Gap Renews Midtown East Lease as Company Announces Plans to Shed 200 Stores
Apparel chain Gap has inked a deal to retain its 15,942-square-foot store at 655 Third Avenue, according to landlord Durst Organization. Meanwhile the parent company, Gap Inc., announced plans today to...
View ArticleWhat’s Old Is New: Old Navy Signs 18,500-SF Deal at East 86th Street Development
Old Navy is heading to the base of an upcoming 18-story condominium on East 86th Street and Lexington Avenue, Commercial Observer has learned, its first Upper East Side location. The lower-priced...
View ArticleAre Off-Price Retailers Truly Amazon-Proof?
Broadway, between Grand and Broome, is one of the most expensive retail corridors in the city—and by extension the world. Soho, that bastion of Alexander Wang, Chanel and Burberry, has no shortage of...
View ArticleOld Navy Signs Outlet Deal in Staten Island
Gap Inc.’s Old Navy has signed a deal for 13,382 square feet in Staten Island’s Empire Outlets. The outlet store will open this fall, as per a press release from the developer, BFC Partners. The lease...
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Brooks Brothers Opening First Staten Island Location
Brooks Brothers has tied itself to the Empire Outlets for a new store, and first location in Staten Island in its 200-year history. The high-end retailer, known for tailored formal wear for men, women...
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Empire Outlets: The Biggest Thing to Hit Staten Island Is Opening This November
Last night was a bright one for developer BFC Partners. “We’re flipping on the permanent power,” Joseph Ferrara, a partner at BFC, told Commercial Observer during a construction site tour earlier in...
View ArticleAIG Modifies $275M Loan as Gap Closes Herald Square Store
A loan modification filed today in city property records is evidence that widespread retail closings continue to reverberate. According to the New York City Department of Finance document, AIG...
View ArticleCitigroup, City Agencies Deliver $188M Financing for East Harlem Resi Build
Richman Group‘s massive mixed-use development project in East Harlem has cleared a major hurdle, securing $188.5 million in public and private financing to fund construction, according to property...
View ArticleGap Plans to Close Another 230 Stores, Spin Off Old Navy Into Separate Company
Struggling apparel chain Gap plans to shutter another 230 locations, after announcing two years ago plans to close 200, while its parent company, Gap Inc., will split off money maker Old Navy into a...
View ArticleBrooks Brothers Plans Hudson Yards Outpost
Luxury men’s fashion retailer Brooks Brothers is coming to Hudson Yards. The apparel seller inked a 2,500-square-foot lease at Related Companies’ and Oxford Properties Group’s megaproject and plans to...
View ArticleCosmetics Manufacturer Ditching Tribeca for Brookfield Place
The private label and branded cosmetics manufacturer behind the Drew Barrymore’s Flower line and Banana Republic’s fragrances, Maesa Group, will move its New York City offices to Brookfield Place,...
View ArticleFootwear Brand Johnston & Murphy Opening Outpost in SI’s Empire Outlets
Footwear retailer Johnston & Murphy plans to open its first factory store in Staten Island’s recently opened Empire Outlets, Commercial Observer has learned. Johnstone & Murphy signed a 10-year...
View ArticleWestfield Sues Gap for More Than $10M in Unpaid Rent Across the Country
Shopping mall giant Westfield sued Gap after the retailer skipped out on more than $10 million in rent for stores around the country, including its Banana Republic outpost in the Oculus center, making...
View ArticleBrookfield Property REIT Taps CMBS Market for Utah’s Fashion Place Mall
Brookfield Property REIT and the Teacher Retirement System of Texas (TRST), the state’s largest public pension system, have financed a portion of a 1 million-square-foot mall in Utah with a $290...
View ArticleManhattan’s Retail Market Still a Mixed Bag for Most Neighborhoods: Report
Much like dating in New York City, Manhattan’s retail market is full of mixed messages. Asking rents throughout Manhattan’s busy retail corridors dropped in the third quarter compared to the same time...
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