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New York
Eastern Consolidated's David Schechtman, Adelaide Polsinelli, and Alan Miller
NYC retail investment is so strong that we’re seeing more buildings with a retail edge, we learned from Eastern Consolidated senior director Adelaide Polsinelli, whom we met with executive managing directors David Schechtman and Alan Miller. Here's why: Strong tourism, a critical residential mass, and most retailers (particularly international ones) want a Manhattan foothold, even if a certain store isn’t profitable.
But there’s still not enough deals for hungry investors, says Alan. They’re even snapping up development sites at high prices, anticipating retail to bolster the investment. SoHo, above, is “off the charts” in foot traffic, he says (someone should invent jeans that have turning signals), while Meatpacking District pricing often exceeds ’07 levels. Other contenders: East Village, Times Square, Bowery corridor, West Chelsea, Flatiron, and Park Avenue South.
75 Smith St, Brooklyn
David gave us this exclusive: The retail condo at 295 Atlantic Ave, Brooklyn—at the base of the Smith Condominium and NuHotel—just signed for $5.7M. Consequently, the team picked up the exclusive for the balance of the occupied retail and parking garage, as well as the building’s vacant community facility space fronting Smith Street. Expected to hit the market in the next few days, the offering (aka 75 Smith St, above) is asking $4.1M.
ICSC RECon 2012 Monday keynote
Alan and Adelaide sent us a report from ICSC: “optimistic and energetic.” (Yes, we have our own reporters on the ground, but we can't be everywhere.) Business is being conducted from pool side to hotel lobbies. In fact, it’s the most well-attended RECon Alan has seen in the past seven or eight years—a real who’s who of NY industry folks, including retail brokerage, financing and investment sales arms. Can you pick them out of this crowd of 1,200?