Content about Economy of New York City

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

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.

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.
 

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.”

Secaucus, N.J. -- Syms Corp. said that its stock will be delisted as of November 15, 2011 and that Nasdaq will file a Form 25-NSE with the Securities and Exchange Commission, which will remove the company’s securities from listing and registration on the Nasdaq.

This decision by Nasdaq comes following Syms announcement on November 2, 2011 that it and its subsidiaries filed petitions for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware.
 

In the June 9 edition of SiteTalk, we referenced a survey that found Fifth Avenue in Manhattan to be the most expensive place in the world to operate a store -- and asked you if it was worth the expense. Here is what one reader had to say.

New York City -- Robert K. Futterman & Associates announced it has secured a long-term, 2,725-sq. ft. lease with high-end apparel and accessories retailer Intermix in Manhattan’s Meatpacking District. 

This completes the first of three phases of leasing at the building, which is situated on the southwest corner at the intersection of Washington and Gansevoort Streets, where Intermix will have two entrances. 

New York City -- Asking rents for retail spaces in New York City hot spots are rising in certain corridors, according to The Real Estate Board of New York’s (REBNY) Fall 2010 Retail Report.

According to the report, since spring 2010, retail asking rents climbed 21% to $1700 per square foot in the Times Square corridor defined by Broadway and 7th Avenue between 42nd and 47th Streets.