Retail leasing skyrocketed this fall
Fall has turned out to be a season full of leasing for retail real estate. Deals with Saks Fifth Avenue, Neiman Marcus, Lowe’s and Amazon have added to the growing retail excitement that will also include the first Nordstrom, in the base of a 1,775-foot tower at 225 W. 57th St., that will shake up the shopping landscape.
Saks’ parent, Hudson’s Bay Company, signed leases with Brookfield Property Partners to open an 85,000-square-foot Saks Fifth Avenue store in Brookfield Place, at 225 Liberty St., and a 55,000-square-foot Saks OFF 5TH store at One Liberty Plaza.
HBC is also leasing 400,000 square feet for offices at Brookfield Place as its local headquarters.
The city’s first Neiman Marcus will anchor the 1 million-square-foot Hudson Yards shopping podium with a 250,000-square-foot multilevel store that will open in fall 2018.
Amazon recently announced it will have its first ever retail distribution location and 400,000 square feet of offices at 7 W. 34th St., opposite the Empire State Building.
The home improvement store, Lowe’s, has also agreed to lease its first two Manhattan retail locations: at 2008 Broadway at W. 68th St. and 635 Sixth Ave. in Chelsea, in an area with numerous big-box stores.
Both will be 30,000 square feet and follow Home Depot’s earlier push into the city.
All around town, in order to get more street presence, schools, exercise joints and urgent care centers are now gobbling up ground-floor locations rather than leasing upstairs. “In certain areas in residential neighborhoods they are filling in the gaps,” said Hal Shapiro, managing director of Winick Realty Group.
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Winick Realty Group is one of New York’s prominent real estate firms specializing in retail leasing and advisory services. Over the years, Winick Realty has served a broad range of domestic and global clients, with a strong emphasis on long-term representation and expansion and growth strategies. Winick Realty Group is highly recognized as a forerunner in the retail real estate market.