CBRE Group, Inc. has been retained to market for lease the entire ground-floor and lower-level retail box at The Moinian Group’s development at 605 West 42nd Street.
The CBRE Retail team of Michael Kadosh, Lon Rubackin, Eric Gelber and Jesse Wolff will market the 70,000 s/f retail space. 605 West 42nd Street will occupy the entire block front on 11th Avenue between 42nd and 43rd streets. This space is at the center of The New West Side, one of Manhattan’s fastest-growing residential markets.
The development is within walking distance of Times Square, Hudson Yards and Hell’s Kitchen and is Manhattan’s largest residential building (by units) under development, with 1,174 luxury rental units. The developers expect a minimum of 2,000 residents in the building.
“This is a truly remarkable development with a spectacular and unique retail space,” said Kadosh. “With more than 65,000 residential units in the immediate area, and more than 4,000 apartments on 42nd Street between Eleventh and Twelfth avenues alone, the development offers unique exposure and a tremendous branding opportunity.”
The retail space has 30-foot ceiling heights and parking is available in the building.
CBRE’s high profile assignment comes as retail experts report that stores are increasingly looking to have a hand in shaping the City’s shopping landscape in order to drum up excitement around their growing brands.
In it’s most recent report, the Real Estate Board of New York found that tourism, proximity to major attractions and transportation, and retailers’ desire to situate their luxury and global brands in elite, high-traffic areas drove retail rents up along 13 of 17 Manhattan shopping corridors.
Notable activity over the past year included the announcements of Saks Fifth Avenue’s move to Lower Manhattan, Amazon’s lease for its first ever brick-and-mortar retail space along West 34th Street, Nordstrom’s new store at the future 225 West 57th Street, and Neiman Marcus’s first New York City store coming to Hudson Yards.
The deals are considered the product of companies wanting to be a part of the changing city in general and leaving their particular mark on its retail environment.
“The city’s leading retail brokers who comprise our retail advisory group also tell us that retailers are increasingly looking to have a hand in shaping the City’s vibrant retail landscape in order to drum up excitement around their growing brands,” said REBNY president Spinola.