Toys R Us site likely to stay retail.The Toys 'R' Us plan to migrate north from its Herald Square Herald Square is formed by the intersection of Broadway, Sixth Avenue (officially named Avenue of the Americas) and 34th Street in the borough of Manhattan in New York City. It was named for the New York Herald, a newspaper originally headquartered there. location to a new Times Square address will free up prime retail space in one of Manhattan's busiest neighborhoods, where almost 10,000 pedestrians pass by every day. And with 110,000 total SF, the space is already causing a stir, especially in this tight market. "There's been a ton of interest in this space for retail use," said Joseph Jerome, the owner. "But the space won't be available until May, 2001." The possibility of a telecom hotel occupying 80,000 square feet of the space appears remote, despite recent published reports. Retail demand will likely win out over any commercial use of the space. "I believe that the first couple of floors will be retail," said Jeffrey Roseman of Newmark New Spectrum. "Two level retail works in 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. ." Roseman cited A & S Plaza as a successful model. Others spoke to the vast retail potential of this space. "Toys 'R' Us had a good run. This space isn't a loser (jargon) loser - An unexpectedly bad situation, program, programmer, or person. Someone who habitually loses. (Even winners can lose occasionally). Someone who knows not and knows not that he knows not. , it is just a challenge," said Faith Hope Consolo, vice chairman of Garrick-Aug Worldwide Ltd. Consolo also said that other vertical retailers like Old Navy and Gap have proven that vertical retail does indeed work here. Jerome hired Robert Futterman & Associates to draw a retail tenant into the ground floor, mezzanine mez·za·nine n. 1. A partial story between two main stories of a building. 2. The lowest balcony in a theater or the first few rows of that balcony. and lower level of the building. Futterman would not comment on which retailers had expressed an interest in the space. The vice president of retail services for the 34th Street Partnership, Dan Pisark viewed the space in terms of retail potential. "There are rumors For other uses, see Rumor (disambiguation). Rumors is a farcical play by Neil Simon. At its start, several affluent couples gather in the posh suburban residence of a couple for a dinner party celebrating their tenth anniversary. about the second and third floors being leased to commercial tenants but I really don't know Don't know (DK, DKed) "Don't know the trade." A Street expression used whenever one party lacks knowledge of a trade or receives conflicting instructions from the other party. about that," said Pisark. "I can't say that leasing to commercial is a bad decision, but there is so much potential for retail." Pisark added that the tremendous amount of foot traffic "generally translates into great sales." He believes that roughly 50,000 square feet will be available for a retail tenant. As for the New York Post The New York Post is the 13th-oldest newspaper published in the United States and the oldest to have been published continually as a daily.[3] Since 1976, it has been owned by Australian-born billionaire Rupert Murdoch's News Corporation and is one of the 10 article from last week that hinted strongly at a commercial outcome, Pisark called the piece "a speculation." |
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