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The Faith Consolo Team

Faith Hope Consolo
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New York, NY 10022
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In the News

Japanese store turns Rock Center page

Kinokuniya, the Japanese bookstore located at Rockefeller Center for more than 25 years, is moving to Bryant Park.

The company has signed a 15-year lease for 24,000 square feet at 1073 Sixth Ave., between West 40th and West 41st streets. The space, which previously housed a Staples store, includes three floors and a mezzanine. Kinokuniya, which operates a small chain on the West Coast and more than 60 stores in Japan, will open in the new location this fall. The Rock Center store will close about six months later.

The move is a response to Kinokuniya's changing New York clientele. Although the bookstore started out by catering to shoppers who wanted to buy books written in Japanese, in recent years it has begun attracting a wider range of customers by offering more Japanese fashion magazines and graphic novels.

"These days, it's all about pop culture," says John Fuller, the store's manager. Twenty years ago, about 85% of the Kinokuniya's books were written in Japanese, but today, only 60% are published in the native tongue, he says.

The Bryant Park store will feature larger sections for fashion, anime and music, as well as a second-story cafe overlooking the park.

"They are really expecting it to become a major attraction for Japanese tourists," says David Levy, an Adams & Co. broker who negotiated the deal for landlord 1071 Associates. Okada International Corp. represented the tenant in the deal. The asking rent was about $180 per square foot for the ground floor.

-- Elisabeth Butler

Nonprofit magnet now fully leased

Two downtown buildings that serve as homes to numerous nonprofits are now fully leased.

At 52 Broadway, Contemporary Guidance Services, a nonprofit that specializes in training people with disabilities and finding jobs for them, has signed a 15-year lease for the entire fourth floor, or 22,500 square feet. Next door, at 50 Broadway, the YWCA has signed a 15-year lease for 9,700 square feet. The asking rent at both buildings is $32 a square foot. Both buildings are now 100% occupied.

The YWCA occupies the space at 52 Broadway into which Contemporary Guidance Services will move in June. The YWCA leased the space last year, but later realized that the space was too big for its needs. So it has signed a 15-year lease for the smaller offices at 50 Broadway and will relocate in May.

Both buildings are effectively controlled by the United Federation of Teachers, which owns 50 Broadway and holds a long-term lease for all of 52 Broadway.

At 52 Broadway, the teachers union itself occupies 400,000 square feet, or the entire building except for the sixth floor -- leased by the Vocational Foundation Inc. -- and the space that will be occupied by Contemporary Guidance Services. The union occupies 16,000 square feet at 50 Broadway. The rest of that building houses dozens of nonprofit tenants, including the League for the Hard of Hearing, the National Mental Health Association and the Council for Unity Inc.

"The UFT was willing to accommodate both tenants by offering built space to Contemporary Guidance Services and agreeing to build out a space for the YWCA at 50 Broadway," says Neil Lipinsky, a principal at Colliers ABR Inc., the brokerage firm that represented the union on both deals. SL Green Realty Corp. represented Contemporary Guidance Services, and CB Richard Ellis represented the YWCA.

All told, the UFT has leased more than 100,000 square feet to nonprofits at the two buildings. "When the UFT made a commitment to downtown five years ago, our strategy was to create a home for nonprofits," says David Hickey, general manager.

-- Julie Satow

Shoe store steps into meat district

The meatpacking district is about to become more of a stomping ground for shoppers in search of fancy footwear. Iris, a shoe boutique set to open in June, will carry designer shoes from six fashion houses, including Marc Jacobs, Veronique and John Galliano.

Milan-based Iris operates several stores in Europe. The meatpacking district shop, a franchise location, will be the U.S. flagship. Franchisee Niccolò Glisenti signed a seven-year lease for 1,500 square feet at 827 Washington St., between Little West 12th and Gansevoort streets. He plans to open additional stores in Los Angeles, Miami and Las Vegas.

Mr. Glisenti chose the meatpacking district neighborhood for competitive reasons. He would have liked to open on Bleecker Street, but a Marc Jacobs shop already operates there. "It was mostly strategic, so we wouldn't have a conflict with anyone," he says.

The asking rent in the meatpacking district runs from $200 to $250 per square foot for ground-floor space.

"It's a bargain compared to SoHo, where rents can go higher than $300 per square foot," says Faith Hope Consolo, chair of retail leasing and sales at Prudential Douglas Elliman, who represented the tenant. Property owner Romanoff Equities Inc. negotiated the deal in-house.

 

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575 MADISON AVENUE, NEW YORK, NY 10022. 212. 891.7000 © 2019 DOUGLAS ELLIMAN REAL ESTATE. ALL MATERIAL PRESENTED HEREIN IS INTENDED FOR INFORMATION PURPOSES ONLY. WHILE, THIS INFORMATION IS BELIEVED TO BE CORRECT, IT IS REPRESENTED SUBJECT TO ERRORS, OMISSIONS, CHANGES OR WITHDRAWAL WITHOUT NOTICE. ALL PROPERTY INFORMATION, INCLUDING, BUT NOT LIMITED TO SQUARE FOOTAGE, ROOM COUNT, NUMBER OF BEDROOMS AND THE SCHOOL DISTRICT IN PROPERTY LISTINGS SHOULD BE VERIFIED BY YOUR OWN ATTORNEY, ARCHITECT OR ZONING EXPERT. EQUAL HOUSING OPPORTUNITY. DRE # 01947727