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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
Hudson’s Bay Buying Saks for $2.4 Billion
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Saks Inc. has agreed to sell itself to Hudson’s Bay Co. for about $2.4 billion. The Canadian parent of retailer Lord & Taylor will combine three department-store brands with this acquisition—Hudson’s Bay, Lord & Taylor, and Saks Fifth Avenue—in order to create a North American upscale retailing giant with 320 stores in some of the biggest cities in the U.S. and Canada.

Hudson’s Bay Co. Chairman and CEO Richard Baker said the goal is to bring Saks luxury brand into Canada. The company plans to open seven Saks Fifth Avenue stores and 25 Off Fifth outlet stores in Canada, while creating a Saks website targeted to Canadians.

“With the addition of Saks, [Hudson’s Bay] will offer consumers an unprecedented range of retailing categories and shopping experiences,” Baker said.

Posted on July 30, 2013

Featured Listing
Featured Article
Guest Blogger Michael Stoler: New York City Needs More Retail Developments
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A combination of the residents of the five boroughs of the City of New York as well as the more than 52 million visitors to the Big Apple is responsible for retail sales. While millions of people shop in London, Paris, and Kong Hong as well as in domestically in Chicago, Los Angeles and San Francisco, New York City is consider the number one retail location. Retailers from around the world flock to open their flagship shows in Manhattan as well as the other boroughs. The world famous Apple Store located on the cube at the entrance of the General Motors building has the highest revenue per square foot of all retailers around the world. Fifth Avenue is the home of flagship stores of Tiffany, Bergdorf Goodman, UNIGLO, Zara and others. Even with all of these retail locations, New York City is considered by many as severely under retailed.

The investment sales firm of Eastern Consolidated reported in 2012 that retail sales per capita ratio for the outer boroughs were far below the national average. The Borough of Brooklyn (39% below); Queens (40% below) and especially the Bronx (60% below) and Staten Island (24% below) have 40% to 60% less retail sales per capita than in the U.S.

Posted on July 29, 2013

Featured Article
PRESS RELEASE: Rackspace Startup Program Spotlight on RetailMLS: Search For The Retail Real Estate Market
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RetailMLS is the first multiple listing service (MLS) dedicated exclusively to the retail real estate market. Based in New York City, the company has streamlined the process of marketing and searching for retail space by aggregating listings into an easy-to-use, standardized and low cost platform.

RetailMLS, a Rackspace Startup Program member, provides all retail professionals, including landlords, brokers and tenants, immediate access to the information they need to start negotiations and close deals faster.

Since its beta version, which focused primarily on New York City and the Tri-state region (New York, New Jersey and Connecticut), RetailMLS has launched and expanded. The latest release adds listings in the Mid-Atlantic, the South, the Midwest and California. User feedback and the fact that other national firms would be listing properties nationwide motivated the RetailMLS team to expand, allowing the company to stake its claim across the country as soon as possible.

Ben Zises, founder and CEO of RetailMLS, began his career in real estate as a licensed salesperson working on residential, commercial and retail brokerage transactions. Soon thereafter, he moved into a more specialized role with one of New York City’s most highly regarded retail brokerage firms – Mogull Realty. There, Ben identified opportunities and negotiated lease transactions with various high-profile landlords and tenants including the Rockefeller Group Development Corp., Verizon Wireless, Gansevoort Hotel Group and The Trump Organization.

Posted on July 26, 2013

Featured Article
Gem Tower to Open Next Year
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In the three months since a Turkish investor acquired a three-story space in Extell Development’s International Gem Tower, more than 80 percent of the space has been leased. The retail condominium includes the ground floor of Extell’s Diamond District project at 50 West 47th Street, and it will be open by the first quarter of 2014, said Mehmet Gulay, vice president and Istanbul-based Gulaylar Group.

This will be New York City’s first shopping center dedicated to precious gems. Vendors will occupy 115-foot to 360-foot stalls (running vendors $6,000 to $30,000 per month), and the state-of-the-art facility will include security features such as iris scanners and “software that recognizes aberrant behavior via surveillance camera.”
Gulaylar bought the 16,000-square-foot space in March, for what the New York Post believed to be around $6,000 per square foot. Although the spaces share elements, similarly to stalls in an upmarket bazaar, they are customizable.

