Mogull Realty and Brookfield Place

 New York Post, Tuesday, December 4, 2012 nypost.com 43 By LOIS WEISS W HILE the Me at pa cking Distr ict curr entl ys uf - fe rs fr om al ack of re ta il av ailabilities, ne wd ev el- opments will soon ease tha tp re ss ur e. Ov er fo ur million visit or s wa lk ed the High Line pa rk tha t no ws tr et ches fr om Ganse vo ort St . to 30th St .i nC helsea with am ajor entr anc eo n1 4th St re et. While few wa lk er ss eemed to do mor e than windo ws hop the priciest Me at pa cking fa shion ou tlets, the App le st or ea tN inth Av e. is al wa ys pa ck ed and re st aur ants, hot els and nightlif eo ut lets ar eb ooming. St or es lik eA lic e&O li via, Jo ie , Pa ta go nia and lululemon ar ea lso tr ansf orming the ar ea int oam or e- af fo rd ab le co nt empor ary mar ke t. Despit et he ar ea’ sd esir abilit y, the lack of av ailabilit yh as bumped re nts do wn an av er ag eo f1 1p er- ce nt, ye ar-o ve r- ye ar ,t o$ 325 af oot, ac co rd ing to the la te st fa ll Re al Est at eB oa rd of Ne wY or kr eport. Ne wa nd re de ve loped building s ar ep lanned along Wa shingt on St . sou th of 14 th St .n ear the upc om- ing Whitne yM useum of Ameri- ca nA rt by de ve loper si ncluding Jo seph Si tt ,A ur or aC apit al LL C and Ta co nic In ve stme nt Pa rtne rs LL C. Ta rg et ed re de ve lopment is also pl anned fo rt he we st ern end of the 14 th to 15 th St re et bl ock - fr ont under the High Line at 10 th Av e. by Re al Est at eE quities Co rp . To the east, Th eM ilk Build- ing, with its of fi ce lobb ya t4 50 W. 15 th St ., runs sou th to W. 14 th St . wh er er et ailer Je ff re yi sl oca te d. Th eb uilding is cr ea ting ne wr et ail sp ac eo ut of lo ad ing docks on W. 14 th St .D ouglas Harmon and Ad am Spies of East dil Secur ed ar e mar ke ting Milk wh ich co uld sell fo ra ro und $300 million. On tha t north side of W. 14 th St ., the fo r- mer 2, 000-squar e-f oot DDCLab st or ea t4 27 W. 14 th St .i sa lso fo rr ent thr ough Michael Leif er of Millennium Re alt y. Jo seph Si tt ’s Th or Eq uities is in co ntr act fo r4 30 W. 14 th St .T he seller ,R on Bur kle ’s Yu caip aC os., also co ntr ols te nant Sc oop ,w hich will lik el yd ow nsiz e to mak er oom fo rn ew te nants. Ho gs &H eif er s, the ro wd y Me at pa cking ba rw her eb ar- dancing ce le bs oft en to ss of ft heir br as, is also ex pect ed to mo ve to mak ew ay fo ram or eg ent eel te n- ant pa ying mor er ent. Th eb uild- ing wa sa lso mar ke te db yH armon and Spies of East dil. Ac ro ss fr om Ho gs &H eif er s, the ow ner so ft he va cant lot at 860 Wa shingt on St ., the Ro mano ff fa mil y, ar es eeking ad ev elopment pa rtner thr ough Harmon and Spies. Th es it el ies bet we en Th e St andar d, High Line Ho te la nd Diane vo nF ur st enber g, and can be built int oa1 25 ,0 00-squar e-f oot of fi ce and re ta il building. Ac ro ss the st re et at 837 Wa sh- ingt on St ., Ta co nic and Si tt ar e re de ve loping ah ist orical pr opert y int o5 5, 000 squar ef eet designed by Mo rris Ad jmi tha tw ill be to pped by fo ur floor so fg las so ff ic es. Ne arb y, the building at 55 Gan- se vo ort St .i sb ein gr ede ve lop ed by DelShah Ca pit al LL Ct op ro - vide ne wo ut lets as the building te nancy is rew or ke d. Mainst ay Me at pa cking ow ner , Wi lliam Got tlie bR eal Est at e, has joined with Au ro ra Ca pit al As so- cia te st or ede ve lop 9- 19 Ni nth Av e. and ne xt -door 406 W. 13 th St . He re ,F re nch bistr oP astis has a ye ar lef to ni ts lease and is neg oti- at ing to st ay in the building’ sr ein- carna tion –w hich co uld include 10 0,0 00 squar ef eet of either a hot el or of fi ce so nt