While the office, hotel and residential real estate markets continue to suffer, retail has undergone a revival in Manhattan and the outer boroughs.
The opening of the new Tiffany flagship this month at 727 Fifth Ave., and the upcoming new Rolex tower at 645 Fifth Ave., are part of a Manhattan retail revival.
“They saw what Rolex is doing at 665 Fifth Ave. and want to create something just as new and important,” said one source requesting anonymity, about the new, 21-story David Chipperfield Architects design for Rolex now underway at East 53rd Street.Louis Vuitton’s corner site does not have a height limit, experts say, and could be developed as-of-right with at least 122,700 square feet and perhaps nearly twice as much.
The fashion house’s sister LVMH company, Tiffany, has been subleasing the space connected to Trump Tower while the redevelopment of its own store on the southeast corner of Fifth Avenue is completed. Its grand opening is now scheduled for April 28.In the same vein, Burberry leased 14,700 square feet at 693 Fifth Ave. — previously Valentino — while its store at 9 E. 57th St. is renovated.
The 8,731-square-foot triplex with outdoor space at 87 Seventh Ave. South on the corner of Barrow Street that Sushisamba held down for 17 years has finally leased to a similar tenant coming from Japan. In 2022, 4.5 million people walked the block, he said, while this year, pedestrian activity is already up 50%. In Soho, Epstein is seeking a new tenant for the 20,000-square-foot duplex store now occupied by Forever 21 at 568 Broadway which even has a rare escalator. “We are hoping to attract something fresh and new,” he said. The asking rent is $3.5 million per year.“Soho continues to be a juggernaut,” observed Peter Braus of Lee & Associates NYC.
The corner space on Barrow Street Sushisamba held down for 17 years has finally leased to another Japanese tenant.Multiple health users are also finding it a good time to lock in deals for storefronts. For instance, the veterinarian hospital, Goodvets, leased at 544 Hudson St. in the West Village and at 125 Montague St. in Brooklyn Heights.in a 2,500-square-foot lease for a different kind of health company: the tattoo removal chain, Removery, at 4 W. 21st St. in the Flatiron.
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