Content about Economy of New York City

May 6, 2014

RKF has announced that it will lease the entire seventh floor of 521 Fifth Avenue in midtown Manhattan.

New York— RKF has announced that it will lease the entire seventh floor of 521 Fifth Avenue in midtown Manhattan. CBRE and Platte, Klarsfeld, Levine & Lachtman advised RKF on the lease expansion.

With the expansion RKF will occupy 20,987 sq. ft., roughly 30% more space than the current lease. The expansion will enable the firm to increase its ranks by 25%.

April 8, 2014

New York City is the world’s retail hub — and within the city are major opportunities for retail expansion.

By Scott Klatsky, director of retail leasing, Time Equities, Inc.

New York City is the world’s retail hub — and within the city are major opportunities for retail expansion.

In fact, Time Equities, Inc., has availabilities all over Manhattan — from Greenwich Village/NYU to Midtown to Upper West Side to Tribeca to Financial District ... even Brooklyn Heights.

March 31, 2014

The second floor of Uniqlo’s Fifth Avenue flagship in Manhattan has been transformed in conjunction with the launch of the retailer’s SPRZ NY collection, done in collaboration with the Museum of Modern Art.

New York -- The second floor of Uniqlo’s Fifth Avenue flagship in Manhattan has been transformed in conjunction with the launch of the retailer’s SPRZ NY collection, done in collaboration with the Museum of Modern Art. The renovated floor includes the addition of a full-service Starbucks (a first for Uniqlo).

March 26, 2014

CBRE has introduced AIG Global Real Estate to Associated Estates Realty Corp.

San Francisco — CBRE has introduced AIG Global Real Estate to Associated Estates Realty Corp. The two companies have formed a 50:50 joint venture partnership to develop a 3.36-acre mixed-use project at 8th and Harrison in San Francisco, Calif. The project will be known as 350 Eighth.

Located in the South of Market or SoMa neighborhood of San Francisco, 350 Eighth will consist of 410 rental apartment homes and 40,000 sq. ft. of office and retail space. Site work has begun and first occupancy is scheduled for fourth quarter 2015.

January 28, 2014

Capillary Technologies has entered a joint marketing agreement with American Express in which American Express will introduce Capillary’s Intelligent Customer Engagement solutions to select medium-sized retailers in the U.S.

Mountain View, Calif. -- Capillary Technologies has entered a joint marketing agreement with American Express in which American Express will introduce Capillary’s Intelligent Customer Engagement solutions to select medium-sized retailers in the U.S. Capillary’s solutions enable merchants to engage with their customers across in-store, social media, e-mail, local and mobile channels, with a view to increasing shopper loyalty and fueling online and physical store sales.  

December 12, 2013

Sarah’s Kitchen has signed a lease for a 9,150-sq.-ft. space at 270 Madison Ave., between East 39th and East 40th Streets in Midtown Manhattan.

New York — Sarah’s Kitchen has signed a lease for a 9,150-sq.-ft. space at 270 Madison Ave., between East 39th and East 40th Streets in Midtown Manhattan. Expected to open in third quarter 2014, the eatery will occupy approximately 6,350 sq. ft. on the ground floor and 2,800 sq. ft. in a mezzanine.

PD Properties represented Sarah’s Kitchen, which is part of the same restaurant group that operates Delmonico’s Gourmet Food Market. Winick Realty Group represented the landlord, ABS Partners in the transaction.

October 11, 2013

Charming Charlie has signed a lease for a 15,500-sq.-ft. store at 445 Fifth Avenue in the heart of midtown Manhattan.

New York -- Charming Charlie has signed a lease for a 15,500-sq.-ft. store at 445 Fifth Avenue in the heart of midtown Manhattan. The fashion accessories retailer will open its first-ever Manhattan flagship store in early 2015.

Thor Equities owns and manages the building, which is located at the northeast corner of 39th street and Fifth Avenue, across from the New York Public Library. RKF and Strategic Retail Advisors represented Charming Charlie in the transaction. Thor Equities represented itself.

October 8, 2013

American Express Serve announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid account.

