Meatpacking to get slew of new retailers

New York /
Jan.January 03, 2012 10:30 AM

The Meatpacking District is seeing the beginnings of an influx of high-end retailers with mass appeal, the Wall Street Journal reported, in the wake of the departure of ultra-exclusive designers like Stella McCartney from the neighborhood.

Sephora, Levi’s, Intermix and Tory Burch are all entering the district, while brands such as Gucci, Louis Vuitton and Chanel have also eyed potential locations in the area, which runs roughly from West 14th Street south to Gansevoort Street, and from the Hudson River east to Hudson Street. The district has a total of 200,000 square feet of vacant retail space.

Landlords are increasing their asking rents in response to this surge in interest, the Journal said; Taconic Investment Partners and Thor Equities are asking $600 a square foot for the ground floor of a retail space at 837 Washington Street for example, compared with an average asking rent of $40 a square foot just 10 years ago.

“Rents are off the chart,” said Faith Hope Consolo, chairman of Prudential Douglas Elliman’s retail group, who wasn’t sure if the asking rents were realistic.

 

Related Articles

arrow_forward_ios
(iStock)
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
Rents in New York and South Florida metros surged more than 30%, led nationwide rise
How long does it take to lease an affordable housing project? Too long
Red tape keeping affordable units empty for 15 months
Red tape keeping affordable units empty for 15 months
Inventory is lighting a fire under rents (Getty)
Eviction bans squeezed supply, bringing rents to boil: report
Eviction bans squeezed supply, bringing rents to boil: report
Gov. Kathy Hochul, CHIP Executive Director Jay Martin, and RSA President Joseph Strasburg (Getty, Strasburg via Jeffersons Siegel)
Fudging the numbers? Landlords say NY gamed survey to save rent stabilization
Fudging the numbers? Landlords say NY gamed survey to save rent stabilization
The hot housing market means hefty rent rises aren’t just hitting new apartments
The hot housing market means hefty rent rises aren’t just hitting new apartments
The hot housing market means hefty rent rises aren’t just hitting new apartments
The properties reportedly offer investors an average risk-adjusted annual return of about 8 percent. (iStock)
Investors consistently scoring with single-family rentals
Investors consistently scoring with single-family rentals
When rent payments began to normalize that summer, cash balances for landlords rose. (iStock)
Cash balances for landlords rose in pandemic’s early days
Cash balances for landlords rose in pandemic’s early days
NYCB CEO Thomas Cangemi (Getty, Cangemi)
Multifamily lender says loans in good shape, not endangered by rent law
Multifamily lender says loans in good shape, not endangered by rent law
arrow_forward_ios

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

Loading...