L&L, Beacon to reposition FiDi retail in anticipation of Fulton Street Transit Center

An interior shot of 195 Broadway
An interior shot of 195 Broadway

L&L Holding Co. and Beacon Capital are investing $50 million to redevelop the retail sections of Two Broadway buildings in the Financial District, the New York Post reported.

The developers will bring lobby-level stores to 195 Broadway, also known as the former AT&T Building, and create 15,000 more square feet of retail space on the lobby level as well as 20,000 square feet below grade.

L&L Chairman and CEO David Levinson told the Post that “the lobby is a temple and must be treated properly.”

The 195 Broadway retail can accommodate three shops including one restaurant, Levinson told the Post.

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222 Broadway will also add 16,000 square feet of retail at street level and 10,000 square feet on the second floor, the Post said.

The developers have tapped Cushman & Wakefield’s Brad Mendelson and Alan Schmerzler to market the space, and are hoping to bring in rents of between $400 and $500 per square foot, according to the Post.

Both properties face the new Fulton Transit Center, which is poised to become a commercial hub, with its expected 70,000 square feet of retail space. And at Nearby 180 Broadway, Urban Outfitters is opening a 21,000-square-foot store. [NYP]  – Hiten Samtani