,\u201d said Spiegelman of the large store vacancies. \u201cThere\u2019s nothing else like these spaces. They\u2019re not dragging down the market and they\u2019re going to create new opportunities.\u201d<\/p>\n
Other big deals in Soho come from Abercrombie & Fitch, which took 16,000 square feet at 520 Broadway, and Lululemon, which absorbed 19,000 square feet at 524 Broadway during the last quarter.<\/p>\n
These moves come even as average asking rents in the neighborhood rise. Rents are up 16.8% this year, ranging from $1,142 per foot at 92-94 Greene St. to $114 per foot at 76 Wooster St, JLL reported.<\/p>\n
IKEA\u2019s parent company just snagged Nike\u2019s address at 529 Broadway. Handout<\/p>\n
\u201cThere\u2019s a ton of tenants in the market and, for the first time in a long time, there are multiple proposals for spaces,\u201d said Patrick A. Smith of JLL.<\/p>\n
But high asking rents are also pushing more shops to buy their spaces. IKEA parent Ingka Investments paid $213 million for the Nike space at 529 Broadway in Soho, which it will use as a store and to create \u201cpremium\u201d offices.<\/p>\n
IKEA is also investing $72 million in Gary Barnett\u2019s upcoming tower at 570 Fifth Ave. in Midtown, where it will have a 70,000-square-foot store on the north corner. Other retailers are expected to lease the south corner of that new building which won\u2019t open until the end of this decade.<\/p>\n
In the neighborhood, Uniqlo concept GU will soon open inside 510 Fifth Ave., while former tenant, the North Face, is moving across the street into Jeff Sutton\u2019s 509 Fifth Ave.<\/p>\n
Uniqlo also leased 19,250 square feet in Union Square at 860 Broadway.<\/p>\n
Steps from Central Park, the building at 5 E. 59th St. is putting on a fresh facade in hopes of landing a relationship with a top retail tenant. Courtesy of Avi & Co.<\/p>\n
Across from the Apple Cube on Fifth Avenue,\u00a0jeweler\u00a0Avi Hiaeve of Avi & Co.,<\/strong>\u00a0paid $26.7 million for 5 E. 59th St., where he\u2019ll be relocating his office and showroom from the Diamond District to two upper floors.<\/p>\n The building is getting a glamorous brass-and-glass fa\u00e7ade while the ground, second and cellar floors \u2014 totaling 12,113 square feet \u2014 are being marketed by Andrew Mandell at Ripco for another retail tenant.<\/p>\n In the base of 767 Fifth Ave. off of the Apple Cube\u2019s plaza, the 14,415-square-foot former swing space for Dior (and Cartier before that) is up for rent through Steven Soutendijk of Cushman & Wakefield and has dramatic 40-foot-high ceilings.<\/p>\n Labubu and its dopey dolls are close to calling 680 Fifth Ave. home. Courtesy of Swarovski<\/p>\n The droll dolls cometh. REUTERS<\/p>\n Labubu maker Pop Mart must believe its creepy dolls have staying power as brokers said they are close to leasing 7,000 square feet at 680 Fifth Ave. next to Swarovski. Soutendijk declined to discuss that transaction but Pop Mart also inked a deal for 7,000 square feet at Vornado\u2019s 1540 Broadway in Times Square. It still has 120,000 square feet to fill after Forever 21 went from bricks to clicks.<\/p>\n Other area buildings that were in limbo like 1515 Broadway \u2014 where a bid for a casino was dashed \u2014 and 151 W. 42nd St. \u2014 which was scaffolded during One Times Square\u2019s renovations \u2014 are ready to transact.<\/p>\n The glass office building at 5 Times Square is being converted into rental apartments by RXR, but it also has 9,324 square feet for new retail via Smith and Matt Ogle at JLL.<\/p>\n In the market for 9,324 square feet of prime retail turf? Hit up Smith and Matt Ogle at JLL for space at 5 Times Square. Bloomberg via Getty Images<\/p>\n Ogle believes new residences in the area will prompt retailers to join the 24\/7 atmosphere, where stores do brisk business from 10 p.m. to midnight after the curtains go down on Broadway. Supermarket Aldi also completed a deal to lease 25,000 square feet nearby at 312 W. 43rd St.<\/p>\n \u201cIt\u2019s about creating configurations the tenants want,\u201d said Soutendijk. \u201cTenants want 2,000 to 4,000 square feet and the tourists want an authentic New York experience \u2014 they don\u2019t want the same stores that are in their hometowns.\u201d<\/p>\n Meanwhile, some astonishingly large blocks are still available in Times Square. There\u2019s 145,188 square feet at 229 W. 43rd St., and another 163,613 square feet at 1601 Broadway, both available through CBRE.<\/p>\n Cushman & Wakefield is offering 11,461 square feet at 700 Eighth Ave., 11,482 square feet at 234 W. 42nd St. and 58,245 square feet at 20 Times Square, where the fictitious coffee shop from \u201cFriends,\u201d Central Perk, will soon become a reality with a lease for 3,000 square feet.<\/p>\n Along 34th Street, big retailers are also making moves. Zara signed for 18,000 square feet at 31 W. 34th St. and brokers are looking forward to Primark opening a 78,000-square-foot store at 150 W. 34th St. after Old Navy decamps to 55,000 square feet at JEMB\u2019s 50 W. 34th St. in the base of Herald Towers. Banana Republic\u2019s 40,000 square feet at 17 W. 34th St., is up for grabs.<\/p>\n \u201cIn the last six weeks there\u2019s been much more activity with paper trading and showings,\u201d said Soutendijk, noting that interest rates are still hovering at 6%. \u201cThis is as good as it gets.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"Some of the city\u2019s biggest big box stores are moving or closing shop, creating once-in-a-decade opportunities in an…\n","protected":false},"author":3,"featured_media":322690,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5122],"tags":[161283,5229,33011,12611,61496,405,403,5226,5225,5228,5227,4329,6270,49311,67,586,132,5230,68,2969],"class_list":{"0":"post-322689","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-new-york","8":"tag-abercrombie-fitch","9":"tag-america","10":"tag-commercial","11":"tag-commercial-real-estate","12":"tag-ikea","13":"tag-new-york","14":"tag-new-york-city","15":"tag-newyork","16":"tag-newyorkcity","17":"tag-ny","18":"tag-nyc","19":"tag-real-estate","20":"tag-retail","21":"tag-retailers","22":"tag-united-states","23":"tag-united-states-of-america","24":"tag-unitedstates","25":"tag-unitedstatesofamerica","26":"tag-us","27":"tag-usa"},"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/115415443362909903","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/322689","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=322689"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/322689\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/322690"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=322689"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=322689"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=322689"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}