Clockwise from top left: World Trade Center site, Port Authority Bus Terminal, South Street Seaport, Hudson Yards, World Financial Center and Farley Post Office/Moynihan Station
From the September issue: “Mall” has been a four-letter word in the Manhattan retail world for some time now. Despite that, Manhattan property owners have begun to — or are planning to — rehab and build a historic amount of large-scale retail over the next few years.
Currently, developers such as the Westfield Group, Brookfield Properties, the Related Companies and Vornado Realty Trust have more than 2.5 million square feet of retail space under construction, or at least on the drawing board, in mall-like projects south of 59th Street.
If all of what’s planned gets built, it would be the greatest amount of large-scale retail space ever delivered in Manhattan during a five- or six-year period, a review of prior development by The Real Deal shows.
Brokers differed on what impact such a large amount of space would have. [more]
