Shake Your Retail Feather
Want to get a jump start on upcoming deals? Meet the major New York City players at one of our upcoming events!
|“We live in a cocoon,” said Robert K Futterman & Associates chairman Robert Futterman, who moderated yesterday’s NAIOP NYC “Unearthing Opportunity in Retail” event at Haworth’s Park Ave showroom. He pointed to pick-ups in leasing, absorption, and sales volume. Despite the icy weather, over 100 people trudged in to hear about the hot sector from Related Hudson Yards prez Jay Cross, Madison Capital managing partner Richard Wagman, and Crown Aquisitions COO Brittany Bragg (pictured). As a retailer, New York needs to be on the top of your list if you want to be global, Brittany says. You also need to be creative about how you treat your retail, Richard adds. The result? A market where the Forever 21 bargains live in harmony with the high-brow Louis Vuittons.|
|The trio, seen here with Robert (second from right) and NAIOP’s NYC leadership, talked about their projects and acquisitions, including Related’s Hudson Yards (an underserved neighborhood with a lot of disposable income), Crown’s 666 Fifth Avenue (driven by traffic, tourism, and a diverse economy), and Madison Capital’s 100 Broadway (an exciting FiDi corridor that continues to change). Part of Related’s success is staying in front of evolving markets—Columbus Circle, home to its Time Warner Center, is now abuzz with residential development and Fordham’s expansion, Jay points out. Lenders have returned to the market, albeit moreconservatively, and rents are beginning to rebound, some at orabove pre-recession prices, Brittany notes.|