New York -- American Express Serve announced a free nationwide cash load network and the addition of new money management capabilities to its full-service reloadable prepaid account. The new features enable Serve customers to load cash for free at more Than 14,000 participating CVS/pharmacy and 7-Eleven stores

The new features include: direct deposit, bill pay, mobile check capture, and personal financial management tools. These enhancements are designed to meet the needs of the nearly 70 million Americans underserved by traditional financial services.

October 7, 2013

Schimenti Construction Company is building a $1.5 million Panera Bread cafe on Fifth Avenue in midtown Manhattan.

Ridgefield, Conn. —Schimenti Construction Company is building a $1.5 million Panera Bread cafe on Fifth Avenue in midtown Manhattan. The company began the project in September and will complete construction in January 2014.

Panera adds to Schimenti’s roster of fast-casual restaurant clients, which includes Starbucks and Chipotle. A project for another new client, Chik-Fil-A, is slated to begin in 2014.

August 26, 2013

Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

New York -- Hedge fund manager and activist investor William Ackman is selling his entire stake in J.C. Penney.

Ackman's Pershing Square Capital Management, Penney’s single biggest shareholder with an approximate 18% stake, is offering its roughly 39.1 million shares for sale and used Citigroup as the bookrunner for the deal, Reuters reported. Penney filed a prospectus for the sale.

August 21, 2013

Citi Trends Inc. lost $5.5 million for the period ended Aug. 3, compared to a loss of $7.9 million in the same quarter a year earlier.

Savannah, Ga. -- Citi Trends Inc. lost $5.5 million for the period ended Aug. 3, compared to a loss of $7.9 million in the same quarter a year earlier.
 
Revenue rose 4%, to $137.8 million from $132.3 million, nearly matching Wall Street’s prediction of $138.1 million. Same-store sales were up 1.7%.

 

August 8, 2013

Fairway Market will be the anchor grocer at the Hudson Yards residential/retail complex being developed by Related Companies and Oxford Properties Group in Manhattan.

New York – Fairway Market will be the anchor grocer at the Hudson Yards residential/retail complex being developed by Related Companies and Oxford Properties Group in Manhattan. The 45,875-sq.-ft. store will be located in the Hudson Yards South Tower.

July 24, 2013

Paul Rutenis, the top buyer for J.C. Penney's newly made-over home department, has left the company, according to a report by Citigroup.

New York -- Paul Rutenis, the top buyer for J.C. Penney's newly made-over home department, has left the company, according to a report by Citigroup.  

According to Citigroup analyst Deborah Weinswig, the prices of many of the home items have reduced consumer demand.

In related news, Penney has decided not to renew its contracts with marketing consultants Sergio Zyman and Jeff Herbert, which expire this month, Weinseig noted.  

 

July 11, 2013

Buffalo Wild Wings has leased its first Midtown Manhattan location in Times Square, according to Winick Realty Group.

New York -- Buffalo Wild Wings has leased its first Midtown Manhattan location in Times Square, according to Winick Realty Group.

The 15,000-sq.-ft. flagship restaurant includes a 5,000-sq.-ft. ground floor with 22-ft. ceilings, a 2,000-sq.-ft. mezzanine, two lower levels and a 2,000-sq.-ft. roof deck for outdoor dining.

 

July 8, 2013

Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.

New York -- Jones Group Inc. has tapped Citigroup Inc. to explore a possible sale, according to Reuters.
 
In April, Jones Group said that it would close 170 stores and cut 8% of its workforce after first-quarter profit was less than analysts’ estimates. The news comes just months after activist hedge fund

The company, whose brands include Stuart Weitzman, Jones New York, Easy Spirit, and Nine West, had a market value of about $1.2 billion as of July 5.

June 7, 2013

Another executive hired by former J.C. Penney CEO Ron Johnson has apparently left the chain. Kristen Blum, executive VP and chief technology officer, is no longer with Penney, according to various reports that cited a note to investors by Citi analyst Deborah Weinswig.

Plano, Texas -- Another executive hired by former J.C. Penney CEO Ron Johnson has apparently left the chain. Kristen Blum, executive VP and chief technology officer, is no longer with Penney, according to various reports that cited a note to investors by Citi analyst Deborah Weinswig. Penney has yet to officially announce her departure, which was also reported by Women’s Wear Daily.

March 26, 2013

American Express and Wal-Mart Stores announced Tuesday that they are expanding their reloadable prepaid card program, Bluebird, to include direct-deposit capabilities for government checks.

