By: Don Driggers
Cushman & Wakefield have, an exclusive interview to The New York Post, recently declared, “We are totally back,” declared Steven Soutendijk, an executive managing director at Cushman & Wakefield.
“It’s like the city and the retailers have awakened,” said Jared Epstein, president and principal of Aurora Capital Associates. “We’ve had action on pretty much everything from Soho to the Meatpacking District, the West Village, Midtown and Brooklyn. There is apparel, food, fitness, health care and interest on every level with spaces filling up quickly.”
At Madison Avenue on the Upper East Side, two clients repped by Current Real Estate Advisors’ Brandon Charnas opened on the same block, according to The New York Post. The first, Something Navy, owned by Charnas’ wife, Arielle, is in 1055 Madison on the northeast corner of East 80th St. next door to Reformation, which sells reinvented vintage.
There’s just one 2,000 square-foot vacancy left in that building and then his other client Bandier, is open at the adjacent 1061 Madison. LoveShackFancy has an outpost across the street.
“Luxury as a category is on fire and that consumer isn’t affected at all by what is going on the market,” said Richard Hodos who recently joined JLL as vice chairman, Retail Brokerage, after 15 years with CBRE.
“Those who have a penchant for buying expensive handbags and shoes will keep buying.” That’s one reason luxury retailers are sniffing around Fifth Avenue again. “I expect Fifth Avenue to have a busy 2023,” Soutendijk said. Victoria’s Secret and its Pink store have reopened at 640 Fifth Ave. bringing life back to that block. Mango is open at 711 Fifth Ave. in the former Ralph Lauren space and Swarovski is hard at work transforming the interior of the Gap at 680 Fifth Ave. but will miss this holiday season. Aritzia signed on for 33,000 square feet on three levels at 608 Fifth in a former Topshop spot.
Hermès recently opened a flagship store location. Hermès has unveiled one of its largest flagships in the world at 706 Madison Ave., in New York’s tony shopping corridor. The magnificent garden-topped store occupies three buildings — two townhouses and a historic Bank of New York outpost, built in the federalist style — and offers unprecedented customer service, an array of handcrafted products, from an NYC-themed Kelly Mini bag to made-to-measure menswear, and plenty of Parisian savoir faire.
That’s one reason luxury retailers are sniffing around Fifth Avenue again. “I expect Fifth Avenue to have a busy 2023,” Soutendijk said to The New York Post. Victoria’s Secret and its Pink store have reopened at 640 Fifth Ave. bringing life back to that block. Mango is open at 711 Fifth Ave. in the former Ralph Lauren space and Swarovski is hard at work transforming the interior of the Gap at 680 Fifth Ave. but will miss this holiday season. Aritzia signed on for 33,000 square feet on three levels at 608 Fifth in a former Topshop spot.
