News
RETAIL! INVESTING! EATING!
January 28, 2009
| New York City retail is cooling as soft holiday sale results sink in; they account for as much as 40% of business. For more on the outlook, we visited CBRE vet Gary Trock in his Met Life office. |
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| Now's the time for brokers to get back to basics by repositioning, advising clients, and negotiating with landlords, Gary told us. There are glimmers of hope: New York still attracts international visitors and investors , and projects with shovels in the ground will go forward. Although fringe markets will hurt, prime spots will perform well. And there will be investment opportunities, with so much money on the sidelines not bidding up prices. |
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| And then there's the anomaly of the Hamptons, or as some call it, the Sixth Borough. Gary recently arranged a 4,600-SF J. Crew lease on behalf of landlord Roxy Central at 14 Main St. in East Hampton (architectural rendering above)—and the retailer paid close to the $250 SF asking rent. Despite being off-season, Gary tells us that luxury brands still want flagship stores. |
