Market Research brought to you by RetailMLS, LLC

REBNY Retail Deal of the Year Awards 2013

06/12/2013
Published By: The Retail Report

Linkhttp://retailreport.com/featured-article/rebny-retail-deal-of-the-year-awards-2013

The Real Estate Board of New York (REBNY) hosts an annual Retail Deal of the Year Awards, held at Club 101 at 101 Park Avenue.  This years winners were CBRE’s David LaPierre for the “most ingenious and creative” award for the 30,000 SF in Times Square that he leased to Express, and SCG Retail’s Jacqueline Klinger and Chase Welles for the “most significant” prize for bringing Whole Foods to Harlem.  Jeff Sutton was the landlord for both deals.

 

The lease for Express was an interesting series of events. They had signed a lease for the long-vacant former ESPN Zone at 4 Times Square, but grew frustrated when the space wouldn’t be ready to open up their flagship this year.  With that in mind, David LaPierre offered the retailer the option to move into two parcels, 1552 and 1560 Broadway.  The space was ready, but it was much higher rent.  LaPierre was able to sell Express on the higher rent, while crafting other revenue streams for them to make up the difference.  LaPierre explained, “Things just happened to click, as with all good deals they do.”

As for the deal in Harlem, Welles and Klinger explained that it took years of waiting for Whole Foods to bite the bullet and sign the lease on 125th Street.  Eventually, they signed the lease and took 39,000 square feet.  “We kept talking them up there, and they kept saying ‘no.’”

REBNY president said, “These two coveted honors were awarded to brokers that showed their sophistication and creativity in getting these deals done. They have helped to reinvent the norm – thinking outside the box to overcome challenges while helping two major retailers continue to grow in New York.

[The Real Deal]

- See more at: http://retailreport.com/featured-article/rebny-retail-deal-of-the-year-awards-2013#sthash.SfAk4BYZ.dpuf

Release Date06/12/2013 - 07:00

Source

RetailMLS, LLC

Want more news about RetailMLS, LLC? Click here