New York -- American Express and Wal-Mart Stores announced Tuesday that they are expanding their reloadable prepaid card program, Bluebird, to include direct-deposit capabilities for government checks.

March 15, 2013

Citi Trends reported a fourth quarter loss of $704,000, narrowed from a $5.3 million loss in the same period last year.

Savannah, Ga. -- Citi Trends reported Friday a fourth quarter loss of $704,000, narrowed from a $5.3 million loss in the same period last year.

Revenue slipped 2% to $175.7 million, meeting Wall Street forecasts. Same-store sales plummeted 11.8%.

 

February 12, 2013

American Express has launched a new venture with Twitter, that could lead to a whole new category of shopping.

New York — American Express has launched a new venture with Twitter, that could lead to a whole new category of shopping.

November 19, 2012

Average asking rents on Lower Fifth Avenue in Manhattan rose 13% since the spring of 2012 to $1,021 per square foot and are up 51% since the same period in 2011, according to The Real Estate Board of New York Fall 2012 Retail Report.

New York -- Average asking rents on Lower Fifth Avenue in Manhattan rose 13% since the spring of 2012 to $1,021 per square foot (psf) and are up 51% since the same period in 2011, according to The Real Estate Board of New York (REBNY’s) Fall 2012 Retail Report. The study revealed continued signs of improvement in the Manhattan retail market, with high demand and limited availability, which significantly drove up asking rents especially in the most prominent shopping corridors

October 24, 2012

Macerich announced that Eataly, the largest artisanal Italian food and wine emporium in the world, has reached an agreement to open its second U.S. location, at The Shops at North Bridge near Michigan Avenue in Chicago.

New York -- Macerich announced that Eataly, the largest artisanal Italian food and wine emporium in the world, has reached an agreement to open its second U.S. location, at The Shops at North Bridge near Michigan Avenue in Chicago.

The new location, expected to open in September 2013, will be the concept's largest, at 60,000 sq. ft. Eataly opened its first U.S. store, in Manhattan, in 2010.
Eataly is a collaboration among Joe Bastianich, Mario Batali, Lidia Bastianich and Oscar Farinetti, who founded Eataly in Turin, Italy, in 2007.

October 1, 2012

Research released by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.

New York -- Research released Monday by Citigroup and published by Wall Street Journal’s MarketWatch found that digital sales for the holiday 2012 shopping season are expected to increase at least 20%, thanks to two additional shopping days and amped-up retail marketing efforts.

September 24, 2012

IPG Real Estate said that Amish Market, a landmark Manhattan gourmet market located in the Midtown neighborhood of TriBeCa, is being offered for sale in hopes of an offer prior to an auction slated for November 2012.

New York -- IPG Real Estate said Monday that Amish Market, a landmark Manhattan gourmet market located in the Midtown neighborhood of TriBeCa, is being offered for sale in hopes of an offer prior to an auction slated for November 2012.

The supermarket/deli features 7,500 sq. ft., including 1,000 sq. ft. of mezzanine, supported by 2,000 sq. ft. of basement space. An initial review by a court-appointed Chapter 11 trustee verified $8.2 million in sales from a September 2011 to an August 2012 time period.
 

September 12, 2012

Abercrombie & Fitch Co. has hired Goldman Sachs Group Inc. in the wake of investor pressure, according to Reuters.

New York -- Abercrombie & Fitch Co. has hired Goldman Sachs Group Inc. in the wake of investor pressure, according to Reuters.

The report was based on a source familiar with the matter who did elaborate on the nature of the pressure was or name the investors. But CNBC tweeted that Goldman was hired to help keep activist Relational Investors at bay.

 

September 4, 2012

The Thomson Reuters/University of Michigan consumer sentiment index climbed to a better-than-expected 74.3, compared to 72.3 in July and representing a three-month high.

New York -- The Thomson Reuters/University of Michigan consumer sentiment index climbed to a better-than-expected 74.3, compared to 72.3 in July and representing a three-month high.

Aggressive retail discounting and record-low interest rates boosted the results, but unemployment remains a big concern. 

“Confidence is lackluster,” Jim O’Sullivan, chief U.S. economist for High Frequency Economics Ltd., told Bloomberg. “It typifies the economy right now. It’s not strong, but not collapsing either.”