From the July issue: Nearly a dozen retail vacancies dot
Broadway between Houston Street and
Astor Place. In recent years of economic excess, the strip languished
in the shopping shadow of its neighbors — trendy Soho to the south and
bustling Union Square to the north.
But in today’s sagging economy, Noho, with its rents half the price
of areas like Soho, could draw new retail blood such as apparel
tenants, gourmet markets, and European brands that would have
previously turned their noses up at the area, brokers said. Still, the
economy and bleak national retail picture are stalling the
neighborhood’s resurgence. Due to market conditions, “so many retailers
have pulled back,”
said Jeffrey Roseman, a principal and executive vice president at
Newmark Knight Frank Retail. [more]