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Events
Wednesday April 30th
Bisnow: NYC Retail Real Estate Summit
New York, NY

With the unforgiving polar vortex behind us, and consistent upticks in consumer demand dispelling market anxieties stemming from the Fed’s tapering policies, there is only one direction retail is heading. Up! The consumer is back, and retail is king. Come hear about it from the industry leaders themselves at Bisnow’s 4th Annual NY Retail Summit.

Get 20% off by using this discount code at checkout: retailmls2014

Click here to register!

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May 18-20, 2014
ICSC RECon Las Vegas
Las Vegas Convention Center

RECon is the global convention for the shopping center industry and provides networking, deal making and educational opportunities for retail real estate professionals from around the world. With over 34,000 attendees and 1,000 exhibitors it is the largest industry convention, making it an unparalleled opportunity to do a year’s worth of business in just three days! If you are looking to meet retailers to discuss new or existing leases in your centers, view the latest industry products and services that are critical to your business, attend educational sessions or find the next deal, then you need to attend RECon.

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Wednesday June 11th
ICSC: New York Program and Networking Breakfast
New York, NY

Join us and gain valuable insight into the dynamic retail environment in the outer boroughs of New York City.

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Thursday July 17th, 3-9pm
Social Retail Summit #7
Dumbo Spot, New York

Social retail is the new approach to customer relations developed by next generation omnichannel retail brands, from online community to offline sales.

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Featured Article
How Apple Stores Reinvented Retail
Apple Flagship Store

Yesterday Apple announced their third quarter earnings for fiscal year 2012 and the technology giant once again posted staggering returns. The transformation of Apple over the past decade has been both unprecedented and well documented with the creation of the Apple Retail Stores playing a large role.

When Steve Jobs returned to Apple in 1997, he aimed to improve sales of Macs by improving their retail presentation. Dissatisfied with the experience consumers were receiving at most big box electronics stores, Jobs decide to solve the problem by taking matters into his own hands. On May 19th, 2001 in Tysons Corner, Virginia Apple opened their first Apple Retail Store, and by creating a unique environment specifically tailored to Apple’s customers he solved his sales problem and reinvented retail in the process. Today over 1 billion people have visited one of Apple’s 373 stores in 13 countries on 4 continents.

Posted on July 30, 2012

Featured Article
The New Lower Manhattan
Lower Manhattan Skyline

The Lower Manhattan financial district has added a few skyscrapers to its skyline and in doing so has impacted more than just the view. The most obvious addition is the new world trade center tower. By its completion in 2013, One World Trade Center will stand 104 stories and 1,776 feet high making it not just the tallest building in New York but the entire Western Hemisphere. Close by stands Four World Trade Center, which upon its completion in late 2013 will be the 6th tallest building in New York. The building, which was designed by world-renowned architect Fumihiko Maki, features a 75-foot atrium with retail space and access to all downtown subways highlighting just some of the new features of a revived lower Manhattan.

Posted on July 27, 2012

Featured Article
Canal Street: Is Big Change Coming?
Canal St

Canal Street has long been known as the place to go for counterfeit handbags and knockoff Rolex’s, but that all may be about to change. New research from The Real Deal highlights some of the action already taking place on Canal as well as speculation about a more transformative shift. The Real Deal first highlighted the changing Canal St. area in their article, “Cashing in on Canal,” and now they have released a full-length report, which can be purchased here.

The Real Deal was tipped off about a potential change to the area in September when Vornado Realty Trust surprised the retail real estate world by purchasing the 26-foot-wide, five story building at 334 Canal Street. Vornado is usually focused on acquiring far bigger assets and their decision sparked some to speculate about an upcoming reinvention for the Chinatown Street. The rationale behind such a reinvention is that limited retail space in SoHo, one of the city’s most active retail areas, may cause spillover onto Canal Street and the surrounding area.

Posted on July 26, 2012

Featured Article
Outer Boroughs Suffer from Manhattan’s Retail Strength
Outer Borough Retail

Manhattan is one of, if not the retail shopping center of the world. Aided by the tremendous influx of yearly tourists to pair with the enormous local population it is no surprise to learn that in 2007 retail sales per Manhattan resident totaled $23,250 or nearly three times the national average, and since then that number has only grown. Unfortunately this has not signified good news for the entirety of New York City shopping as a new report from Eastern Consolidated, a real estate services company in Manhattan, highlights how the Manhattan retail sector has been so successful it actually punishes the retail environment of the other boroughs.

A New York Times article on the report showed that while retail sales per Manhattan resident have hovered around three times the national average, sales outside of Manhattan actually lag behind the national average. In the Bronx the state of retail shopping is rather bleak with a retail sales per resident of just $3,362, barely half the national average. Across the board the retail environment in the outer boroughs has gotten worse as more retailers begin to shift focus to Manhattan and other areas with stronger returns on sales. As a result, many outer borough residents have been forced to come into Manhattan or even venture out into the suburbs just to shop, which only further perpetuates the cycle.

Posted on July 25, 2012

Featured Article
Barclays Center Improves Retail Real Estate for Brooklyn
Atlantic Yards

This September the Barclays Center at Atlantic Yards will finally open for business and in doing so will forever transform the Atlantic Avenue area. Yet even before it’s opening, the presence of the Barclays Center has had an impact on the retail real estate market expanding beyond Atlantic Yards and actually to the entirety of Brooklyn.

According to The Real Deal rents along Flatbush Avenue, where the arena resides, have skyrocketed. Space in the vicinity of the arena is going for as much as $175 per square, more than three times the $50-$55 per square foot rents the same locations were garnering a few years back. While the rents along the parts of Flatbush Avenue that are removed from the Barclays center have not soared that high, all along Flatbush Avenue rents have increased because of the new arena.

