TRD podcast: LES, Meatpacking District hurting, Newmark’s Jeffrey Roseman says

May 08, 2009 04:02PM

Jeffrey Roseman, a principal and executive vice president at Newmark Knight Frank Retail, sat down with The Real Deal to talk about how the Manhattan retail market has changed during the downturn and where to find deals. While high-traffic areas like Times Square and Soho are holding strong, Roseman said areas that have more recently become trendy, like the Meatpacking District and the Lower East Side, are suffering and seeing rents fall. In the Meatpacking District, rents skyrocketed in two years, and Roseman said the neighborhood is now going to see rents fall. When designer John Varvatos took the old CBGBs space on the Bowery last year, rents were on the rise although retail in the area still hasn’t really taken off. Some retailers are taking advantage of lower rents and increased vacancy in Manhattan by asking for longer leases at a discounted rate, and some are getting money for build-outs. TRD