News
COST-CONSCIOUS BRONX & WESTCHESTER
February 19, 2010
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| Westchester and Bronx retail is trending toward cost-conscious companies like dollar stores, affordable fashion, fast food, and budget communications. NAI Friedland Realty brokers Lou Klein, David Scotto, Joan Simon, Robin Herko, Steve Lorenzo, and Rick Stassa tell us smart, opportunistic tenants are expanding. (The firm’s been behind deals like Walgreens’ 20-year, 7.5k-SF lease at 1800 Williamsbridge Rd., Bronx, and two new Yonkers and Scarsdale stores. Other recent tenant clients: Key Foods, MetroPCS, IHOP, and Verizon FiOS.) Landlords need to partner with the retailers and be flexible, they say, as the Internet is driving retail and not as many people are spending money. These trends have led to smaller deals, but more of them. |
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| On Westchester, Bronx, and Rockland’s industrial side, asking prices fell 20% and landlords are offering more concessions, says Steve Kornspun (second from left, with Jeffrey Clinton, Andrew Grossman, and Alan Zucco); Rockland’s best industrial park now commands $4.25 PSF for flex space, versus the $15 it once did. The team did a few over-40k-SF deals last year and many smaller as businesses contracted, but say the majority were in the one-to-three year range versus three-to-five; biz owners hope to grow as the economy improves, and don’t want to be tied to a smaller space. Overall, they say, the Bronx is still a good bet, with less density than Queens or Brooklyn and bridge accessibility. Towards Mount Vernon and Westchester, you’ll find a 20% discount from NYC. |
