MTA seeks Fulton Center retail manager as new spaces flood Lower Manhattan

TRD New York /
Jul.July 30, 2012 09:00 AM

The Metropolitan Transportation Authority is issuing a request for proposals Thursday to find a manager for 70,000 square feet of high-end retail space under construction at the Fulton Street Transit Center. While the Wall Street Journal noted that this is just some of the nearly 1 million square feet of new retail space being prepared for the area, retail brokers believe there is enough demand to fill the flood of new supply.

Though Lower Manhattan’s retail real estate has struggled in the past, the forthcoming spaces at the World Trade Center, the Fulton Center, the World Financial Center and at the South Street Seaport are far more attractive because they are brighter, glassy projects that are sure to come with more food purveyors, the Journal said. It’s a stark contrast from the “shadowy” storefronts found along the area’s hard-to-navigate streetscape.

Plus, a residential boom in the neighborhood and a huge tourism uptick make Lower Manhattan more attractive than it’s been for retail at any point before, or since, the 9/11 attacks. Finally, the addition of Condé Nast and other non-financial office tenants to the neighborhood will lure new types of retailers, according to Newmark Grubb Knight Frank’s Jeffrey Roseman.

“There’s not a single retailer who’s going to say, ‘I’m not looking down there,'” added Chase Welles, an executive vice president at Northwest Atlantic Real Estate Services. [WSJ]


Related Articles

arrow_forward_ios
Howard Hughes Corporation CEO Paul Layne with former CEO David Weinreb (Credit: Getty Images)

As Howard Hughes tries to right ship, Seaport remains an albatross

A Victoria's Secret store in New York (Credit: Getty Images)

Victoria’s Secret sues WTC landlord amid store closures and layoffs

The architect claims the design, construction and marketing of the tower rips off the design of a tower he planned and modeled for his thesis

Lawsuit over WTC design is whittled down

Howard Hughes CEO David R. Weinreb and South Street Seaport (Credit: NYCgo)

Amid talks of company sale, Howard Hughes lands $250M loan for Seaport project

The site (left) and a rendering of 80 South Street (Credit: Google Maps; rendering via YIMBY by ATCHAIN)

China Oceanwide takes out $175M loan against supertall Seaport site

250 Water Street and Howard Hughes Corporation CEO David Weinreb (Credit: Google Maps)

Howard Hughes faces more backlash at Seaport. This time, it’s over toxic contamination concerns

Condé Nast lands a second full-floor to sublease its space at 1 WTC

Condé Nast lands a second full-floor to sublease its space at 1 WTC

Condé Nast subleases 50K sf at 1 WTC to cut costs

Condé Nast subleases 50K sf at 1 WTC to
cut costs

arrow_forward_ios