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Real Estate Bisnow
The largest commercial real estate publication in the United States.
   
January 25, 2012 
 
 
BISNOW EXCLUSIVE:
LUXURY RETAIL'S MISTRESSES

Register here for Bisnow's third annual New York Mulitfamily Summit where leaders like Metro Loft Management prez Nathan Berman, Massey Knakal CEO Paul Massey, Praedium's Mason Sleeper, Stonehenge's Richard Dansereau, Meridian Capital CEO Ralph Herzka, and Rockwood's David Streicher talk about how lucky they are to be in multifamily.

 
Bisnow got exclusive access to CBRE brokers from around the country and retailers from around the world at the firm's NYC 2012 Retail Forum. (We're ready for Fashion Week now!) What we learned: Luxury retailers love jeans (excuse us ... denim) as business wear. Also, NYC may be their first pick, but we're not their one and only.
 
Joe Adelantar, Chris Fiore, and Adam Saper at CBRE's Town Hall, 21st floor, 200 Park Ave., MetLife Building, on Jan. 18, 2012
Links of London and Folli Follie's Joe Adelantar (with Henri Bendel prez Chris Fiore and Eataly's Adam Saper) says North America is underrepresented in its portfolio and so is actually a growth market. It's starting in SoHo, but you can't do just Manhattan he says. Next up is proving the brand in department stores in, say, Short Hills, NJ. (f you can make it there, you can make it anywhere.) Chris says Henri Bendel's budget for a SoHo store was 40% higher than the $700 or $800 per SF set aside for a mall store. Adam says that while another New York location is as tempting as Eataly's pizza, other cities are next on the to-do list: Chicago, DC, LA, maybe San Fran.
Dan Biederman at CBRE's Town Hall, 21st floor, 200 Park Ave., MetLife Building, on Jan. 18, 2012
34th Street Partnership's Dan Biederman says a 30k SF expansion to Victoria's Secret's 20k SF at 34th and 6th is under construction—
the store is taking over a multi-level garage at 35th and 6th. (Maybe now Men's Wearhouse will finally get the courage to ask Victoria's Secret for a date.) Five new stores came to 34th between 5th and 6th last year (Uniqlo, Mango, Levi's, Timberland, and a co-branded Foot Locker/House of Hoops). It all adds up to 95% occupancy between 5th and 8th avenues. The busiest sidewalk in December was in front of 450 7th Ave, where LIRR riders merge with those exiting Penn Station at 32nd Street, peaking at 13,400 pedestrians in its best hour. And then there's the 20 million visitors to Macy's each year. Dan reports his wife and 20-year-old daughter love the sales staff, who "make you aware of every discount available."
Robinson Hernandez at CBRE's Town Hall, 21st floor, 200 Park Ave., MetLife Building, on Jan. 18, 2012
Robinson Hernandez of the Office of the Mayor's New Business Acceleration Team says Manhattan is seeing fewer stores open but in larger footprints. The story in the outer boroughs is 42% growth in food and beverage. Robinson's group offers free, customized help for new retail businesses to launch citywide but is also trying to simplify the standard process. It helped 570 restaurants open in 2011, including turning around the paperwork for the Battery Park Steak 'n Shake in five days.
Ellen Goldstein at CBRE's Town Hall, 21st floor, 200 Park Ave., MetLife Building, on Jan. 18, 2012
Times Square Alliance's Ellen Goldstein says 350,000 people pass through Times Square daily. We're not sure whether those pedestrians or the 18-hour shopping day are the chicken or the egg. Either way, Forever 21 stays open til 2am, and it pulled in $90M in its first six months. Of the 600 stores between Broadway and 7th and 42nd and 47th streets, only 23 are vacant. Ellen says area residents and employees have $1.1B of spending power, and $320M of it is being missed from the dip in food offerings (though we maintain M&M's are the fifth primary food group).
Marco Scatto at CBRE's Town Hall, 21st floor, 200 Park Ave., MetLife Building, on Jan. 18, 2012
We sat next to Geox Respira's Marco Scatto, whose business technology development director title looks way cooler on the Italian-language side of his business card: direttore ingegneria dei processi di business. He says e-commerce for his shoe brand needs to be a repetition of the store experience, but you can't "give away the store" online. Geox Respira does e-commerce in the US and is launching it globally. Interestingly, returns of online purchases are low, indicating that online Geox shoppers are return customers who already know the brand and their sizes.
 
Steve Abrams at CBRE's Town Hall, 21st floor, 200 Park Ave., MetLife Building, on Jan. 18, 2012
We also snapped Magnolia Bakery founder Steve Abrams. He owns seven stores in the US and is franchising abroad: Dubai, Qatar, Lebanon, Kuwait, Saudi Arabia, Russia, Malaysia, Mexico... there were more, but our brain exploded before our pen could catch up.

Bisnow
CHAMPION'S WINDOW ON NYC
 
Rich Galietti
Champion Architectural Window and Door sales manager Rich Galietti tells us the company has opened some new windows (of the aluminum, energy-efficient variety, their specialty). Power player Mike Lentin purchased the 62-year-old establishment in January 2011, and it has relocated to a 100k SF facility in Hauppauge. The company focuses on R&D, particularly for Manhattan's commercial market. Current jobs include a 17,000-window project in Luna Park, Brooklyn, which will last several years. They are also installing windows in the Hofstra University and Wagner College dorms over the next few summers. For more info on our sponsor, click here.

Bisnow
HEALTHCARE SCHMOOZERS
 
George Cafagno, Hans Schuurmans, and Frank Owens at The Roosevelt Hotel on Jan. 17, 2012
There are always more smiling faces at our events than we can fit into one issue. We covered the panelists from Bisnow's Healthcare Real Estate Summit last week, but we also snapped GJC Associates' George Carfagno, Fletcher Thompson's Hans Schuurmans, and Thompson Partners' Frank Owens. George tells us he's a recovering developer and for the past two years has been a development consultant, fixing broken deals and assisting those bold enough to get into new ones. He says the development market is thawing and select deals are getting financed and built, though there's still plenty of caution. 2012 will be the beginning of a slow US recovery, with Europe as a caveat. Hans tells us Fletcher Thompson is relocating its HQ from Shelton, Conn., to a historic building in Bridgeport. (Want your pic here? Join us for our New York Multifamily Summit Feb. 17.)
 
LinkedIn emailed us yesterday to tell us 91 of our connections switched jobs in 2011. What a year. Email amanda@bisnow.com
and amanda.metcalf@bisnow.com.
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