Tuesday, October 29, 2013

Manhattan Retail Development off the Charts

At a time when retail real estate is still suffering in many parts of the country, on the isle of Manhattan, the vacancy rate for retail space is practically non-existent. SoHo, Fifth Avenue and Madison Avenue, to name a few-- are places where demand far outweighs the supply. Everybody wants to be in the city, every chain in the world. Here are just a few of the high-end boutiques which ready to begin construction...

Fifth Avenue for Ralph Lauren

On the same block as Armani 5th Avenue and Dolce & Gabana, Ralph Lauren has leased 35,000 square feet for a boutique in the Coca Cola Building at 711 Fifth Avenue at 55th Street, in what was once the Disney Store. 

The new three-level store will be a Polo flagship— the first for the company in NYC -- and include an in-store restaurant. Construction is expected to begin shortly, with a grand opening slated for mid 2014.

Room & Board to Open Chelsea Flagship

The chain has leased 60,000 square feet for its new Manhattan flagship store at 249 West 17th Street in Chelsea — the first lease at the building since a major renovation. 

The furniture retailer is expanding in Manhattan and will occupy the entire ground floor, as well as the second and third floors, with its entrance on West 18th Street, between Seventh and Eighth Avenues. 

Chelsea has one of the lowest retail vacancy rates in the nation. The retailer will continue to operate its New York showroom on Wooster Street in SoHo and the new location will become its main flagship. Construction on the new store will commence shortly, and plans to open in mid 2014.

Under Armour Digs Soho

The athletic apparel company is set to squeeze into its first New York City retail location after signing a 20,500-square-foot lease in Soho.

The retailer will open its flagship retail store in a three-level space at 583 Broadway. Current prices in the area are around $750 a square foot.

The 15-year deal gives the clothing maker 7,000 square feet on the ground floor, 6,000 square feet on the lower level, and a 7,500-square-foot storage space in the sub-basement. The store, between Prince and Houston streets, was previously occupied by Espirit. 

The SoHo store is expected to open for business next year, and will join other athletic brands, including Adidas, in the neighborhood. Nike also has plans to open a Niketown store in the area sometime next year.

National Chains Heading to Brooklyn

A 41,000-square-foot Nordstrom Rack is slated to open at 505 Fulton Street in Brooklyn in mid-2014.

The new store will occupy second floor retail space at the Fulton Mall, directly above fellow retailers T.J. Maxx and H&M, located at street level. Century 21 plans to open a store nearby in 2015.

The 300,000-square-foot landmarked building is currently undergoing a massive renovation. In addition to retail space on the lower floors, the building will feature luxury rentals on the upper floors.

Asking rent for the Nordstrom space was near $300 a square foot, more than double the asking price of just two years ago.

The new store is chain's first foray into Brooklyn. Nordstrom opened its first NYC location in Union Square three years ago, and is planning to open a full-price store in 2018, in a tower to be built at 215 West 57th Street in Midtown

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