Shopping Center Business

MAY 2017

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

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Page 150 of 334

SEAPORT DISTRICT 146 • SHOPPING CENTER BUSINESS • May 2017 founded by former fashion editor Car- la Sozzani in Milan 25 years ago, is the world's original concept store and was very much ahead of its time. The store focuses on creating a customer experi- ence that is akin to a living magazine with fashion, home goods, photography, art, a restaurant, books, and more — all curated from A to Z. We spent several years look- ing for a retailer that embodies the feeling of discovery we are trying to create at the Seaport and I am pleased we found it in 10 Corso Como," Weinreb says. The area has generated demand in the fashion community. Weinreb notes that Fendi held its fashion week event at the Fulton Market Building in February; and the Tommy Hilfiger fashion show took place adjacent to the Howard Hughes project at Pier 16 last fall. The Seaport District's other four build- ings, along Water Street and Fulton Street, total 78,000 square feet. Other announced tenants include a fast casual vegan restau- rant called by Chloe, McNally Jackson Books, a local independent bookseller; and Amsterdam-based apparel retailer Scotch & Soda. The Seaport District is also home to one of the Howard Hughes Corporation's major corporate offices. THE LOCATION As with all real estate projects, the vi- sion doesn't work without the location. "We control several waterfront city blocks in New York City. With the back- drop of the Brooklyn Bridge, the local infrastructure and the demographics, the location is irreplaceable," Weinreb says. "Since 9/11, Lower Manhattan has been undergoing a dramatic transforma- tion, shifting from a traditional base of fi- nancial services and insurance companies to becoming a hub for companies in the creative, media, advertising, and technol- ogy sectors," he notes. "Today, approxi- mately half a million office workers call Lower Manhattan home." The Fulton Transit Center (operated by the Metropolitan Transit Authority) and the World Trade Center Transportation Hub (operated by the Port Authority) are within walking distance of the Sea- port District — seven and 10 minutes, respectively. "We have two of the largest transportation hubs in the city outside of Grand Central and Penn Station a few minutes' walk from our site," Weinreb says. Furthermore, he adds, "At the same time, the residential population has grown very rapidly. Today it includes more than 60,000 people; the median age is in the low 30s and the average house- hold income is above $200,000. The de- mographics don't get much better." And yet they will: Weinreb notes that 27 buildings totaling 4,100 residential units are under construction or planned in Lower Manhattan. "The Seaport District will offer great experiences that you will not be able to find anywhere else," Weinreb says. "We are reactivating an important iconic part of Lower Manhattan and part of our city's history and positioning it for a vital and dynamic future." SCB Building Quality, Value and Trust 4900 Route 33, Suite 101, Wall Township, NJ 07753 732.933.0707 Ethan Allen Marlboro, NJ Xscape Theater Howell, NJ Greenleaf Howell, NJ Howell Commons Howell, NJ TJ Maxx Woodbridge, NJ Walgreens Staten Island, NY

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