Brand names are now demanding downtown locations.
At 111 Broadway, upscale menswear specialist Hickey Freeman has leased 4500 square feet. The world-renowned steakhouse, Bobby Vans, has leased the former Vine Bar at 25 Broad St., taking over 12,000 square feet on two floors.
We recently brokered a 1,400 square-foot lease at 63 Wall St. for Starwich, a sandwich shop tailored to a sophisticated crowd. The store's business is booming--the place is always crowded during lunchtime and recently extended its hours from 7 a.m. to 11 p.m. to accommodate area residents.
Daffy's, an apparel store that advertised "clothing bargains for millionaires,' recently opened an 18,000 square-foot store at 50 Broadway. A major deal at 48 Wall St. with a very upscale name tenant is in the works.
A top 10 restaurant, as rated by Zagats, is negotiating for space at One Wall Street Court. The space is located at the base of a residential conversion with 240 apartments.
The lobby at 100 Maiden Lane, a building that has never before contained retail space, is undergoing major construction for a brand new retail hotspot that will rest below 480 apartments.
We've all heard conflicting reports on the National Sports Museum coming to Lower Manhattan. If the museum, backed by $52 million in Liberty Bonds, does indeed come to downtown, it will be a great economic boon.
Gov. Pataki's office estimates that spending by visitors at the museum will reach $37 million, thereby creating 685 jobs.
The museum, catering and restaurant operations and visitor spending will generate $73 million in economic activity throughout New York City, along with 1,020 full-time-equivalent jobs. The state and city will be helped by a one-time tax revenue boost of $3 million from construction, and more than $4 million from ongoing operations. The Alliance for Downtown New York predicts that by 2008, the residential population in this 0.34-square-mile area will almost triple to 62,000 from 21,000 this year. If so, they will need a 24/7 neighborhood in which to shop, eat and explore. Although still a bargain compared to Midtown, the downtown market is heating up. The time to lock in lease rates is now!
Downtown retail is back. And I'm proud to say our firm stands at the forefront of downtown's retail growth.
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|Title Annotation:||Retail Markets|
|Publication:||Real Estate Weekly|
|Date:||Sep 14, 2005|
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