The Real Deal

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Broadway's next retail comeback

Brokers say when the former Tower Records site, at 692 Broadway, gets leased, it will help anchor Noho’s retail scene.

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