Booming retail on UWS a double-edged sword

November 08, 2013 01:19PM

While some longtime Upper Westsiders lament what they see as the neighborhood’s transformation into a “shopping mall,” the surge in retailers is a draw for one growing demographic: deep-pocketed empty nesters.

For instance, Friedland Properties’ the Larstrand, a new luxury rental building at 227 West 77th Street, is cashing in on newcomers’ desire to have all of their shopping necessities within a stone’s throw of home. The proximity of newly-arrived chains like Barneys and beauty product purveyor L’Occitane En Provence, as well as the Hotel Belleclaire’s planned patisserie and rooftop restaurant, appeal to renters who don’t want to have to leave the neighborhood to shop, the Wall Street Journal reported.

The Larstrand offers units ranging from studios to three-bedrooms, starting at $3,125 per month and going all the way up to $23,000 per month. The building will also house a CVS drugstore and Marshall’s clothing shop in its retail space.

The area is increasingly attracting older older couples without kids, who are migrating from the suburbs — a group for whom the proximity of retail is often important, the Journal said.

Hot on Friendland’s heels are the Naftali Group’s planned 18-story condominium tower at nearby 206-210 West 77th Street, also to house condominium units along with plentiful retail and slated to break ground next year. A 20-story luxury rental building with over 31,000 square feet of retail space is also planned for the corner of 80th and Broadway, the Journal said, but did not mention the developer. [WSJ] — Julie Strickland