What Manhattan Has That They Don't

This morning at the MetLife Building, we snapped CBRE's David LaPierre and Andrew Goldberg (one naughty, one nice). Andrew says the retailers planting global flagships in Manhattan are driving retail investment sales price growth at a faster pace than in other markets. In Times Square, David says, leasing a building's signage and retail space to the same tenant (as opposed to leasing it to signage biz operators) helps the landlord monetize the signage better by attaching it to a credit tenant, he says. Many retailers, in turn, are selling minutes on those signs to non-competitors to decrease occupancy costs.

Richard Hodos (left, whom we snapped with Travis Yuengst and Susan Kurland) says a look at former WTC retail tenants (J. Crew and Victoria's Secret) hints at which retailers would be interested in the secretive Westfield's block (opening in '15) in the new WTC. No leases have been signed, Richard says, but Apple has been in the press, and the name Tiffany was thrown around. (Then again, that name always gets hinted at during the holiday season.) He adds that there are multiple LOIs for each space there. The nearby Brookfield Place's retail offerings, meanwhile, are almost fully leased and will start opening in a year.

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