Five questions for Robert Futterman

TRD New York /
Oct.October 29, 2009 02:32 PM

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.

When do you expect retail rents to start climbing?

Hopefully in the spring.

How long do we have until the pop-up shop market pops?

When landlords start agreeing to long-term leases and realize there aren’t going to be any more significant changes in the market to affect rent.


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.


What kind of effect will the shopping site have on the immediate area?

None. It’s isolated as an island unto itself.

Compiled by Lauren Elkies


Related Articles

arrow_forward_ios
Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash

Robert Futterman charged with DUI in Hamptons car crash
An aerial view of a pop-up drive-in theater built in the parking lot at the Broadway Commons in Hicksville, New York (Getty)

Covid pummeled shopping centers, but their parking lots are thriving

Covid pummeled shopping centers, but their parking lots are thriving
Gap CEO Sonia Syngal (Getty)

Gap Inc. will close 350 stores and exit malls entirely

Gap Inc. will close 350 stores and exit malls entirely
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
AMC’s financial woes have left the movie theater chain strapped for cash and facing in-court restructuring of its liabilities. (iStock; Getty)

AMC faces serious cash crunch despite theaters reopening

AMC faces serious cash crunch despite theaters reopening
(Illustration by Maciej Frolow)

Does Brookfield’s balance sheet fully reveal the health of its real estate?

Does Brookfield’s balance sheet fully reveal the health of its real estate?
Gov. Andrew Cuomo announced that movie theaters in some New York counties can reopen, but NYC’s theaters are excluded for now. (Getty; iStock)

Cuomo: Movie theaters can reopen — but not in NYC

Cuomo: Movie theaters can reopen — but not in NYC
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...