U.S. Open operator to give up Queens parkland to save expansion. New York-based Blackstone sells 23 million shares of mall owner GGP. More than half of Americans expect home prices to climb, survey says. Application for ‘affordable’ Tribeca housing lists minimum income at $73K. Two-story 7-Eleven megastore up and running in Flatiron District. Read these stories and more after the jump.
Posts Tagged ‘7-eleven’
Two East Village community groups are lobbying for new zoning rules that would keep more chain stores from coming into the neighborhood, EV Grieve reported. The 11th Street A-B-C Block Association and No 7-Eleven will present their proposal tonight to Manhattan Community Board 3.
A 7-Eleven store on Avenue A at 11th Street is the impetus for the push for a zoning crackdown. In the resolution, the groups claim that retail chains crowd out local businesses, increase commercial rents and limit consumers’ choices. [more]
7-Eleven’s New York City expansion has rapidly accelerated over the past four years. But bodegas, the beloved local institutions most threatened by the Dallas-based chain’s expansion, have done little to push back against the trend.
The chain has grown by 72 percent in New York City since 2008, and now counts about 100 stores in the five boroughs — making it the city’s 15th largest chain, according to Center for an Urban Future data cited by the Wall Street Journal. 7-Eleven plans to open 30 new outlets over the next five years. [more]
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
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]
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… [more]