Real Estate Buzz: NYC’s Downtown Neighborhoods Offer New Prime Retail & Office Space Opportunities
Downtown Manhattan landlords are the latest keepers of prime space as new development brings big-name retailers, and local business back to the area. In the wake of 9/11, efforts revitalize lower Manhattan culminated last November with the opening of the new Fulton Center at Broadway and Fulton streets. Connecting nine train lines, Fulton Center features approximately 60,000 square footage dedicated to office and retail space.
As a retail expert in the leasing arena, Gayle Bangalan, Director of Sales at International Properties Group advises that the time to lease is now for anyone interested in the downtown Manhattan market.
“If you’re looking to rent in the area, it’s best to lock in your lease for the next 10 – 15 years right away,” she said. “Retailers located within close proximity to Fulton Center will reap the benefits of high foot traffic on a daily basis. All indicators show that rents will skyrocket as the populations grows downtown.”
With insider’s knowledge of Manhattan’s real estate scene, Bangalan keeps a list of desirable on-market locations that offer unique advantages for expanding retailers that may have their eye on the neighborhood.
“For the right tenant, I know of several prime locations that are especially a good fit for retailers looking to open their second or third location.” Bangalan said. “It’s a great opportunity for potential retail tenants that are already operating in a comparable square footage. However, there are always exceptions, especially for businesses that have outgrown their current space.”
Big names that will have a presence downtown include Condé-Nast, Salvatore Ferragamo, Burberry, Hermès, Diane von Furstenberg, Zara and Urban Outfitters.
For investors, the downtown market also appeals to their radar. “This is a great investment opportunity for people with capital. You never know when an owner is interested in selling,” Bangalan said.