Nordstrom Tower Fueling Vacancies As Landlords Hold Off Renting

Photo credit: Extell

Over a dozen storefronts are sitting vacant along Broadway between Times Square and Central Park, in what looks like a case of landlords waiting to rent until several high-profile developments come online in the area.

Three new projects by Extell will bring hundreds of residential units and new shoppers to the area, raising rents in the process. Right now 13 storefronts are sitting empty along that stretch of Broadway, DNAInfo reports.

Those upcoming projects include a 61-story hotel-condo building, a 29-story residential building and the 1,550-foot Central Park Tower, also known as Nordstrom's Tower after its anchor retail tenant. The building, scheduled to open in 2019, would've been the tallest in the Western Hemisphere, until Extell dropped plans to include a large spire on top. 

Manhattan borough president Gale Brewer tells DNAInfo “when you have a large store like Nordstrom coming, the owners nearby are holding out to see what could successfully compete.”

Legally there’s nothing locals can do to force landlords to rent out the storefronts, despite the fact “it’s a deterrent to pedestrian traffic” and “it’s a killer for the businesses that remain there,” Gale continued.

Kelly Gedinsky, a broker with Winick Realty Group, has already begun advertising rental space in 3 Columbus Circle as “across from Nordstrom.” [DNA]

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's New York Newsletters
Related Stories

Federal Government To Sell Nearly 31K SF In Five Points: The Denver Deal Sheet

Avison Young Had Assets Frozen By Bank Over Unpaid Taxes

Artificial Intelligence Companies Reshaping Dublin Office Demand As OpenAI Confirms HQ

Mars Factory Overhaul Stalls As Candymaker's Chicago Expansion Accelerates

Camden Property Trust Sells West Coast Portfolio, Clears $1.5B Target

How Long Island Projects Can Cut Through Red Tape And Community Opposition To Cross The Finish Line

Empire State Building Observation Deck Hemorrhaging Visitors, Value

Cortland, Pulte, INVH, Walker & Dunlop Execs Talk Changing Demographics, AI

America's War Machine Is Growing, Sparking A Defense Real Estate Boom

Boca Raton's New Leaders Throwing 'All Kinds Of Curveballs' At Developers

Slate, Hudson Cos. Picked To Develop Massive Queens Housing Project

BXP's 343 Madison Lands $1.2B Loan, Nears Deal With Equity Partner