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Category ArchiveFred Posniak

T.J. Maxx Grows on West 57th Street

T.J. Maxx is expanding on West 57th Street near Columbus Circle.

The discount retailer extended its lease at 250 West 57th Street and added 19,000 square feet on the fourth floor, Empire State Realty Trust revealed in its first-quarter report published yesterday, bringing its square footage in the building to 47,000. T.J. Maxx will pay $1.9 million annually, or $40 a square foot, according to the report. The retail chain extended its lease for another 12 years and has been in the building since 2010, an ESRT spokeswoman told Commercial Observer.

Joanne Podell and Mary Clayton of Cushman & Wakefield represented ESRT, along with Fred Posniak and Shanae Ursini in-house. Peter Ripka, Andrew Mandell and Richard Skulnik of Ripco Real Estate handled the deal on behalf of T.J. Maxx. Spokespeople for both brokerages didn’t immediately respond to requests for comment.

The Real Deal was the first to write about the lease.

The real estate investment trust has done a brisk leasing business recently at the building on West 57th Street between Broadway and Eighth Avenue. Music management firm RZO inked a deal last week to consolidate its space in the building and move to 12,600 square feet on the entire 23rd floor, CO reported. The American Society for Composers, Authors and Publishers took 85,400 square feet there last October, and Universal Music Group leased a full floor there in November.  

Source: commercial

Video: Pop Damn! How Pop-Ups Are a Year-Long Phenomenon

It’s not just for the holiday season. Love ’em or hate ’em, pop-ups are here to stay. Retail Details looks at why they’re advantageous for tenants and landlords. We check in with Los Angeles’ jewelry retailer Vrai & Oro as they build out a space that they got on Mott Street via Appear Here.

Source: commercial

Retail Details: Live From MAPIC

What’s the problem with retail? What are retailers doing to help themselves in this cruddy climate? Are international retailers interested in the U.S.?

Those were the questions on our mind when Commercial Observer traveled to the south of France, last month, to attend the MAPIC conference on retail.

We sat with some of the best brokers in the business and asked their thoughts — here’s what they had to say.

Source: commercial

MAPIC 2017: Retail Headwinds Can’t Cloud the Vibe in Sunny Cannes

At this year’s MAPIC in Cannes, France, there was a mix of concern as well as optimism.

Fred Posniak of Empire State Realty Trust told Commercial Observer that there was “no doom-and-gloom” vibe at the international retail property trade show—and if attendance at MAPIC was any indication, things aren’t so bad. This year’s attendance was up 100 people to roughly 8,500 participants from 2016, according to MAPIC Director Nathalie Depetro. Like last year, attendees hailed from 260 countries around the world.

In New York City specifically, deals are starting up again after a dry spell, as evidenced by the recent transactions involving Levi’s, which is moving its Times Square store to a new 17,250-square-foot location at 1535 Broadway, and Vans, which agreed to take 8,573 square feet for its second Manhattan location at 530 Fifth Avenue.

“I think there is momentum,” said Lee Block of Winick Realty Group.

Still, in order to get deals done, tenant rep Virginia Pittarelli of Crown Retail Services said that “for the right kinds of tenants across the board, all landlords are being creative because of the abundance of space.” That means more tenant improvement allowances and less traditionally structured terms, such as lower base rents plus percentage rents (as in percentage of retailers’ sales).

And landlords have also been more open to doing pop-up deals, according to Cushman & Wakefield‘s David Gorelick.

But there is no arguing that there are issues facing retailers in the U.S., with department stores cited as a serious case in point.

“I see department stores going in a downward spiral,” said Salvatore Ferrigno of Newmark Knight Frank. As many have noted, “the writing is on the wall” for department stores and they “have to evolve,” said C&W’s Gene Spieglman.

The same applies to individual retail brands. Brookfield Property PartnersMark Kostic said it is “important for each store to be relevant,” while Robin Abrams of Eastern Consolidated advised that retailers need to key in on their vibe and brand, among other things.

But the retail situation isn’t as grim internationally, according to one market watchdog. While the U.S. is experiencing a “collapse [in] retail activity,” the downturn is “less dramatic” in other countries,  said Mohamed Haouache, the founder of online short-term retail leasing platform Storefront.

Source: commercial