Retail resurgence continues to sweep Manhattan.It doesn't take a real estate broker to notice the retail resurgence around Manhattan.
Since last year, activity in Manhattan's retail market can only be described as "explosive." Despite continuing layoffs and a shaky economy, large chains and smaller retailers will continue expanding in Manhattan for the remainder of the year, driving retail rents upward.
In fact, stores are expanding by leasing major space in almost every area of New York City New York City: see New York, city.
New York City
City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. , and Manhattan continues to become one of the nation's most competitive superstore markets. Today, the superstore phenomenon is growing by leaps and bounds, and it's difficult to keep track of the openings all over town.
In addition to Barnes and Noble and HMV HMV His Master's Voice
HMV High Mobility Vehicle
HMV High Mileage Vehicle
HMV High Molecular Weight
HMV Heavy Maintenance Visit
HMV Hazardous Materials Vault (military vault for dangerous materials)
HMV Heavy Military Vehicle Records, major players in the superstore market include Daffys, which opened on two floors in Herald Center; K-Mart, which signed a lease at One Penn Plaza One Penn Plaza is a skyscraper near Pennsylvania Station in New York City, west of Seventh Avenue, between 33rd and 34th Streets.
It was designed by Kahn & Jacobs and completed in 1972. It reaches 229 meters (750 feet) with 57 floors. for a 140,000 square-foot store; Herman's Sporting Goods Noun 1. sporting goods - sports equipment sold as a commodity
commodity, trade good, good - articles of commerce
sports equipment - equipment needed to participate in a particular sport , which leased its flagship store in Rockefeller Center Rockefeller Center, complex of buildings in central Manhattan, New York City, between 48th and 51st streets and Fifth Ave. and the Ave. of the Americas (Sixth Ave.). The project was sponsored by John D. Rockefeller, Jr. ; and Modells sporting goods, which leased the former Plymouth Shops space on 42nd Street across from Grand Central Station.
Uptown, Today's Man opened in 30,000 square feet of space at 521 Fifth Avenue; Nike is building in the 80,000 square-foot space vacated by Galleries Lafayette in Trump Tower Trump Tower
Trump Tower is the name used for several skyscrapers owned and operated by real estate magnate Donald Trump. Each of these skyscrapers is predominantly composed of residential condominiums and found in major cities. ; Liz Claibourne has a store under construction at 650 Fifth Avenue; and Disney signed a lease for 711 Fifth Avenue.
In addition, expansions are planned by such major retailers as TJ Maxx, Loehmanns, Filene's Basement, Burlington Coat Factory Burlington Coat Factory Warehouse Corporation is a national department store retailer focusing on clothing and shoes, with over 360 stores in 42 states (as of 2006). In early 2007, the first location to be opened in Canada will be at the Vaughan Mills mall in Toronto. , Staples, Daffy's, Toys R Us, and Speedo An earlier scalable font technology from Bitstream Inc., Cambridge, MA (www.bitstream.com). Speedo fonts used the .SPD extension. See FaceLift. . Smaller space users that are currently expanding, include Nine West Shoes, Au Bon Pain Au Bon Pain (French: At the Place with the Good Bread) is a fast-casual bakery/cafe chain headquartered in Boston, Massachusetts. Louis Rapuano and Louis Kane founded Au Bon Pain in 1978. Pavailler contributed baking machinery to the venture. , Duane Reade Drugs, C.V.S. Drugs (a division of Melville), Cosmetics Plus, Bostonian Shoe, Osh Kosh B. Gosh, French Connection, GNC GNC General Nutrition Centers
GNC Gas Natural Comprimido (Argentina)
GNC Guidance, Navigation, and Control
GNC Grand National Championship (ATV racing)
GNC Global Navigation Chart , and countless coffee bars.
We are seeing a tremendous amount of activity in a wide variety of neighborhoods. In traditional high-end retail markets, such as Fifth Avenue, Madison Avenue and 57th Street, rents continue to rise, but the retail resurgence is especially dramatic in areas that had vacancies for many years.
For example, Sixth Avenue below 23rd Street continues to attract new retail tenants such as The Burlington Coat Factory, Old Navy (owned by The Gap), and Staples.
The area around Union Square is starting to heat up, with Bradley's opening, Caldor Department Store rumored to be signing a lease nearby and a Barnes & Noble under construction on 17th Street.
The expansion of established retailers and the influx of new retailers to New York City has driven rents up as much as 10 to 15 percent in Midtown Manhattan. In most uptown areas in New York City, retail rents are up approximately 10 percent from last year, and space is already tight on Fifth Avenue in the 50s.
Retailers continue to lease space despite continued economic uncertainty. In 1994, there were 250,000 fewer jobs in New York City than in 1989. Mayor Giuliani eliminated 15,000 jobs during his first year in office and it is rumored that Wall Street will layoff as many as 10,000 people this year. Salomon Brothers and Merrill Lynch have announced impending im·pend
intr.v. im·pend·ed, im·pend·ing, im·pends
1. To be about to occur: Her retirement is impending.
2. cutbacks, while a host of bank mergers, specifically the merger of Manufacturers Hanover Trust and Chemical Bank, have eliminated thousands of jobs.
However, the first half of 1995 pointed to more space absorption than any previous year in memory. In the second half of 1995, we will see even more retailers entering the New York New York, state, United States
New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of market, and rents will continue escalating as prime retail sites dry up.
1995 FRIEDMAN REPORT
Lower Manhattan $ per sq. ft.
Broadway $80-$110 Nassau St. $65-$110
34-42nd $85-$115 42-50th $110-175 51-59th $300-500
42-50th $110-$125 51-60th $125-250 61-72nd $200-$275
42-57th $100-$125 57-61st $150-200
42-57th $85-$110 57-61st $100-$125