Posted on July 26, 2013

Featured Article
Bisnow: Four Reasons Retail Crushes Office
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[Originally seen in Bisnow]

Thor Equities’ planned $60M acquisition of 545 Madison Ave is the latest sign that in the Cracker Jack box of skyscraper sales, retail has become the secret decoder ring and office the less-coveted candy popcorn. Here’s why:

1. It brings in more than you think. Retail rents are following property values upward, Colliers’ Bob Freedman (snapped with chief economist Peter Kozel) tells us,while office rents have remained static. That means 1,000 SF of retail is worth the same as 25k to 35k SF of office. Consider Crown Acquisitions and Carlyle’s $1.3B acquisition of 650 Madison. The 75k SF of retail makes up 15% of the building but could turn in75% of the rental revenue. And the retail-over-office multiple in general can be closer to 35% once you factor in the office space’s operating costs, taxes, concessions, construction allowances, and maybe even free rent. (So if some kid puts a lemonade standoutside your cubicle, there’s a good chance it’s worth more than your entire floor.)

Posted on July 24, 2013

Featured Article
Brixmor Could Be Largest Retail REIT Offering in 20 Years
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Blackstone Group LP’s Brixmor Property Group Inc., owner of neighborhood shopping centers, filed with federal regulators for an initial public offering in what will likely be one of the largest real estate IPOs in years. Brixmor said it was hoping to raise $100 million, but that amount was simply for calculating the registration fee. The IPO is expected to be significantly larger since Brixmor is valued at around $13 billion, including debt.

According to Renaissance Capital LLC, and Greenwich, Connecticut-based research firm, believes the sale of shares “will raise $700 million or more.” If that happens, it will be the largest IPO by a shopping-focused REIT since Simon’s $840 million share sale in 1993.

Posted on July 24, 2013

Featured Article
NYC Kicks Off Restaurant Week 2013
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Monday, July 22nd marked the beginning of NYC Restaurant Week 2013! The deals for this year’s restaurant week are $25 for a 3-course lunch, and $38 for a 3-course dinner. There are about 300 restaurants participating this year, including restaurants from every neighborhood and every cuisine you could imagine! Foodies all around New York have been anxiously awaiting the arrival of these special couple of weeks.

“The premise of the program really was to showcase the high-end restaurants and make them accessible for everyone,” explained Kelly Curtin, executive VP of NYC & Company. She continued to say, “The trick is really just to book as soon as possible.”

Posted on July 23, 2013

Featured Listing
Featured Article
Joshua Siegelman
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Josh Siegelman joined Winick Realty Group LLC in January 2010. As a graduate from the University of Colorado at Boulder, Mr. Siegelman has a duel license to practice in both Colorado and his native New York. In 2012, Mr. Siegelman was named one of The Commercial Observer’s “30 Under 30.” Mr. Siegelman was also named [...]

Posted on July 22, 2013

Featured Article
Guest Blogger Michael Stoler: Will a Celebrity Chef Help in the Cupcake War in New York City?
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In a time many years ago, one of New York City’s bakery chains, Dugan’s would go from house to house selling cakes and breads. They had cupcakes with chocolate, vanilla, or strawberry icing that you could just peel off the top of the cupcake and eat. As one person who I remember said to me “What a sugar high”.

Perhaps the best bakery to ever live in the borough of Brooklyn was Ebinger’s Baking Company, founded in 1898 on Flatbush Avenue. While most of my contemporaries and I remember and miss its famed chocolate black out cake, a three tiered devils food cake layered with chocolate pudding, slicked with dark chocolate frosting, and topped with additional devil’s food crumbs. Another favorite dessert from this fine establishment, which filed for bankruptcy in 1972, was their chocolate cupcakes.

