Shopping Center Business

DEC 2016

Shopping Center Business is the leading monthly business magazine for the retail real estate industry.

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NEW YORK ROUNDTABLE 58 • SHOPPING CENTER BUSINESS • December 2016 S hopping Center Business recent- ly held its annual New York Retail Roundtable with more than 20 retail real estate executives in attendance at the offices of Goulston & Storrs in Manhat- tan. Attendees discussed New York's new retail areas, the trend of food retail and how New York compares to other mar- kets around the U.S. and abroad. Attendees of this year's roundtable were Sherri White, Witkoff; John Swa- gerty, Acadia Realty Trust; Stephen Stephanou, Crown Retail Services; Lee Spiegelman, Ripco Real Estate; Ken Si- mon, Heidenberg Properties Group; Ari- el Schuster, RKF; Lisa Rosenthal, Lansco; David Rabinowitz, Goulston & Storrs; Scott Plasky, Marcus & Millichap; Mark Kostic, Brookfield; Nina Kampler, Kam- pler Advisory Group; Deborah Jackson, Cushman & Wakefield; Andy Graiser, A&G; Realty Partners; Sever Garcia, SGN Group; Brian Cohen, Goulston & Storrs, Richard Cohan, 34th Street Partnership; and Frankie Campione, CREATE Archi- tecture and Planning. The roundtable was moderated by Jerrold France and Randall Shearin of Shopping Center Business. SCB: Stephen [Stephanou] how is the re- tail climate for flagship and luxury retail in New York City? Stephen Stephanou: From a really posi- tive point of view, you see Cartier having to spend three plus years remodeling its flagship store on Fifth Avenue that has reopened and they still have their tempo- rary store open at the Apple building at 767 Fifth Avenue. Since that remodel was done, there's been sort of an implosion in the luxury watch market globally, so you have a good example of the excitement of flagship retail and the headwinds of some of the economic things that are global, not just in the United States. The other im- portant deal was Under Armour taking as a flagship the former FAO Schwarz space right next to Apple at 767 Fifth, so those tell a great story. Tom Ford is relocating its store on Madison Avenue to a new and larger flagship in one of Thor Equities' buildings. Since the last roundtable, West- field World Trade Center has opened its doors and Saks Fifth Avenue opened its doors at Brookfield Place. Another signifi- cant deal is Tesla taking 7,000-plus square feet at 860 Washington in the Meatpack- ing District. That illustrates the way that the Meatpacking District is going; rather than being conventional, apparel-type re- tail, it is being driven by more experiential venues. My favorite area in New York right now is the Flatiron District. It's authen- tic; I think it's extremely well merchan- dised. It continues to expand, and has the combination of great architecture, great restaurants and a lot of good retail. The rent market there never got quite as inflated as it might have in some of the other retail areas. Sherri White: How dependent is Flat- iron on ABC Carpet & Home? Would that have an effect if it were to close? Stephanou: Yes, it would and I know that some of the buildings are in play. There's a decorator, home accessories market that's clustered around there. We're work- ing with a tenant right now that's looking for space there on one of the side streets, but they look at it as an area where people come for tradeshows and where decora- tors go. I guess it really would depend on if ABC closed one of its two stores, what would be the replacement? New Retail, New Enthusiasm In New York Wtih new retail space coming on-line and older areas picking up interest, attendees are bullish on the market. Moderated by Randall Shearin and Jerrold France From left, Mark Kostic of Brookfield Property Partners and Stephen Stephanou of Crown Retail Services. From left, David Rabinowitz, Goulston & Storrs; Andy Graiser, A&G; Realty Partners; Richard Cohan, 34th Street Partnership; Frankie Campione, Create Architecture Planning & Design; Lisa Rosenthal, Lansco; Lee Spiegelman, Ripco Real Estate; Ken Simon, Heidenberg Properties Group; Ariel Schuster, RKF.

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