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1CO3400A0521

1CO3400A0521

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Published by: jotham_sederstr7655 on May 21, 2013
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05/30/2013

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NYC Retail Heat Map
ew York retail comes in sizes large and small, from spaces of only a few hundred feet in Soho to the city’s massive department stores. As developers continue to find new parcels of land to build upon, new opportunities for retail take shape. Downtown continues to be repositioned as a retail destination with Brookfield Place, One World Trade Center and the redeveloped South Street Seaport expected to house hundreds of thousands of square feet of shopping space. Not to be outdone, Herald Square is looking at a repositioning, aimed not at discount stores but full-priced international retailers. Below, The Commercial Observer pinpoints 10 retail trends impacting New York City.

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National retailers like Brooks Brothers and J.Crew are stretching traditional boundaries on the Upper East Side, opening locations to the north and east of the 72nd Street corridor. Last year, department store Nordstrom confirmed plans it would take space at 225 West 57th Street, with the store slated to open in 2018. Ground floor frontage along Avenue of the Americas has been set aside where Hines is planning a high-end destination restaurant for its flagship development. After buying out the leasehold interests of discount retailer Daffy’s, JEMB Realty has announced plans to reposition Herald Center to attract full-priced, mainstream retailers. Battered by Hurricane Sandy, the Seaport will welcome 365,000 square feet of retail to the redeveloped Pier 17, scheduled for completion in 2015. Muss Development is helping to reshape the Fulton Mall area, welcoming retail tenants and restaurants, including Potbelly Sandwich, Panera Bread and an 11,000-square-foot Hill Country Outpost at 345 Adams Street, which shares a pedestrian mall with New York favorite Shake Shack. On the other end of the retail strip, City Point will soon house Century 21 and A|X Armani Exchange, among other retailers.

Set for completion in 2025, Related’s Far West Side development will include a 750,000-square-foot, 5-story, glass-enclosed shopping, dining and entertainment complex. Scattered throughout the complex, retail space will total 550,000 square feet across six levels, stretching from the Fulton Street Transit Center to Brookfield Place. The rebranded World Financial Center will welcome retail tenants including Michael Kors and feature a 30,000-squarefoot marketplace along with a fast casual dining facility. Restaurants will include Chop’t, Umami Burger and Dig Inn. National retailers like Brooks Brothers and department stores have thus far balked at taking space Downtown, where up to 150,000 square feet are available between 23 Wall Street, 35 Wall Street and 15 Broad Street, and leasing agents have considered repositioning the space to appeal to other businesses, including restaurants.

34 | MAY 21, 2013  | THE COMMERCIAL OBSERVER

illustration by brian taylor

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