op . At 407 W. 14 th St ., Wi lliam Got tlie bR eal Est at eh as just re nt ed 19 ,7 40 squar ef eet, tha t includes the fo rmer Lit tle Pi e sp ac e, to Andr ey Dellos’ Mo s- co w- ba sed Maison Dellos Gr oup fo ran ew thr ee-st ory re st aur ant, Manon, opening in Ja nuary ,w ill ha ve co mp an yo ff ic es abo ve . At W. 14 th and Eighth Av e. — the ga te wa yt oC helsea, the Me at - pa cking District and the We st Vi llag e—K im Mo gu ll, CEO of Mo gu ll Re alt y, will be bringing to mar ke t2 2, 000 squar ef eet tha t can be di vided int os maller st or es with of fi ce sa bo ve . Mo gu ll is ta rg eting co mp anies seeking af lag ship at the busiest in te rs ection in the ar ea, dir ectl y abo ve mas st ra nsport at ion and one bl ock fr om Google ’s hea d- quart er sa nd the App le st or e. “T he ove rw helming re sponse is alr ea dy wo rth yo fav el ve tr ope ,” Mo gu ll quips. “A ll ty pes of user s ar el ining up ,f ro mb anking and app ar el to te chnology and re st au- ra nt gr oups. ” The historic building at 837 Wa shington (right, as it was in 2009) will be reinvented with dramatic glass offices. MEA T AND GREET Meatpacking District is getting plumped up W. 14 th St .T he seller ,R on Bur kle ’s Yu caip aC os., also co ntr ols te nant pa rtner thr ough Harmon and hot el or of fi ce so nt op . Got tlie bR eal Est at eh as just re nt ed 19 ,7 40 squar ef eet, tha t includes the fo rmer Lit tle Pi e sp ac e, to Andr ey Dellos’ Mo s- co w- ba sed Maison Dellos Gr oup fo ran ew thr ee-st ory re st aur ant, Manon, opening in Ja nuary ,w ill ha ve co mp an yo ff ic es abo ve . the ga te wa yt oC helsea, the Me at - pa cking District and the We st Vi llag e—K im Mo gu ll, CEO of Mo gu ll Re alt y, will be bringing co mm er ci al re al es ta te RET AIL SPE CIAL 16-p age pullout Helayne Seidman dbox To fi nd Th eb es Tr eT ai ls pa ce , Yo un eed fa iT h. fa iTh hope consolo, chairman, The reT ail Group | Joseph a. aquino, eVp | 212.418.2020 | elliman.com/reT ail ©2 012 Douglas Elliman Real Estate .E qual Housing Opportunity . © New York Post, Tuesday, December 4, 2012 nypost.com 44 COMMERCIAL REAL EST AT E By LOIS WEISS R ET AIL acti v- it yr emains ro bust as na tional and int erna- tional re ta iler sc on- tinue to clamor fo r cit ys pa ce . Demand and al ack of flag ship sp ac es has actu- all yd ro pped the av er ag ea sk - ing re nt by 4p er ce nt to $11 0 per fo ot as higher-pric ed and mor e-desir ab le sp ac es ar e lacking, ac co rd ing to the la t- es tf all re ta il re port fr om the Re al Est at eB oa rd of Ne w Yo rk . Re nts along Fi ft hA ve . sou th of 49 th St .a re rising as to urists wa lk and shop sou th of Ro ck ef eller Ce nt er ,t hus ra ising the ro of on re nts by 51 per ce nt to $1 ,0 21 af oot. Th at ar ea is ev ol ving as a pr ef err ed destina tion, espe- ciall ya mong the yo ung er , mor ec ont empor ary br ands, sa ys Ji mD ow ne y, ex ecu ti ve dir ect or of re ta il servic es at Cu shman &W ak ef ield. To mm yB ahama just opened as pot tha ti ncludes ac afé, other so pen along tha t str et ch include H&M, Zar a and Jo eF re sh. Bu tO rvis just re loca te di ts la dies st or ef ro m 52 2F if th Av e. to ac heaper spot sou th of 42 nd St .a t4 89 Fi ft hA ve . As shopper sc ontinue sou th fr om 42 nd St .t ot he Empir eS tat eB uilding on 34th St .a nd wa lk we st to Macy’ s, the yb oost ed re nts by 42 per ce nt to $683 af oot. Ac co rd ing to ar eport by CBRE, asking re nts in He ra ld Squar er ose as prime sp ac es came to mar ke t, including 60 ,0 00 squar ef eet at He ra ld Ce nt er on W. 34th St . Re ta iler ss eeking mor es- pots include Jo eF re sh, wh ich is looking int