Tishman Realty to put 240K sf block of Times Sq. retail on market for lease

Landlord planning $65M makeover of 400-foot strip of 42nd St. shops

TRD New York /
Jan.January 04, 2017 04:40 PM

Tishman Realty is planning to put a giant block of retail space in Times Square on the market for lease following a proposed $65 million renovation.

The 240,000-square-foot collection of shops occupy 400 feet of frontage along West 42nd Street. Tishman built the shops in the late 1990s and have since leased the space to tenants such as B.B. King Blues Club & Grill, Cold Stone Creamery and Starbucks. After the renovation, Tishman will ask $800 per square foot for space on the ground floor, according to Crain’s.

The stretch of shops begins at the Westin New York at Times Square at 270 West 43rd Street, on the corner of Eighth Avenue, and runs half way along to Block Towards Seventh Avenue. The renovation is slated to start next year and will be complete in 2019, Crain’s reported.

Colliers International’s Brad Mendelson said the $800-per-foot asking rent is the highest anyone has sought on 42nd Street.

“They’re creating big spaces and they’re hoping that in 2019, when they’re delivering the space, the market will be tighter. Right now the retail leasing market is shaky,” Mendelson told the publication.

Retail asking rents have dropped across large parts of Manhattan, according to a recent retail report from the Real Estate Board of New York. Availability rates increased year-over-year in almost every retail submarket of the borough in the third quarter of 2016, according to an analysis by Cushman & Wakefield TRData LogoTINY.

Tishman Realty, led by Dan Tishman, used to be affiliated with Tishman Construction, until it was sold to AECOM Technology Corporation in 2010 for $245 million. [Crains]Miriam Hall


Related Articles

arrow_forward_ios
Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

These were the top 10 NYC retail leases in July
Ricky's at 830 Broadway (Credit: NYC Go)

Ricky’s, iconic NYC beauty shop, faces
more closures

Ricky’s, iconic NYC beauty shop, faces
more closures
From top, clockwise: Cushman & Wakefield's Joanne Podell, Showfields' Amir Zwickel, Appear Here's Josh Yentob, Brookfield Properties's Mark Kostic (Credit: Getty, LinkedIn)

When it comes to retail, “real estate in New York is fundamentally broken”

When it comes to retail, “real estate in New York is fundamentally broken”
TSCG and SCG Retail's David Firestein, Meridien Retail Leasing's James Famularo and Newmark Knight Frank's Jeffrey Roseman

How to restart retail on today’s TRD Talk

How to restart retail on today’s TRD Talk
Saks Fifth Avenue at 611 5th Avenue in New York (Photo by Cindy Ord/Getty Images)

Retailer Hudson’s Bay pink-slips 500 NYC employees

Retailer Hudson’s Bay pink-slips 500 NYC employees
Caption: Stanley Chera (Photo by Patrick McMullan/Patrick McMullan via Getty Images)

Stanley Chera, titan of NYC retail, dies of coronavirus

Stanley Chera, titan of NYC retail, dies of coronavirus
Mayor De Blasio distributes information on the coronavirus (Credit: Jeenah Moon/Getty Images)

As coronavirus impacts small businesses, city offers financial relief

As coronavirus impacts small businesses, city offers financial relief
595 Madison Avenue (Credit: Vornado)

Coach abruptly shuts doors at Vornado’s 595 Madison

Coach abruptly shuts doors at Vornado’s 595 Madison
arrow_forward_ios

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

Loading...