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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
C&W to Market Huge Times Square Retail Condo
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Africa Israel and Five Mile Capital have appointed Cushman & Wakefield to market the flagship 250,000-square-foot retail condo at 229 W 43rd Street. Known as the Times Square Building, the 800,000-square-foot building is located on a through block lot between 43rd and 44th Street and between Seventh and Eighth Avenues, and it once housed the New York Times.

More than $50 million has been invested in redesigning the retail unit and turning it into a one-of-a-kind, urban retail center. In recent months, musical instrument retailer Guitar Center and Japanese restaurant chain Haru have signed leases for 28,000 square feet and 5,300 square feet in the building, respectively. A 210,000-square-foot portion of the property with frontage on 44th Street is currently leased by Guy’s American Kitchen and Discovery Times Square Exhibition with an average remaining lease term of 18 years.

Posted on January 29, 2014

Featured Article
Jay Luchs
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Jay Luchs, Executive Vice President at Newmark Grubb Knight Frank, specializes in the sale and leasing of investment properties, with a focus on representing international retail and fashion brands in finding store locations. He also represents other non-fashion retail brands, restaurants and office tenants. Mr. Luchs represents various landlords throughout Los Angeles and in other select cities [...]

Posted on January 29, 2014

Featured Article
Wells Fargo Pushes NYC Expansion
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Five years after acquiring Wachovia and getting its foot in New York’s door, Wells Fargo is looking to expand here. The San Francisco bank has hired dozens of bankers to cultivate relationships with small and midsize New York businesses, quietly assembled a formidable capital-markets operation, and is experimenting with new kinds of smaller branches to maximize its retail presence in the city’s tight spaces.

“We’re committed to Manhattan and the region across all lines of business,” said Joe Kirk, Wells Fargo’s regional president for New York and Connecticut. “We’re going to be wherever our customers want us.”

Although New York is already saturated with huge financial institutions and plenty of community banks, Wells Fargo comes to bat with some singular strengths: it is widely considered the country’s best-run big bank, and even surpassed JPMorgan Chase two years ago as the nation’s largest by market value, despite JPMorgan having a balance sheet that is nearly $1 trillion bigger. The Wells Fargo brand vies with American Express for the best reputation in finance, and the bank seems to avoid the kind of legal problems burdening other big banks; it set aside less than $3 billion to resolve bubble-era litigation, compared to the more than $20 billion for JPMorgan and $19 billion for Bank of America.

Posted on January 28, 2014

Featured Article
Breaking Ground in the Bronx
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Years after navigating the city’s public review process, developer are set to break ground today on the first portion of the largest private real estate project ever in the Bronx. The site in Crotona Park East is being developed by a group including Signature Urban Properties, GTIS Partners, MBD Housing, and Monadnock Construction.

The ten-building development called Compass Residences Development will sit on the corner of 172nd Street and Boone Avenue, and will stretch out on roughly five acres. The complex will house 1,300 residential units, including about 660 affordable units, and 46,000 square feet of retail with public open space.

“Redevelopment in this area would offer an opportunity to accommodate the needs of the area and city for housing, open space and economic growth,” the commission wrote in its report. The project is rising in an area currently housing derelict warehouses. Rezoned from industrial to mixed-use in 2011, buildings up to 15 stories are now permitted.

Posted on January 23, 2014

Featured Article
Frank Amodio
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Frank has over 40 years of experience in commercial sales, leasing and development. He has exceptional service and knowledge in both residential and commercial transactions.

Posted on January 23, 2014

Featured Listing
Featured Article
Commercial Sales: Reviewing and Predicting
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A recent report reveals that in 2013, commercial sales in Brooklyn hugely increased over the last four years by 393 percent. A total of 1,955 commercial sales were completed there last year with $5 billion in sales, which was a 15 percent increase in dollar value from 2012. The Downtown Brooklyn and Park Slope region claimed the borough’s highest dollar volume, with sales up 67 percent to $1.5 billion from 2013.

While multifamily buildings did grab the highest total dollar volume for the year in Brooklyn with $1.6 billion in trades and 663 transactions, mixed-use wasn’t far behind with 596 transactions totaling $713 million—a 27 percent increase in transaction volume and a 49 percent increase in dollar volume from 2012. The average transaction was for about $1.2 million.

Looking ahead at the rest of this year, commercial real estate sales will most likely reach a high as both prices in Manhattan and a continued growing interest in the outer boroughs pushes deals past 2007 levels. Transactions including all boroughs may reach as high as $63 billion, much higher than the $37.6 billion recorded in 2013.

Posted on January 21, 2014

Featured Article
Madison Marquette Buys Williamsburg Retail Condo
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Madison Marquette has acquired a retail condominium in Brooklyn. The 64,000-square-foot space is spread throughout several buildings at the Edge, a mixed-use development on the Williamsburg waterfront, and is about 82% occupied.