oB ro okl yn as we ll as the Up per We st Si de , Tr ibeca and other urb an ar eas, sa ys Laur aP omer- antz, princip al with PBS Re al Est at eL LC ,w hich re pr esents the re ta iler . Po mer antz sa ys Do wnt ow n str eets ha ve te rrif ic den sit y and the ne wF ult on Tr ansit Hub (w hich will co nnect to the Wo rl dT ra de Ce nt er ) wi ll host hu ndr eds of thou - sa nds of peop le per da y, sa ys Po mer antz. While Su per st orm Sa nd y wa sah ic cup fo rD ow nt ow n, especiall yb yt he Sou th St re et Seaport and at the Wo rl d Tr ad eC ent er co nstruc - tion sit e, the ce nt er ar eas re mained high and dry and ar et hri ving. Asking re ta il re nts along Br oad wa yf ro m Chamber sS t. to the Ba tte ry run $7 5t o$ 35 0af oot. Br ookf ield Pr operties is alr ea dy sw apping leases with st or es and re st aur ants fo ri ts rev iv ed re ta il hub at Br ook - fi eld Plac ea tt he Wo rl d Fi nancial Ce nt er .“ Th ed ining te rr ac ew ill open in Sept em- ber 20 13 ,” sa ys Do wne y. Kim Mo gu ll, CEO of Mo gu ll Re alt ys ay sB ro ok - fi eld is ta rg eting the high end of the mar ke t. “W ea re neg otia ting half a do ze nt ra ns actions at Br ook - fi eld Plac et ot aling ove r 50 ,0 00 squar ef eet, ”s ay s Mo gu ll. “Our clients pr ov ide gr ea ts yner gy and tr af fi ca nd at tr act ac omp lim ent ary cus- to mer ba se. ” Pe te rB ra us of Lee &A ss o- cia te sN YC is wo rk ing on thr ee deals, one of wh ich is also fo rt he dining te rr ac e. “N ot withst anding this calam it ous st orm, the te n- ants ar es till int er est ed in this ar ea, ”h es ay s. Au str alia-b ased We st fi eld Gr oup ’s Wo rl dT ra de Ce nt er mall is ex pect ed to host mor e na tional chains. Br ok er ss ay We st fi eld has been dismis- si ve of wo rk ing with them and their ex clusi ve te nants. As pok es wo man fr om We st fi eld re sponds, “A sa glob al shopping ce nt er gr oup , We st fi eld doe sh av ei ts ow n in-house leasing te ams and long -st anding re la tionships with re gional, na tional and int erna tional re ta il te nants. Ho we ve r, the co mp an yi sa lso re sponsi ve to br ok er inqui- ries and eng ag es re gu lar ly with the br ok er co mmunit y. ” Bo th Br ookf ield and We st - fi eld ar ea sking higher re nts than the re st of Do wnt ow n. Fu rther north, SoH oa nd Chelsea ar et hri ving, as is the Me at pa cking District. “Go to SoH oo nas unn y Sa tur da ya nd ev ery one has shopping ba gs ,” sa ys Br aus. Jo seph Si tt ’s Th or Eq uities ow no ve rad oze np ro per- ti es al on gB ro ad wa yi nS oH o an di ss eeking ou tm or e. Th e REBNY re port sho ws re nts along Br oad wa yf ro mH ous- to ns ou th to Br oome St .r ang e fr om $3 50 to $7 50 per fo ot. Michael Phillips of Ja me- st ow n, wh ich ow ns pr oper- ties tha ti nclud eC hel sea Ma r- ke ta nd One Ti mes Squar e —w hich hosts the ba ll dr op —s ay sN ew Yo rk co ntinues to be incr edib ly str ong fo r br and flag ships. “W ew ill see some ne ws ta rtup br ands co ming ou to fE ur ope and Asia, ”P hillips sa ys .“ We ar e ce rt ainl ys eeing enthusiasm fo rs tr eet re ta il. ” “T imes Squar ei sp he- nomenal, ”s ay sG ary Tr ock, senior vic ep re sident of CBRE, wh ile bem oa ning th e la ck of av ailab le sp ac es. Th e ne wr et ail and hot el de ve lop- ment by St ev eW itk of fa t7 01 Se ve nth Av e. will ha ve re ta il, signag ea nd br an di ng op po r- tunities, he sa ys .“ Br anding is the critical co mponent, and the neon and LED lights help the re ta iler s. ” Tr ock’ sc olleag ue ,A mir a Yu nis, ex ecu ti ve vic ep re si- dent with CBRE, sa ys tha t all of her re ta il te nants ar e ex pa nding, with both fa sh- ion re ta iler sa nd re st aur ants looking fo rs pa ce . Th eb uilding ow ner sa re not used to ha ving so man y te nants to choose fr om, sa ys Ariel Schust er ,e xe cu ti ve vic e pr esident with RKF .