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Category ArchiveMark Kostic

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

Untuckit Menswear Label Arriving, With Subway Tile Mosaic, at Brookfield Place

Menswear label Untuckit, the company sells high-end shirts that are designed to be worn untucked, is heading to Brookfield Place in late November, Commercial Observer has learned. The location is one of three opening next month. The others are at 103 Fifth Avenue and 488 Madison Avenue.

The company has signed a 10-year lease for 2,370 square feet on the second floor of Brookfield Place’s retail courtyard, between Cos Bar and the men’s Club Monaco, according to a spokesman for Brookfield Property Partners, the owner of Brookfield Place. It will include a unique mosaic comprised of subway tiles on one of the walls as well as a lounge area, an Untuckit spokeswoman said. Brookfield declined to provide the asking rent at the building, which has an address of 230 Vesey Street.

“As we have been rapidly expanding our retail footprint with 20 new locations nationwide this year, we are particularly excited about the three new stores opening in New York City next month,” Chris Riccobono, the founder and executive chairman of Untuckit, said in prepared remarks. “Since we are headquartered in New York, it made sense to have a strong presence here. Brookfield Place is the height of luxury retail, and its Lower Manhattan location offers accessibility for customers from around the city and New Jersey.”

Untuckit’s existing New York City store is at 129 Prince Street.

Cushman & Wakefield’s Michael O’NeillTaylor Reynolds and Jason Greenstone represented Untuckit in the deal and Michael Goldban and Mark Kostic brokered the deal for Brookfield in-house. A spokesman for C&W didn’t respond with a comment.

“This emerging brand perfectly complements our men’s retail collection and the overall fashion-forward presence at Brookfield,” Goldban said in a statement.

Source: commercial

David Chang Opening a Fuku in Brookfield Place After Tapping New Chef for Brand

Momofuku chef and restaurateur David Chang is bringing his fast-casual fried chicken chain Fuku to Brookfield Place, Commercial Observer has learned. The opening comes a month after the appointment of Stephanie Abrams, most recently a co-executive chef at Rotisserie Georgette in Manhattan, as the new chef for the Fuku brand.

In early December, Fuku will open in the food hall Hudson Eats, taking space formerly occupied by Little Muenster, according to a spokesman for the property’s landlord, Brookfield Property Partners.

Chang signed a seven-year deal for 672 square feet in the food hall at 200 Vesey Street between West Street and North End Avenue. Brookfield declined to provide the asking rent. This is Fuku’s fourth storefront in the city.

“We first opened Fuku as a fried chicken sandwich shop in the East Village in a space that has served as Momofuku’s unofficial incubator,” Chang said in prepared remarks. “It housed the original [Momofuku] Noodle Bar and [Momofuku] Ko before Fuku. At the time of opening, I don’t think we knew that Fuku would be a concept we would grow beyond that first storefront. Since then, we’ve opened a few more locations, including at major sports arenas. When the opportunity to join Hudson Eats at Brookfield Place, we knew that we wanted to be a part of the collection.”

hudson eats inside brookfield place photo brookfield property partners David Chang Opening a Fuku in Brookfield Place After Tapping New Chef for Brand
Inside Hudson Eats in Brookfield Place. Photo: Brookfield Property Partners

RKF’s Spencer Levy represented Chang in the deal and Michael Goldban and Mark Kostic worked on behalf of Brookfield in-house.

“Hudson Eats continues to evolve and keep things fresh and interesting for the community,” Kostic said in a statement. “We are excited to welcome David Chang to the property and have every confidence that our visitors will be as impressed as we are with his offerings.”

Little Muenster opened in Hudson Eats in June 2014, and closed this summer after Brookfield let the company out of its lease, the Brookfield spokesman said. A representative for Little Muenster didn’t immediately respond to a request for comment.

This summer, the third—and largest—Fuku opened at 110 Wall Street, serving a wider menu with salad and bowls.

The two Downtown Fuku’s won’t cannibalize each other, the brand’s broker said.

“It really just made sense,” Levy said in a statement. “Augmenting the already successful food hall at Brookfield Place with a brand equally as popular as Fuku is a win-win for everyone. In terms of locations, every Fuku has a unique twist and 110 Wall Street and Brookfield are really in two distinctly different markets with a different customer base. Hey, now Fuku has views of both rivers!”

The menu at Hudson Eats Fuku will be similar to the one on Wall Street, changing with the seasons, a spokeswoman for Chang said.

“Fuku was started with a menu of only three food menu items, but we’ve learned that our guests want options for every day of the week—not just spicy fried chicken sandwiches,” Chang stated. “As the concept continues to expand, I’m excited to have [Abrams] on board to lead the culinary team and bring new ideas and flavors to Fuku.”

Chang’s brands are proliferating the city. Last month, he signed a lease for a 4,000-square-foot Momofuku Noodle Bar on the third floor of the Time Warner Center.

Source: commercial

Sant Ambroeus Opening Fourth Italian Eatery in NYC at Brookfield Place

Source: commercial

Peloton Popping Up at Brookfield Place

High-energy indoor cycling company, Peloton, which just closed a $325 million series E financing round, has signed a deal for a pop-up micro-store at Brookfield Place, Commercial Observer has learned.

Peloton will sell its signature bikes (sorry, there will be no classes!) out of a 300-square-foot glass-enclosed store in the inner courtyard of Brookfield Place, which is at 230 Vesey Street, facing the marina, according to information provided by the landlord, Brookfield Property Partners.

The hot fitness brand’s store will open in June for six months, Brookfield’s spokesman indicated. It is space Blackberry previously leased for the same amount of time. Brookfield declined to provide the rent.

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Brookfield Place. Photo: Celeste Sloman/ for Commercial Observer

“Brookfield Place is the ideal location for us to launch our new retail format,” said Tim Shannehan, chief revenue officer of Peloton, in a prepared statement. “Sitting in our hometown of New York City, it delivers the perfect audience mix of working professionals and young families in Battery Park, Financial District and Tribeca.”

RKF’s Jeremy Ezra represented Peloton in the deal and Brookfield’s Mark Kostic represented the landlord in-house. Ezra didn’t respond to a request for comment.

Yesterday, the billion-dollar Peloton, announced the closing of a $325 million series E financing round.

Peloton Founder and Chief Executive Officer John Foley said in the release: “We are changing the way people engage in fitness. This financing will allow us to expand our product and content offerings, open new showrooms across the country, and continue to innovate the experience we offer our members at every touchpoint.”

Source: commercial