Retail re-do at Empire State Building
The world’s most famous skyscraper is undertaking the first gut rehab of all its retail space since it opened its doors in 1931.
New York’s Empire State Building will be re-marketing some 50,000 sq. ft. of retail space, perhaps the most it has ever had available at one time, according to a report on Bloomberg.com.
Skyrocketing retail rents have forced many shops and eateries to abandon Manhattan, leaving scattered holes in the grid at street level. Rents are now dropping in the Herald Square area, as they will at the Empire State Building, whose main incomes stream comes from the 4 million tourists who visit its observation deck annually.
Joanne Podell, executive VP of retail services at Cushman & Wakefield, leasing agent for property, feels the Empire State has an advantage.
“Tenants that are in the market looking for a location with high density along a shopping corridor, I would think they would make this one of their priorities,” Podell said.
Empire State Realty Trust collected just $5.6 million in retail rents last year, down from $7.2 million in 2016.
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New York’s Empire State Building will be re-marketing some 50,000 sq. ft. of retail space, perhaps the most it has ever had available at one time, according to a report on Bloomberg.com.
Skyrocketing retail rents have forced many shops and eateries to abandon Manhattan, leaving scattered holes in the grid at street level. Rents are now dropping in the Herald Square area, as they will at the Empire State Building, whose main incomes stream comes from the 4 million tourists who visit its observation deck annually.
Joanne Podell, executive VP of retail services at Cushman & Wakefield, leasing agent for property, feels the Empire State has an advantage.
“Tenants that are in the market looking for a location with high density along a shopping corridor, I would think they would make this one of their priorities,” Podell said.
Empire State Realty Trust collected just $5.6 million in retail rents last year, down from $7.2 million in 2016.
Click here for more.