Once reserved for posh boutiques and pricey stores, some of Manhattan’s most exclusive shopping districts are now seeing discount retailers, amid dropping rents and changing consumer demand, according to the New York Times. TJ Maxx and Century 21 are among the off-price brands to announce store openings in pricier neighborhoods in recent weeks — the two chains are unveiling new locations in Columbus Circle and Lincoln Square, respectively. Experts say an increased demand among buyers for low-cost goods, coupled with the recession-driven decline in retail rents, has created a golden opportunity for discount brands looking to move into Manhattan. Richard Jaffe, a managing director with research group Stifel Nicolaus, said that low-cost chains are more popular than ever. “The off-price business model works,” Jeffe said. “It is a sound, well-grounded business, and it plays an essential role in the apaprel food chain.” [NYT]

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From left, Nicholas Schorsch, CEO of American Realty Capital, and David Fick, managing director of Stifel Nicolaus

A handful of new “blank check” real estate investment trusts seeking to raise billions of dollars from investors in the public markets starting in early 2010 are targeting New York City properties, according to their recent filings. Six public REITs filed prospectuses with the U.S. Securities and Exchange Commission over the last two months to raise nearly $4 billion for the acquisition of different types of real estate in limited regions including New York. They are expected to begin the offerings in early 2010. What makes this batch of public REITs unusual from traditional public offerings, experts said, is that they are so-called “blank check” or “blind pool” entities, meaning the new company does not yet own any assets, but instead is seeking to raise capital based on the reputation of the managers and the offering plan. David Fick, managing director of equity research at St. Louis investment firm Stifel Nicolaus, estimated there were about 20 blind pool REITs nationally, which were evidence of a completely new trend. [more]