A publicly-traded real estate investment trust, one-third owned by Vornado Realty Trust, has completed a $275 million refinancing of Rego Park II, a 600,000-square-foot retail complex in Central Queens, GlobeSt.com reported.
The seven-year loan will repay the existing loan on the property, which, as of Dec. 31, 2010, had a balance of $277 million for the $410 million retail development, GlobeSt.com said.
Tenants at the complex include Costco, Century 21 and Kohl’s. [GlobeSt]
Thanks to warehouse clubs moving into New York City, city dwel [more]
Thanks to warehouse clubs moving into New York City, city dwel [more]
865 Broadway (source: PropertyShark)
A growing wireless data provider planning to open dozens of small retail locations in New York City over the next year signed its first lease in the city near Union [more]
East Harlem’s new Costco superstore opened in November after more than 10 years of negotiations with the city. David Blumenfeld, one of the developers of the new East River Plaza on 116th Street, said he believes the densely populated area could make this store ”the number one Costco in the country, easily.” Rents at the new big-box retail space range from about $40 per foot to $150 per square foot, according to Peter Ripka, a partner with Ripco Real Estate and a broker for the East River Plaza. In the segment above, Bradley Gallo on Vimeo chronicles the environment on the store’s opening day.
A number of regional, national and international retailers are set to open first outposts in New York City. Last week, Costco, the largest membership warehouse club in the world, opened its first location in Manhattan in the 500,000-square-foot East River Plaza. Target will open its first Manhattan store in the same plaza next year. Best Buy, Marshalls and New York City’s first Bob’s Discount Furniture will join them. Bob’s has 35 stores throughout New York, New Jersey and New England. In the fall it opened its newest location in Carle Place, LI. [more]
Futterman is the founder, chairman and CEO of Robert K. Futterman & Associates. He is a 25-year retail leasing veteran, having personally completed more than $3 billion in transactions. He has been a big player in revitalizing major retail areas including Union Square South, Times Square, 34th Street and Soho.
In what part of the city are you seeing the most retail store closings and why do you think that is?
Upper Madison [Avenue]. Luxury brands and international retailers at one time felt a Madison Avenue showcase was critical, however, the desire to be profitable in tough economic times has proven more important. For many, occupancy costs became an obstacle to being profitable.
Costco is going to be the first retailer in the East River Plaza in Harlem. How long do you think it will take to lease the remaining 485,000 square feet?
If they haven’t leased the space yet, then probably six months after Costco opens. Costco should be a magnet for other big-box retailers and create an environment where they will flourish.
Compiled by Lauren Elkies [more]
