The brand new Printemps trend retailer, which opened at Harry Macklowe’s One Wall Avenue on Friday, “might well be the most beautiful store in New York,” mentioned Downtown Alliance president Jessica Lappin.
“Macklowe could not have done it better,” agreed Cushman & Wakefield retail power-broker Joanne Podell, who repped Chinese language life-style chain Miniso at close by 150 Broadway.
“It will draw the right foot traffic and other [retailers] will want to be near them,” she mentioned.
However will the 55,000 square-foot emporium with 5 eating places elevate extra boats within the space’s roiling retail waters?
RIPCO Actual Property principal Andrew Mandell, who’s advertising a 7,000 square-foot former financial institution storefront throughout the road at 71 Broadway, mentioned, “I think it’s early to determine, but it’s already helped our leasing effort. We’re in active negotiations.”
Whereas the World Commerce Middle and Brookfield Place procuring complexes are close to fully-leased, it’s a special story elsewhere. Broadway south of Chambers Avenue has many massive vacancies. So do Fulton, Nassau, Pine and different streets which have largely small buildings suited primarily to quick meals and discounters.
Even Wall Avenue has many “For Lease” indicators regardless of the celebrated presence of Tiffany.
CBRE vice chairman Jordan Kaplan mentioned Broadway “was adversely affected by the influx of major retail projects at Brookfield Place, the Oculus and the Seaport,” which drew probably the most fascinating shops.
However he mentioned Printemps and Brooks Brothers, the latter coming quickly to 195 Broadway, “have already brought the focus and attention back to Broadway. “I’m very bullish long-term on many retailers continuing this trend.”
Retail brokers have been optimistic a few Printemps spillover impact. Most upbeat was JLL’s managing director for New York retail, Corey Zolcinski, who mentioned, “We don’t think it will be long before more big names and emerging concepts follow Printemps to the neighborhood.”
He mentioned that though “retailers were hesitant post-COVID to commit to space in FiDi, that’s changing quickly. The streetscape is coming back to life with Sephora, Whole Foods, Miniso and soon Brooks Brothers.”
CBRE mentioned asking rents on Broadway south of Chambers Avenue within the fourth quarter of 2024 ticked up 2.4 p.c to $236 per sq. foot over the identical interval in 2023. However some brokers scoffed, saying asking rents typically don’t imply a lot.
Cushman & Wakefield’s Steve Soutenijk didn’t blame landlords for the vacancies. “I don’t think they have unreasonable rent expectations,” he mentioned. “They’re totally willing to meet the market where it is.”
He mentioned FiDi’s retail rebound because the pandemic “has lagged the rest of the city mostly because its office population has been the slowest to return.”
Newmark’s Jeffrey Roseman, who helped 28 Liberty Avenue proprietor Fosun Hive Holdings lease all of its retail house together with Alamo Drafthouse cinemas, mentioned Printemps may very well be “a bit of an anchor” for different high-end retailers if it will get off to a powerful begin.
“It’s a fashion anchor for downtown as opposed to another food hall or so-called experiential use,” Roseman added.