Washington, D.C.-based Madison Marquette purchased the condo for $45.5 million from Douglaston Development, which created the project. The investment firm bought the property on behalf of a joint venture targeting infill retail and mixed-use properties in major U.S. markets. The partner in the joint venture has not been named.
“Madison Marquette has been a long-term investor in urban retail and Williamsburg is a great example of an urban retail area that’s been gentrified,” said Ryan Colbert, investment director at Madison Marquette’s New York office. “Williamsburg is a dynamic, robust location. The area will only continue to gentrify.”

Posted on January 16, 2014

Featured Article
Former Queens Hospital to Become Mixed-Use
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The former St. John’s Hospital on Queens Boulevard in Elmhurst has been sold in a transaction valued at $47 million. A group of Asia-based investors led by New York builder Steven Wu purchased the property and might spend as much as $45 million converting the old medical facility into rental housing and medical office space as well as adding ground-floor retail space.

Massey Knakal brokered the deal, which includes the 260,000-square-foot hospital building at 90-02 Queens Blvd. and a five-story parking garage across the street at 87-28 58th Ave. The seven story hospital building is across the street from the Queens Place Mall and Queens Center. It has been gutted to steel and concrete, and all windows have been replaced.

Posted on January 14, 2014

Featured Article
Retail’s Year Ahead
Colourful 2014 in fiery sparklers

Although predictions about the year ahead involve a certain degree of guesswork instead of surefire strategy, it is possible to plan somewhat accordingly for the new year. The good news is that 2014 looks like it could shape up to be great for the retail industry.

Jim Sullivan, managing director, REIT research, of Green Street Advisors Inc., believes the real estate community will shy away from multifamily real estate investments in favor of malls. In 2013, the mall sector significantly underperformed as investors anticipated a decline in consumer spending and a tax increase. Consequently, high-quality malls look cheap in the public real estate market.

“Investor angst in relation to investor spending is legitimate but the mall sector was overly discounted,” said Mr. Sullivan. He also notes that new construction is beginning to change “in a pretty meaningful way” after hitting generational lows.

Posted on January 7, 2014

Featured Article
Press Release: Eastern Consolidated Arranges $49 Million Sale of Roberto Cavalli-Anchored 711 Madison Avenue
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NEW YORK, January 6, 2013 – Eastern Consolidated, a leading investment sales brokerage firm, has arranged the off-market sale of 711 Madison Avenue for $48 million. A joint venture of Sitt Asset Management andAshkenazy Acquisition purchased the five-story property from long-time owner, Madison Immobilier NV.

Madison Avenue between East 57th Street and East 72nd Street is one of Manhattan’s toniest corridors, often commanding the City’s top retail rental rates. The sale of 711 Madison Avenue further highlights intense investor appetite for retail properties wherein the ground-floor retail portion significantly increases the asset’s total value.

Located at the southeast corner of East 63rd Street, 711 Madison Avenue is anchored by international women’s retailer Roberto Cavalli. A capital improvement program is nearly complete that effectively doubles the retailer’s space on both the ground and second floors, to 1,600 square feet per floor. Interior work includes installation of an elevator that further enhances the contiguous two-floor space. Roberto Cavalli also occupies the basement, and showcases a 20-foot, green-glass storefront.

Posted on January 6, 2014

Featured Article
Robert Gibson
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Robert Gibson is a Vice Chairman based in Cushman & Wakefield’s World Headquarters in Midtown Manhattan.  With over 24 years of experience in major retail transactions in New York City and retail store expansions throughout the United  States, Mr. Gibson is recognized as one of the top retail brokerage professionals in the industry.

Posted on January 6, 2014

Featured Article
Guest Blogger Faith Hope Consolo – The Faithful Shopper: Best of 2013
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It’s been an eventful year for all of us in the New York retail and fashion scene, from grand old friends such as Bergdorf Goodman and Macy’s undergoing major renovations to welcoming new stores and brands that quickly became game-changers. Below are some of my favorite newcomers for the year!

Kara Ross – 655 Madison Avenue
Kara Ross’ bags and accessories once again are joined by stunning fine jewelry in this cream-colored haven of a boutique. Tiny but packing a huge punch.

Valentino – 821 Madison Avenue
A terrific townhouse that offers an intimate and luxurious shopping experience, including a VIP suite for its most active customers. Black and white with shocks of color that complement Valentino’s feminine designs.

Posted on January 2, 2014

Featured Article
NYC’s Continually Growing Retail Rents
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Last year was good to the retail industry in New York. Rents cracked what might be called the “crystal ceiling” in 2013, when asking rents on Upper Fifth Avenue topped a median price of $3,000 per square foot. The city also held its rank as the second priciest market in the world for retail rents, trailing only Hong Kong.

Certain types of retail tenants shined last year. International clothing brands like H&M, Prada, and Hermès joined domestic companies like Ralph Lauren and Urban Outfitters as some of the biggest consumers of Manhattan Space. As a matter of fact, H&M boasted the largest retail deal of the year with its 62,923-square-foot lease at Herald Center. Discount gyms also saw in increase in activity, and grocery stores like Fairway and Whole foods helped fill out top spots for the year’s biggest retail leases.

Aside from traditional retail spaces, real estate investors are showing significant interest in buying or master leasing the retail portion of office and residential buildings.

Posted on January 2, 2014

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