The retail leasing scene, excluding restaurants, is a complex one that defies easy generalizations, making it difficult to analyze. Brokers and analysts often find themselves frustrated with retail data from brokerages and the Real Estate Board of New York due to these challenges.
While we acknowledge the effort that goes into their research, the problem lies in the fact that retail conditions are much harder to quantify compared to the office market. Our own observations often tell a different story than the statistics focused on “corridors.”
We do agree with the statisticians that luxury retail is experiencing a leasing boom. For instance, a new Valentino emporium will be opening in November at 654 Madison Ave., filling the vacant space left by Calvin Klein since 2019.
However, as my colleague Lisa Fickenscher and I reported a few weeks ago, the city’s largest and most upscale Duane Reade store, spanning 22,000 square feet at 40 Wall Street, owned by the Trump Organization, will be closing on Oct. 9.
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