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Category ArchiveFaith Hope Consolo

Barneys Shuttering Upper West Side Store After More Than a Decade

Barneys New York is closing its Upper West Side store store on Feb. 18, a company spokeswoman confirmed to Commercial Observer.

“Barneys New York has enjoyed serving the community on the Upper West Side for over a decade. We sincerely appreciate the loyalty of our customers, and we look forward to continuing to serve them at our Madison, Downtown and Brooklyn locations,” the spokeswoman emailed.

West Side Rag first reported the news on Feb. 2 based on information provided by a manager.

The roughly 10,000-square-foot clothing store, which is on the ground and lower levels at 2151 Broadway between West 75th and West 76th Streets, opened in 2004, according to retail broker Faith Hope Consolo of Douglas Elliman Real Estate, who represented the landlord in the original lease negotiations with Barneys. The space underwent a renovation in July 2013, which included rebranding it from a Co-op store—selling lower-price fashion—to a Barneys New York. (The company has converted Co-ops stores to Barneys New York shops.) The lease is slated to expire at the end of 2023, according to CoStar Group.

Once it shutters, there will be two remaining Barneys stores in Manhattan: one at 660 Madison Avenue between East 60th and East 61st Streets and one at 101 Seventh Avenue between West 16th and West 17th Streets.

“This is a big loss for the Upper West Side,” Consolo said. The deal was unique at the time as most retailers were focused on Columbus Avenue, but Barneys took a Broadway space.

Broker John Brod, a partner at ABS Partners Real Estate, said the news is of no surprise.

“Customers can go on line at Bonobos, UNTUCKit, Allbirds, Amazon, Suitsupply and manufacturers’ own online e-commerce store to purchase the same merchandise so the need for Barneys to have a brick-and-mortar presence has past,” Brod emailed. “Specifically, Barneys is a multi-brand retailer and as such the need for a second store in a secondary market becomes redundant in today’s retail and shopping environment. The issues are further challenged by the general state of retail in this area—note that Sephora has opted to downsize from their 2162 Broadway location—they passed on their right to renew. Moreover, Anthropology who was negotiating to replace Sephora here after many months of negotiation, decided not to proceed. Additionally Eastern Mountain Sports vacated this area [at 2152 Broadway] as well. The fact is there is a very limited demand for large flagships in both primary and secondary markets. Clearly the Upper West Side is a secondary market.”

The market and neighborhood combined to hurt Barneys.

“Barneys closing is a reflection of the current market,” said SCG Retail Partner David Firestein. “With that said, they were never right for the neighborhood, in the mid 70s. A better fit would have been closer to Lincoln Center, near Century 21.”

And the popularity of online food shopping has impacted the area, including Barneys.

“That stretch of Broadway has always been local, and much of its traffic from shoppers that live or work outside the market area was based on the food anchors—Citerella, Fairway and Zabars—all on the west side of Broadway in a seven-block stretch,” said Robin Abrams, a vice president at Eastern Consolidated. “Once it became possible to get fresh produce and a wide array of prepared foods at the various Whole Foods [stores], Fairway’s other locations and a variety of other competitors, the pedestrian traffic on Broadway diminished. Now the retailers on Broadway must be strong to cater to local traffic, and even stronger if they are to pull from a broader customer base.”

Source: commercial

Super Fi Emporium Opening Second East Harlem Supermarket

Super Fi Emporium is opening its second full-service supermarket in East Harlem, Commercial Observer has learned, after spending $10 million on a commercial unit yesterday.

The new market will span the entire 12,750 square feet of ground-floor retail space at HAP Investment’s new 2211 Third Avenue at the corner of East 121st Street. The market is participating in the city’s Food Retail Expansion to Support Health, or FRESH, program that provides savings to owners and increases the availability of affordable, healthy food options in areas of high need.

“We are thrilled to be the retail tenant at 2211 Third Avenue,” Anthony Reynoso, one of the owners of SuperFi Emporium, said in a statement. “2211 Third Avenue is a great addition to the area, and we look forward to being the go-to supermarket for the tenant community as well as the rest of the East Harlem neighborhood.”

Super Fi has a location 1635 Lexington Avenue between East 103rd and East 104th Streets which it reopened in June 2013, also via the FRESH program.

Douglas Elliman Faith Hope Consolo and Arthur Maglio represented both sides in the deal, and is working on another deal for Super Fi Emporium in Harlem. “They believe in Harlem,” Consolo said. “For East Harlem, this is a nice push. Harlem needs the same options in food that is all over the city.” The new market will open in spring 2018.

HAP hosted a ribbon cutting and opening ceremony for the completion of the 108-unit building, known as Hap Ten, on Nov. 7. It was designed by Fischer + Makooi Architects.

“With the addition of SuperFi Emporium, we are certain the building will be the most sought after rental destination in East Harlem,” Eran Polack, the chief executive officer of HAP Investments, said in a prepared statement.

Monthly residential rents at 2211 Third Avenue range from $2,100 for a studio to $3,750 for a two-bedroom, according to information provided by HAP. The building features doormen, elevator, fitness center, roof-deck, terraces, private storage, bike room, on-site parking and in-unit washers/dryers.

“This is a win-win for Harlem and it’s a win-win for [Super Fi],” Consolo said. “And it’s a wonderful amenity for the building.”

HAP Investments acquired 2211 Third Avenue, 214 East 121st Street and 216 East 121st Street from Tahl-Propp Equities in May 2014 for $13 million, according to property records.


Source: commercial

ICSC ’17: Hot Takes From Retail Experts

Retail pooh-bahs get straight to the nitty gritty about the state of retail with Commercial Observer at this year’s International Council of Shopping Center‘s RECon event in Las Vegas last month.


Source: commercial

ICSC ’17: The Experts Weigh In

What are the retailers that are going to survive this new retail apocalypse? (Short answer: Food.) What are the big concerns in the retail market? What could a savvy brand do to compete?

These are the questions that Commercial Observer asked a gaggle of retail pros at ICSC this week, including everyone from Appear Here’s Ross Bailey (starting at the 43 second mark) to Geoff Bailey of SCG (0:34), to C. Bradley Mendelson of Colliers (1:49), to Jason Pruger of Newmark Knight Frank (3:37).

The answers were interesting. Meridian’s David Schechtman believes that the space is as much a factor as whatever brand is being hocked in the store. (Starting at the 1:01 mark.) Adaptation is a big issue (see Jedd Nero of Avison Young at the 1:34 mark.) As is the general dreariness and inertia in the air (Cushman & Wakefield’s Joanne Podell has some thoughts on this at the 2:08 mark, along with Schechtman.) And David Rabinov of Ackman-Ziff has concerns about the market becoming over-leveraged (2:15)

The answers to a lot of these problems are what one might expect. Faith Hope Consolo of Douglas Elliman’s advice: Do everything. (4:08) Embrace digital, says RKF’s Robert Futterman (4:23) and step up every aspect of your game. Be more experiential. But don’t take our word for it. Watch!


Source: commercial