Madison Avenue Becoming More Diverse | Pound Ridge NY Real Estate
Report sees retail diversity on Madison Avenue
Ugg and other mid-priced tenants mix things up on gilded strip of Madison Avenue, much as Uniqlo and Urban Outfitters do on Fifth Avenue.
A new report from PBS Real Estate highlights several new trends in retail real estate in New York City, including a more eclectic group of tenants on Madison Avenue.
The report notes that upper Madison Avenue’s tenant mix is becoming more diverse, and points to the recent arrival of mid-priced tenants—among them Australian boot maker Ugg and designer Michael Kors—on a gilded strip that traditionally has drawn purveyors of high-end jewelry and other luxury goods.
Meanwhile, a growing number of foreign retailers are seeking to expand in Manhattan, including trendy British retailer Topshop, Spanish brand Desigual and the rugged British brand All Saints.
“2011 will see big changes on the streets of Manhattan,” said Laura Pomerantz, principal of PBS. She also noted that West 34th Street, which currently has few vacancies between Fifth and Sixth avenues, is shaping up to be a strong magnet for new tenants. A variety of brands, including J.C. Penney, Timberland and Desigual, have all recently leased space for the first time near the strip, drawn by the strong volume of tourists, local office tenants and residents.
“Some older tenants like Dr. Jay’s are leaving,” she noted, which will open up some spaces for new tenants.
Increased retailer interest in West 34th Street has helped push rents past pre-recession levels. According to Faith Hope Consolo, chairman of the retail leasing division of Prudential Douglas Elliman, who negotiated the deal that brought Korean retailer Who A.U. to West 34th Street last year, ground-floor retail rents are now around $600 a square foot. Three years ago they were closer to $500 a square foot. Ms. Consolo mentioned that a Chinese brand and a South American brand, both new to the U.S., are looking for space in the area.
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The report notes that upper Madison Avenue’s tenant mix is becoming more diverse, and points to the recent arrival of mid-priced tenants—among them Australian boot maker Ugg and designer Michael Kors—on a gilded strip that traditionally has drawn purveyors of high-end jewelry and other luxury goods.
Meanwhile, a growing number of foreign retailers are seeking to expand in Manhattan, including trendy British retailer Topshop, Spanish brand Desigual and the rugged British brand All Saints.
“2011 will see big changes on the streets of Manhattan,” said Laura Pomerantz, principal of PBS. She also noted that West 34th Street, which currently has few vacancies between Fifth and Sixth avenues, is shaping up to be a strong magnet for new tenants. A variety of brands, including J.C. Penney, Timberland and Desigual, have all recently leased space for the first time near the strip, drawn by the strong volume of tourists, local office tenants and residents.
“Some older tenants like Dr. Jay’s are leaving,” she noted, which will open up some spaces for new tenants.
Increased retailer interest in West 34th Street has helped push rents past pre-recession levels. According to Faith Hope Consolo, chairman of the retail leasing division of Prudential Douglas Elliman, who negotiated the deal that brought Korean retailer Who A.U. to West 34th Street last year, ground-floor retail rents are now around $600 a square foot. Three years ago they were closer to $500 a square foot. Ms. Consolo mentioned that a Chinese brand and a South American brand, both new to the U.S., are looking for space in the area.
Full Story
Pound Ridge NY Homes
Pound Ridge Luxury Homes
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