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Brookfield Property Partners, undeterred by the grim news about the city’s retail market, has acquired seven retail storefronts across four properties on Bleecker Street.
The four properties, 350, 367-369, 382-384 and 387 Bleecker St., total 24K SF. The prices were not made public, but the Wall Street Journal reports the firm paid $31.5M to New York REIT for the acquisitions. New York REIT paid almost $45M for them between 2010 and 2012.
“On Bleecker Street, we have a prime opportunity to help repopulate one of New York City’s most distinct retail corridors with new, innovative brands,” Brookfield Head of Retail Leasing Michael Goldban said in a release. The area has been plagued by retail vacancies, and Goldban told the WSJ Brookfield will use the area as a “testing ground.”
The subsidiary of Brookfield Asset Management wants to revitalize the shopping strip by creating an incubator where e-commerce stores can try out a brick-and-mortar space. Brookfield will also work with other landlords to formulate a vision for the future of the street.
“We have the comfort to experiment because we’re getting an attractive price,” Goldban told the WSJ.
Brookfield is planning to acquire mall owner GGP for $9.25B in cash. Brookfield Property Chairman Ric Clark told Bisnow last month that animating spaces is a key part of securing retail's future.
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