|We snapped RKF's Jeremy Ezra, TIAA-CREF global director of acquisitions Kevin Waters, Newmark Knight Frank EVP Jeff Roseman, Brookfield Properties national director of leasing Ed Hogan, and Savanna managing partner Chris Schlank at an ICSC Next Generation event at The Roosevelt Hotel. Ed says retail is the front door of Manhattan office buildings, so he'll make a deal for the right retailer, which can swing office rental rates in the same building as much as $0.50/SF. Jeff says that's why ground-floor retail spots sometimes sit empty, as at the Hearst Building: Every ground-floor space dreams of Prince Retailer.)
|Kohn Architecture's Guy Kohn, GreenLogic Energy's Dan Malone, National Realty & Development Corp's Greg Oshins, and Levin Management's Alison Horbach. Chris says the worst thing you can do is make a tenant, especially a restaurant, pay more than it can handle and then have it struggle to make the business work. "I believe the world is round," he says, remembering his 1995 high-end residential development in the middle of nowhere (22nd Street and Eleventh Avenue) that rented ground-floor retail to galleries for $15/SF. Now, that space goes for $100/SF.
|After the event, we snapped view of the Chrysler Building looking east along 42nd Street from Grand Central. Never gets old, does it?