Over the past decade a number of cupcake stores and chains have opened in the Big Apple and around the nation. One of the largest chains by number of outposts is Crumbs Bake Shop, which opened its doors in March 2003 on the upper West Side of Manhattan. The chain claims to prepare 50 varieties of baked fresh cupcakes and a new cupcake every week. The company currently has 73 locations in 12 states and the District of Columbia, with plans to open in Maryland and Virginia before the end of the year.

Posted on July 22, 2013

Featured Listing
Featured Article
Back-to-School Expected to Bring in $285M
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The International Council of Shopping Centers estimates that the average household expenditure on all types of back-to-school items will amount to $285 million this year, with 39% of consumers planning to spend more than last year and 45% planning to spend about the same. A new study conducted by ICSC and Goldman Sachs concludes that 29% of households surveyed have started back-to-school shopping by this time.

Of consumers who plan to increase spending, almost three-fifths said that the bulk of their shopping will be to replace wardrobes and school supplies. Eighty-nine percent of consumers said that the number one item needed for the upcoming school year is school supplies, with 79 percent saying apparel. Two-thirds of households reported that most of their back-to-school shopping will take place in August.

Posted on July 18, 2013

Featured Listing
Featured Article
Social Retail Summit #7

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

Posted on July 17, 2013

Featured Article
Huge Retail Expansion Planned for 529 Broadway
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According to The Real Deal, an ownership group has revealed plans to add four stories of retail to a two-story retail structure at 529 Broadway. The group, consisting of Bobby Cayre, Jeff Sutton, Joseph Sitt, and the Adjmi family, purchased the two-story building in December for $147.9 million. The plans show that they intend to add 26,921 square feet above the existing 17,200 square feet.
The addition will include “interior renovation on all floors including demo work, and vertical enlargement,” according to the forms submitted on July 5th to the city’s Department of Buildings.

Posted on July 17, 2013

Featured Listing
Featured Article
Investor Picks Up SoHo Retail for $80M
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ASB Real Estate Investments has purchased a portion of the Pritzker Prize-winner 465 Broadway. The company bought a retail condo with high-profile store frontage on Broadway, Mercer, and Grand streets on behalf of its Allegiance Fund in a joint venture with Centurion Realty and Imperium.

Last year, New York-based Savanna paid $57 million for the retail space in a deal that included 9,400 square feet of grade-level retail space and 4,700 square feet of below-grade retail space.
Nicholas Bienstock, managing partner of Savanna, said the property sold for $80 million. “While we were sad to part with 465, it represents an extraordinary return for our investors in both IRR and multiple. We expect that the new owners will also do very well with their investment over time,” he said.

Posted on July 16, 2013

Featured Article
UNIQLO to Ramp up U.S. Expansion with 10 Stores this Fall
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Japanese apparel retailer UNIQLO, a division of Fast Company, will open 10 more American stores this fall in New York, New Jersey, Connecticut, and California. Each new location will be in a shopping center, and they will increase the brand’s presence in the United States to 17 sites. To staff the new stores, UNIQLO ambitiously plans to hire and train several hundred full-time and part-time employees at all levels.

“UNIQLO is ready to take our next step in our U.S. expansion by opening more smaller-format and mall stores in the regions surrounding our current flagship stores in the Tri-State and Northern California regions,” said Larry Meyer, COO of UNIQLO’s USA business and Fast Retailing Group senior VP. “Our goal is to continue to build brand awareness for new potential customers, and greater loyalty from our fans, with more convenient access to our high quality clothing and exceptional customer service.”

Posted on July 12, 2013

Featured Article
Retail Clinics Boom as Obamacare Rolls Out
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With the Affordable Care Act slated to offer coverage for uninsured individuals on exchanges this fall, retail clinics are on the up and up.

Generally staffed by nurse practitioners, retail health clinics treat routine maladies like strep throat and pink eye. They are expected to be a key treatment location for millions of uninsured Americans once they obtain health coverage on January 1, 2014 either through a private health plan operating on an exchange or through the expanded Medicaid health insurance programs for the poor.

Tom Charland of Merchant Medicine tracks the retail clinic and urgent care mark, and the latest analysis places the number of retail clinics up almost seven percent to 1,443 as of July 1, compared to 1,351 at the same time last year.

Posted on July 10, 2013

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