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New York Commercial Real Estate

Times Square South: No Space To Spare

Handler Real Estate Org CEO Scott Galin tells us his firm's Times Square South/Fashion District portfolio is effectively fully leased. The veteran retail pro--Handler also does tenant and landlord leasing around the city--has witnessed the submarket's evolution firsthand, starting with Times Square's transformation in the '90s. Times Square South, once a Monday-to-Friday neighborhood, now is driven around the clock by residential, restaurants, and especially hotels. And Scott says a lot of restaurants seem to be looking for space. The trophy retail space at Handler's 561 Seventh Ave (at 40th Street on Times Square), for instance, drew more food offers than any other tenant type. The winner: London's Wasabi sushi is opening a NYC flagship this summer.

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