Brokers should temper FiDi retail expectations until Conde arrival: Newmark’s Roseman

New York /
Aug.August 24, 2011 11:57 AM

alternate
text
From left: Newmark Knight Frank’s Jeffrey Roseman and the 23 Wall Street retail space

Cushman & Wakefield has lofty expectations for the three-story, 150,000-square-foot retail space it was retained to market in July at the intersection of Wall and Broad streets, the former headquarters of JP Morgan.

According to the New York Times, the building is currently owned by China Sonangol, but was built in 1914 by J.Pierpont Morgan with pricy pink Knoxville marble and a three-story bank vault, composed of nickel steel, armor, concrete and cast steel and a 52-ton door — unusual features that have brought attention from potential retailers looking to enter the growing retail and residential scene in post-Sept. 11 Lower Manhattan.

The listing brokers, Cushman’s Matthew Seigel and Joanne Podell, are looking to land a Bloomingdale’s or Macy’s for the building, which has been vacant for nearly five years.

But some retail brokers, including Newmark Knight Frank’s Jeffrey Roseman, say Seigel and Podell should temper their enthusiasm, as many high-profile retailers, including the Tiffany’s he brought to 37 Wall Street in 2006, have not met sales expectations in Lower Manhattan stores. He noted that the eventual arrival of Conde Nast could change that. The Times said that because of the unique, hexagonal shape of the structure the brokers have yet to determine an asking price. [NYT]


Related Articles

arrow_forward_ios
From left: Letitia James, Donald Trump and Brett White (Photo Illustration by Steven Dilakian for The Real Deal with Getty Images)
Cushman delivers 36K documents to AG in Trump probe
Cushman delivers 36K documents to AG in Trump probe
A photo illustration of 450 Park Avenue (left) and 8 Spruce Street (right) (Douglas Elliman, Reading Tom, CC BY 2.0 - via Wikimedia Commons, Getty Images)
CRE investment sales hit $21B in first half of 2022: report
CRE investment sales hit $21B in first half of 2022: report
Mitti Liebersohn and Arthur Mirante
Mirante, Liebersohn jump to Savills from Avison Young
Mirante, Liebersohn jump to Savills from Avison Young
From left: Letitia James, C&W's Brett White, and Donald Trump
Cushman & Wakefield squirms out of Trump sanctions
Cushman & Wakefield squirms out of Trump sanctions
JPMorgan Chase's Jamie Dimon and Better.com's Vishal Gar (Getty Images, iStock, Scott Rosenthal/CC BY-SA 4.0/Wikimedia Commons)
Bloodbath: Mortgage industry keeps cutting staff
Bloodbath: Mortgage industry keeps cutting staff
From left: Cushman & Wakefield executive chairman Brett White; Donald Trump (Getty Images, Cushman & Wakefield, iStock)
Cushman held in contempt in Trump property probe
Cushman held in contempt in Trump property probe
From left: Cushman & Wakefield chairman Brett White and Newmark CEO Barry Gosin (Cushman & Wakefield, Newmark, iStock)
Rumors fly regarding Cushman-Newmark merger: report
Rumors fly regarding Cushman-Newmark merger: report
Nelson Management’s Robert Nelson with the Promenade Nelson Apartments and Lafayette Boynton Apartments (Nelson Management)
Nelson Management eyes $200M for Bronx apartments
Nelson Management eyes $200M for Bronx apartments
arrow_forward_ios

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

Loading...