Shopping Center Business

DEC 2017

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

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NEW YORK CITY 60 • SHOPPING CENTER BUSINESS • December 2017 "I would say NoMad is very hot right now and SoHo West is an interesting market to look at," says Pandolfo of The Shopping Center Group. "There is a lot of tenant activity in those areas. It's hard to pick a neighborhood in Brooklyn that is not hot these days, and I think it's somewhat reflected in the pricing there. You look at Gowanus and Greenpoint — there are streets that are being activated that are different than they were 10 years ago, and even two years ago. That kind of transformation in the retail sector is really interesting to watch and it's interesting to see how those neighborhoods emerge." Brookfield Properties, whose large- scale developments are transforming Lower Manhattan and Midtown West, tout the two as neighborhoods to watch in the coming years. "For us, the two hot- test neighborhoods are Lower Manhattan where Brookfield Place is and Midtown West where Manhattan West is," says Goldban. "There's a lot of excitement in those neighborhoods and it's not just about the retail. It's a larger story — those two areas have become big transportation hubs, there's lots of office development and major office tenants are moving to those neighborhoods." Goldban notes that the shift of office tenants into those neighborhoods breaks with traditional patterns. "Historically, all of the major office tenants were located in the Plaza District, and what has hap- pened is a lot of those major companies have moved downtown and they're mov- ing west," he says. "With that migration comes retail — restaurants, services and fitness, and now high-end retail. It's a real transformation of new neighborhoods. Lower Manhattan has been a neighbor- hood for years, but it was always more of a nine-to-five. Now, it's truly a 24/7 neigh- borhood and the West Side is going to be the new Midtown of New York City." "Every neighborhood is doing well," says Plasky of Marcus & Millichap. "From the borough standpoint, there are neigh- borhoods that have been gentrified forev- er like Dumbo, Downtown Brooklyn and Williamsburg, but the stuff we're seeing demand for now are the places that peo- ple believe will be the next dominos to fall like Jamaica in Queens, the North Shore and Staten Island. You're seeing national tenants come into Dumbo, Downtown Brooklyn and the Brooklyn Navy Yard where 10 years ago, no one would've gone in there." "In the city, all of the tenants want NoL- ita and Second Avenue on the Upper East Side," continues Plasky. "Everybody that calls me is looking for inventory in The Bronx, but nothing is selling. The Bronx is Coral Town Plaza | Naranja, FL Pines City Center | Pembroke Pines, FL Doral Commons | Doral, FL Naples Fifth Avenue | Naples, FL Vicenza Plaza | Hialeah Gardens, FL www.courtelis.com Call 305.261.4330 or email leasing@courtelis.com to lease your Florida location today! Developing Great Places. Helping You Grow. Manhattan West is a 7-acre mixed-use development located in Manhattan's Hudson Yards district. The property — developed by Brookfield Properties — will offer over 240,000 square feet of food, retail and pop-up shops.

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