Cushman veterans exit to form ‘new age’ retail brokerage
The Cushman & Wakefield brokers who helped Restoration Hardware and Showfields forge a new era in experiential retail in New York City have left the firm to cultivate the trend within their own company.
Called Retail by M0NA, the venture aims to help retailers institute a “new retail paradigm” while taking advantage of tremendous value in the nation’s largest retail market. Average retail rents in New York fell to $688 per square foot in the second quarter, according to CBRE. It was the 11th consecutive quarterly decline and the first time since 2011 that prices dropped below $700.
“We have prominent institutional backing and will build on our vast experience to advise and assist companies and brands to achieve success in an increasingly disrupted and reshaped retail landscape,” said Brandon Singer, the top 10 Cushman & Wakefield retail broker who co-founded Retail by MONA with Cushman colleague Michael Cody and serves as its CEO.
“MONA is an acronym for ‘making of a new age,’ drawing inspiration from the famed Mona Lisa to drive the renaissance of retail in New York City,” Singer said.
Retail by MONA will handle landlords, as well. In the past, the team has represented large investors such as Blackstone, RFR Holding, and Madison Capital.
"Streetscapes and shopping corridors in major cities around the world are dealing with vast changes at an ever-increasing pace. Retail has changed drastically, and brick and mortar retail must continue to change with it," Singer said.