The retail space also offers branding and signage opportunities, with LED signs on both 42nd Street and Eight Avenue, in addition to significant additional static and LED signage opportunities along the entirety of the retail frontage and above multiple entrances to the retail space. Prospective tenants will benefit from the infrastructure already in place, including multiple kitchen exhaust systems, kitchen and cooking equipment, dedicated HVAC units, vertical transportation including multiple stairs and elevators, and direct loading dock access with dedicated freight. The Cushman & Wakefield team will focus on curating a mix of brands and concepts from the entertainment, gaming and food and beverage industries for the building’s available retail space.ġ1 Times Square’s retail space is one block west of where the New Year’s Eve ball drops, atop the busiest subway station in the entire MTA network. The trophy building is currently home to Microsoft, Proskauer and several other world-class office tenants. The number of available ground-floor retail spaces dropped for the fifth quarter in a row as well, according to the report.SJP Properties announced that Cushman & Wakefield has been retained to spearhead retail leasing at 11 Times Square, the 1.1 million-square-foot commercial tower located at the southeast corner of 42nd Street and Eighth Avenue. Rent in the 16 major corridors the firm tracks increased by 2.2% to hit $607 per square foot. The pandemic has hit Manhattan's retail sector extremely hard, although a recent report from CBRE found that the borough's average asking rent for retail space last quarter rose for the first time since 2016. Overall, the top 50 leases for the first half of 2022 spanned significantly more space than the top 50 leases for the first half of 2021: 722,000 square feet this year compared with about 537,000 square feet last year. The third-largest lease was the House of Cannabis taking about 32,900 square feet at 427 Broadway in SoHo, while the fourth-largest was Petco taking about 30,000 square feet at 44 Union Square East in Gramercy Park. One of these renewals did crack the top 10, however, with Prada reupping for about 29,900 square feet at 575 Broadway, good for fifth place on the list. The vast majority of the top 50 deals were new leases: 46, compared with just four renewals. The Upper West Side had five leases in the top 50 overall. on the Upper West Side, where Burlington Coat Factory inked a deal for about 34,400 square feet. The largest lease for the first half of the year was at 808 Columbus Ave. by Times Square, good for ninth place on the list. Candy store It'Sugar leased 20,450 square feet at 234 W. Fashion company Aritzia took 33,600 square feet at 608 Fifth Ave., for the second-largest lease of the first half of the year, and fashion company Valentino took about 26,300 square feet at 654 Madison Ave., for the seventh-largest lease. Midtown also had three of the 10 largest leases during the first six months of 2022, making it the only neighborhood to appear in the top 10 more than twice. This was more than twice as many as the second-most popular neighborhoods: SoHo, Chelsea and the Upper East Side, which each had six. The area was home to 12 of the borough's 50 largest leases, with an additional one located in Midtown East, the analysis shows. Midtown's struggles since the onset of the pandemic have been well publicized, but the Manhattan neighborhood was still highly popular for major retail leases during the first half of the year, according to a Crain's analysis.
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