Madison Avenue draws eclectic tenants

New York /
Mar.March 02, 2011 05:55 PM

The tenant mix on Upper Madison Avenue is becoming more diverse, with the arrival of Australian boot maker Ugg and designer Michael Kors, according to a new report from PBS Real Estate, which highlights new trends in retail real estate in New York City, Crain’s reported. The report also shows that a growing number of foreign retailers are seeking to expand in Manhattan, including British retailer Topshop, Spanish brand Desigual and the British brand All Saints. “2011 will see big changes on the streets of Manhattan,” said Laura Pomerantz, principal of PBS. She also noted that West 34th Street, which currently has few vacancies between Fifth and Sixth avenues, is also attracting new tenants. A variety of brands — including J.C. Penney, Timberland and Desigual — have all recently leased space there for the first time, drawn by the strong volume of tourists, local office tenants and residents. Increased retailer interest in West 34th Street has helped boost rents. According to Faith Hope Consolo, chairman of the retail leasing division of Prudential Douglas Elliman, who negotiated the deal that brought Korean retailer Who A.U. to West 34th Street last year, ground-floor retail rents are now around $600 a square foot, while three years ago they were closer to $500 a square foot. [Crain’s]


Related Articles

arrow_forward_ios
John Giannone and Jac Credaroli (Credit: iStock)
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Two Elliman agents launch platform to provide renters, buyers and sellers up to $50K in unsecured loans
Jacob Sudhoff and Scott Durkin (Credit: Sudhoff Companies, Emily Assiran, iStock)
Douglas Elliman is coming to Texas
Douglas Elliman is coming to Texas
Douglas Elliman chairman Howard Lorber (Credit: Getty Images and iStock)
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Elliman’s revenue rose 18%, after sales frenzy to avoid New York’s new transfer tax
Why real estate shoppers are bagging grocery-anchored plazas
Why real estate shoppers are bagging grocery-anchored plazas
Why real estate shoppers are bagging grocery-anchored plazas
Macy’s CEO Jeff Gennette (Getty)
Macy’s converts 1M sf to fulfillment space
Macy’s converts 1M sf to fulfillment space
(Photo Illustration by The Real Deal with Getty)
Black Friday store traffic jumps, but sales don’t
Black Friday store traffic jumps, but sales don’t
(Illustration by The Real Deal with Getty)
Retail real estate continues climb, reaches record low availability
Retail real estate continues climb, reaches record low availability
1 Wythe Avenue in Greenpoint, Brooklyn and Brooklyn Brewery CEO Eric Ottaway (Google Maps, Twitter/@EricOttaway)
Brooklyn Brewery to expand in move to Greenpoint
Brooklyn Brewery to expand in move to Greenpoint
arrow_forward_ios

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

Loading...