| Large deals are few and far between in New York's retail market, according to CoStar's latest data. Sales activity remains sluggish, with deal volume through August this year in line with the first eight months of ‘09. (Is there a harsher insult nowadays than "in line with '09?) But with little financing available, the market has been restricted to mostly cash buyers. Top sales this year have included The Related Cos.' acquisition of 50k SF of retail space at 1425 Second Ave. for $500/SF ($25M), while the 6.1k SF of retail space at 1043 Madison Ave. sold for nearly $2.8k/SF. The largest deal has been Thor Equities' buy of the Takashimaya Building on Fifth—$140M. The new owner plans to renovate the retail/office property with the goal of attracting a flagship retailer. Since retail pricing began to correct before other core property types, it wouldn't be surprising to see more sales activity later this year; investors may be ready to take advantage of the overall improvement of the local and national economy. |
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