The Real Deal New York

Landlords ditching big chains, seek quirkier retailers

Local eateries prized for bringing neighborhood flavor to properties

September 03, 2014 02:50PM

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Retail at Chelsea Market

Retail at Chelsea Market

When looking for retail tenants, New York City’s landlords are increasingly thinking out of the box.

Rather than the usual national chains, they’re looking for “a quirkier, less predictable mix of retail tenants, one that can bring more energy,” according to Crain’s. This trend comes as big landlords have millions of square feet of retail space available.

Jamestown Properties was one of the first to pioneer the idea at Chelsea Market in the late nineties. The 165,000-square-foot retail component has made the rest of the building a desirable place to be, according to Crain’s.

Brookfield Office Properties is also looking for a new type of retailer, as it opens Le District and Hudson Eats at its downtown location. Brookfield has leased space to Little Muenster, a Lower East Side grilled cheese shop, and Num Pang, a Manhattan-based Cambodian sandwich shop, Crain’s reported.

“The retail can really set the tone for the overall property because it’s your front door,” said Ed Hogan, director of store leasing for Brookfield told Crain’s. “With food, local is great because it can really give a neighborhood or a center a local flavor by bringing in someone who is very unique to that city.” [Crain's] – Claire Moses

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