Posted on July 24, 2012

Featured Article
The 5 Biggest National Retail REITS
REITS

1) Simon Property Group – 44.0B Market Cap, 45.8% Market Share*

By far the largest national REIT, Simon Property Group owns or has an interest in 393 properties comprising of 264,000,000 square feet. Their investments tend to be in large metropolitan areas with very high consumer traffic. Many of their properties are comprised of anchor department stores alongside smaller retailers. The majority of their holdings are in regional malls, which account for 62.7% of their US properties.

These properties range in size from 400,000 to 2,300,000 square feet of gross leasable area and contain at least one anchor big box retailer. SPG’s regional malls house 710 anchors and 18,600 retailers. 15.2% of their US properties are premium outlets generally located near metropolitan areas of major tourist destinations. In 2007 SPG acquired The Mills Corporation, which now accounts for 16.2% of their US properties.

Posted on July 23, 2012

Featured Article
REBNY’s Spring 2012 Retail Report
REBNY Retail Report Photo

According to The Real Estate Board of New York’s (REBNY’s) Spring 2012 Retail Report, asking rents for all space in Manhattan are up two percent since their last report in fall of 2011, and are up much higher along the prominent shopping corridors. Along one of the most prominent shopping strips in the country, the Upper 5th Avenue area which spans from 50th to 59th streets, asking rents have shot up 22% over the last year to a staggering $2,750 per square foot. Due to limited space in that area causing spillover asking rents along the lower 5th Avenue corridor, from 42nd to 49th streets, rents there have skyrocketed up 75% since last spring to $900 psf.

Posted on July 20, 2012

Featured Article
REBNY’s 2012 Most Ingenious Retail Deal of the Year Awards
REBNY winners

From left to right: Scott Bloom, Alan Schmerzler, and C. Bradley Mendelson

On June 12, the Real Estate Board of New York hosted their annual Retail Deal of the Year Awards. This year there were eleven nominees from eight firms, ranging from smaller boutique brokerages to the larger national players.

Scott Bloom, president of Bloom Real Estate, was awarded The Retail Deal Which Most Significantly Benefits the Manhattan Retail Market for the leasing of Key Food at 55 Fulton Street in lower Manhattan. The addition of Key Food to the growing financial district population will mark the first-ever full-service market for the neighborhood and will be open 24 hours. The space was a 30,000-square-foot lease in a vacant space that was previously home to a Burger King and a Foot Locker. Bloom’s Key Food deal was the 5th largest retail deal in Manhattan during 2011 and REBNY retail committee chairman, Chase Welles, praised Bloom’s work as “amazing in its simplicity.”

Posted on July 19, 2012

Featured Article
Proposed Chelsea Market Expansion
Chelsea_Market_01

Chelsea market is one of the most unique buildings in a city filled with famous edifices. The former factory building, which fills two entire city blocks bounded by ninth and eleventh avenues between 15th and 16th streets, is home to some of the best options for shopping and food. The ground-level concourse houses numerous bakeries and independent artisanal food shops as well as clothing line Anthropologie.

Jamestown Properties, the owners of the Chelsea Market Building, recently proposed a grand expansion to the complex, which was approved by the Department of City Planning in early April. The expansion is centered on two major additions. The first is the construction of a 90,000 square foot hotel that would lie on the 9th avenue side of the building. The other is the addition of 240,000 square feet of office space that would go on the 10th avenue side of the block long site. The plan, which would call for an amendment to the current zoning restrictions in the area, is currently undergoing a seven-month review period before going to the City Council for a final vote.

Posted on July 18, 2012

Featured Article
Redesigning Retail: Fresh’s New York Flagship by Mapos
Fresh Interior

Sometimes just finding the right space is not enough; its what you do with it. As far as interior design for retail establishments go there may be no better firm in the game than the architects at Mapos. Mapos is a design and architecture studio that specializes on accentuating their clients’ brand; and they represent some of the premier brands in the world.

Posted on July 17, 2012

Featured Article
ICSC’s RECon 2012 Recap
Vegas Sign

From May 20th to 23rd the retail real estate industry descended upon Las Vegas for the annual RECon convention sponsored by ICSC, the International Council of Shopping Centers. ICSC focuses on providing networking, deal making and educational opportunities for industry professionals and RECon is one of their premier events and considered a must for any retail real estate professional. ICSC estimates that about half of all retail deals are initiated or executed at the convention.

This year’s convention was attended by more than 32,000 retail real estate professionals, including commercial and retail leasing reps, investment brokers, developers, retailers, lenders and other shopping center professionals. There were also more than 1,000 exhibitors. With shopping centers housing much of the country’s retail space, ICSC’s RECon is a particularly valuable event for those focused on the real estate side of the shopping center industry and is by far the largest event in the industry.

Posted on July 17, 2012

Featured Article
The Emergence of Retail on Roosevelt Island
Roose-Island

Nestled in the east river between Queens and Manhattan, Roosevelt Island offers one of the most unique residential experiences available in New York. The Island, which is home to 14,000 residents, is most famously accessible by their distinctive red trams. For many residents Roosevelt Island offers the best of both worlds with easy access to all that Manhattan offers as well as a quiet oasis in which to escape from the bustling streets of Manhattan. Other than peace, quiet and real grass Roosevelt Island offers its residents very little, particularly in the ways of retail shopping opportunities. According to a study conducted by Roosevelt Island Operating Corporation, a state agency responsible for most of the Island’s activities, only 12% of the shopping done by Roosevelt Island residents is actually conducted there. A new report from the New York Times shows how this is all about to change.

Posted on July 16, 2012

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