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

August 24, 2011 11:57AM

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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]