Century 21, the low cost style division retailer, slimmed down from 250,000 sq. toes to 100,000 sq. toes when it reopened in Might 2023 after greater than two years of pandemic closure.
However the ASG Equities, the actual property arm of the shop’s homeowners, the Gindi household, went proper to work discovering new tenants and makes use of for the remainder of the area on the important Broadway block that’s usually thought to be the gateway to the Wall Avenue district.
ASG owns the complete retail portion of the block bounded by Broadway and Church Avenue and by Cortlandt and Dey streets.
Final 12 months, in a three way partnership with the Cayre household and designer Roy Nachum, it introduced the Mercer Labs Museum of Artwork & Know-how, an “immersive” exhibition area, to 36,000 sq. toes on the block’s western aspect, previously residence to the clothes retailer’s males’s swimsuit division. It opened final winter to widespread acclaim.
Now, as an incipient retail-leasing increase alongside decrease Broadway gathers steam, ASG has scored two main new, not beforehand reported retail tenants.
Sephora signed a lease for a 5,000 square-foot retailer on the Broadway aspect, the place it’s going to open this week with 50 toes of sidewalk frontage.
Coming in early 2025 is Barcade, the nation’s largest operator of arcade bars, will launch in 15,000 sq. toes at 10-12 Cortlandt Avenue. It is going to be the fourth Barcade in Manhattan. Every location has video video games and pinball machines “mostly from the classic period of the 1980s,” its Website says, and a bar for draft beer, cocktails and pub meals.
George Karnoupakis, the top of asset administration for ASG Equities, stated, “It will be Barcade’s downtown flagship. It’s a fun place that will bring the area some much-needed nightlife.”
He stated of the Gindis’ total technique, “After we closed Century in December of 2020, we determined to convey it again in a smaller footprint and to curate different tenancies on the block that feed off one another.
“We’ve been very intentional in activating the streetscape with a blend of experiential offerings and traditional retailers,” Karnoupakis stated.
What most individuals consider because the “Century 21 block” stands between the World Commerce Heart to the west and the Fulton Transit Heart to the east.
ASG beforehand signed smaller retail leases there as effectively to interchange retailers that closed throughout the lockdown. Norma’s Pizza changed the previous Majestic and, “We relocated Dunkin Donus and gave it a bigger footprint,” Karnoupakis stated.
With the Sephora and Barcade leases signed, the one retail area left is the 1,000 square-foot nook of Broadway and Cortlandt Avenue.
Cushman & Wakefield’s Steven Soutendijk and Sean Moran of Cushman & Wakefield represented ASG in each of the transactions. Barcade was represented by Jason Pennington of RIPCO. Sephora was represented by Virginia Pittarelli and Christine Jorge of Mona.
In the meantime, Brooks Brothers will quickly launch an almost 10,000 square-foot flagship retailer at L&L Holding Co.’s 195 Broadway on the block instantly south of Century 21. It’ll be part of Anthropologie on the bottom ground and in a part of the basement. Famed restaurant Nobu is on the Fulton Avenue aspect.
Whereas the largest Decrease Broadway retail coup is after all for the 60,000 square-foot Printemps at One Wall Avenue in a number of months, the hall additionally boasts Zara, City Outfitters and Miniso USA.
New York Metropolis’s actual property energy gamers roamed the throbbing ground on the Fried Frank actual property division’s vacation occasion at Cipriani forty second Avenue.
Jeff Sutton was all smiles over his $1.5 billion Fifth Avenue retail constructing gross sales. CBRE’s Mary Ann Tighe drew a crowd over her current declare that Manhattan was working out of prime workplace area. Park Tower’s George and Marian Klein reminisced with host Jonathan Mechanic how two years in the past on the occasion, they signed the lease to maneuver Fried Frank’s convention heart into their 535 Madison Ave.
Institutional celebrants included Blackstone’s Michael Eglit and Michael Lascher, Brookfield’s Ben Brown, Goldman Sachs’ Andrew Jonas and Morgan Stanley’s Seth Weintrob. Members of the family mingling beneath the vaulted ceiling included Invoice and son Michael Rudin, Aby Rosen and sons Gaby and Charlie, Scott and Jonathan Resnick, and proud host Mechanic’s sons, Meadow Companions’ Marc Mechanic and scorching tech startup Maybern’s Ross Mechanic.
Additionally there: US ambassador to France nominee Charles Kushner, Eli Gindi, Stephen B. Siegel, Mitch Konsker, John Cefaly, Darcy Stacom, Brian Waterman and Jimmy Kuhn.
