7-Eleven is looking to expand in the outer boroughs and Long Island and has tapped CB Richard Ellis’ retail services group in Long Island as its exclusive leasing agent. The Dallas-based convenience retailer plans to open 180 stores over the next three years in Brooklyn, Queens and Staten Island as well as Long Island. The company is targeting high-profile locations with spaces of 1,700 to 3,500 square feet for its 24-7 operation. “The outer boroughs, southern New York and Long Island have been important markets for 7-Eleven for years,” said Ken Barnes, 7-Eleven’s real estate manager for the Northeast. “We have some 260 stores in this area and recognize the growth opportunity in this dynamic, high-population market. Through new store development and remodeling of existing locations, we are creating franchise and other business opportunities.” TRD

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As Manhattan commercial rents plummet, one retailer still reaping the benefits is convenience store giant 7-Eleven, which last summer announced its planned expansion in the city. At a time when many chains are contracting, Dallas-based 7-Eleven is taking advantage of low entry costs and aggressively taking on Manhattan, where the company, which is currently operating six stores, plans to tack on an additional 100 locations over the next five years.

The latest in its business conversion program will be at 535 Eighth Avenue at 36th Street, Margaret Chabris, a company spokesperson, told The Real Deal. The site is the former location of Arnold Hatters, one of the city’s oldest hat stores, which went out of business last spring. [more]

From the August issue: The suburban convenience store 7-Eleven, which put the Slurpee frozen
drink on the map, is ramping up expansion in New York City, with plans
for 100 to 150 new stores across the five boroughs over the next three
to five years.

Emboldened by higher retail vacancy rates and lower rents due to
the recession, 7-Eleven, which currently operates 46 stores in the
city, plans to open 10 new locations this year alone: three in
Manhattan, three in Queens, three in Staten Island and one in Brooklyn,
said Ken Barnes, real estate manager for the retailer’s northeast
division. These include a Manhattan store at 103 West 14th Street, and one in
Greenpoint, Brooklyn, at 883-885 Manhattan Avenue, both scheduled to
open next month. Other leases are in the negotiation phase. [more]

Park Slope’s Argyle condominium will be installing virtual doorman technology. Also, Stonehenge Partners has closed on a $15.3 million first mortgage for 108 West 15th Street. And the Manhattan borough president has announced his support for a hotel and residential skyscraper at 53 West 53rd Street. Click here for the full item. TRD Comments

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