“ Th ey used to ha ve no one to ta lk to . It ’s ad if fe re nt wo rl d. ” Pa rt of tha ti sb ecause the cit yi sf ull of shopper sa nd spender s. “On Th anksgi v- in gw eek end, Iw as wa tc hing shopper sa tM acy’ s, Lor d& Ta yl or and Barne y’ s, and in the Fla tir on and in SoH o, and ev ery one is wa lking ar ound with ba gs fr om the st or es, ” sa ys Fa ith Ho pe Co nsolo , chairman of re ta il fo rP ru- dential Douglas Elliman. Th er ei sal ot of acti vit yi n the re ta il in ve stment sa les mar ke t, observ es Ad elaide Po lsinelli of East ern. Po mer antz of PBS sa ys in ve st or st ry to bu yi nt he ne xt co ol ar ea. One co uld be No Ma db yt he Ac eH ot el. Maison Kitsuné opened in Th eN oMa dH ot el at 11 07 Br oad wa y, and bet we en tha ts hop and the suc ce ss of neighboring Ea ta ly ,P omer- antz belie ve so ther sw ill fo llo w. In ve st or Ab yR osen of RFR Ho lding ss ay sh ei sa lw ay s go ing of f- mar ke ta nd co mpe- tition is al wa ys har d. “E ve n of f- mar ke tIt hink it’ sa bou t ha ving ac lear va lue-a dded str at egy and seeing thing s tha to ther sd on ’t think of ,” Ro sen sa ys .“ Some of the gr ea tr et ail pl ay sa nd air pl ay s ar eo ff- mar ke t. ” BACK IN THE BLACK BR OOKL YN is co ming int oi ts ow na s re ta ile rs and nig htl if ef ind th eir wa y int ot he ar ea’ sh ip ne wn ooks and cr annies. “Wha tu sed to be the Do wnt ow n sc ene in Manha tt an has mo ve dt o Wi lliamsbur ga nd pa rts of Dumbo as we ll, ”s ay sA le xP ick en, CEO of Pi ck en Re al Est at e, wh ich is re pr e- senting int erna tional re st aur ants. Re ta iler sl ik eJ oe Fr esh ar el ook - ing in the hipper ar eas, sa ys its br ok er ,L aur aP omer antz, princip al of PBS Re al Est at e. Jo hn Br od, also ap rincip al with PBS Re al Est at e, is ex cit ed abou t Do wnt ow nB ro okl yn, wh er eA ca- dia Re alt yT rust and Wa shingt on Squar eP artner sa re de ve loping Ci ty Po int. Ac ad ia has built 45 ,0 00 squar ef eet of a pl anned 500 ,0 00 squar ef eet of re ta il; Armani Ex chang eh as alr ea dy opened and Ta rg et and Ce ntury 21 ar eo nt heir wa y. “T ha tp ro ject is an absolu te ga me-chang er fo rd ow nt ow nB ro okl yn, ”s ay sB ro d. Eve ntu- all yt ob et opped by tw or esidential to we rs and another to the side ,i tw ill also chang e fo ot tr af fi ca nd re ta il flo wb et we en Fla tbush Av e. and Fu lt on St .A ve ra ge sa les fo rt he Fu l- to nS tr eet st or es ar e$ 1,2 00 af oot. “I t’ sa n under-r et ailed ar ea and it is the fo urth-lar ge st cit yi nt he U. S., ”h ea dds. Th eA tlantic Ya rd sr esidential de ve lopment by Fo re st Ci ty Ra tner br eaks gr ound on Dec. 18 with B2, its fi rs tm odular re sidential to we r. Th eB ar cla ys Ce nt er is no wb ringing thou- sa nds to the ar ea, ja zz ing up re ta il demand. “W e’ ve been ge tt ing al ot of re quests fo r sp ac ea ro und Bar cla ys ,” sa ys Pi ck en. St ub Hub has opened a1 ,7 00-squar e-f oot tick et ou tpost at 53 9A tlantic Av e. fo rt he co n- ve nie nc eo fB ar cla ys -g oer s, wh ile ac ra ft beer sp ot ha sl ea se d9 00 sq ua re fe et at 533 At lantic Av e. Pi ck en has 10 ,0 00 squar ef eet at 540 Alt ant - tic fo ras ports ba r-st yl ea nchor wh er er ents ar eab it ove r$ 65 af oot. — Lo is We iss BROOKLYN RET AIL FL OURISHING Retail remains robust as holiday shopping gains traction Atlantic Av e. continues to grow (f ar right) as does City Po int. Imogen Bro wn (2) Eilon Paz Fifth Av e. retail remains am agnet for shoppers.