Brandon L. Singer

Downtown Manhattan is leading the charge in retail leasing activity, comprising a staggering 38.4% of all first-quarter transactions in 2024. Within Downtown Manhattan, the momentum is particularly strong in the iconic neighborhood of Soho, that continues to shine, accounting for 30.3% of completed retail deals, while the Financial District follows closely behind, capturing 24.2% of leasing transactions. This surge in leasing activity underscores the resilience and vibrancy of Downtown Manhattan's retail landscape. From trendy boutiques in Soho to bustling storefronts in the Financial District, opportunities abound for retailers looking to make their mark in this dynamic urban hub. #DowntownManhattan #RetailRevival #Soho #FinancialDistrict #CommercialRealEstate

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In the first half of 2024, the STNL retail market showed resilience despite economic pressures, with stable retail fundamentals and high occupancy rates. Discover more investment insights and trends in this STNL Retail Market Performance Report: https://ow.ly/hahK50TfccE

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Hudson's Bay Company (owner of Saks Fifth Avenue) has finalized a deal to acquire Neiman Marcus Group. According to reports from The Wall Street Journal and The New York Times, others helping to finance the acquisition include Amazon, Salesforce, RHONE CAPITAL, Abu Dhabi Investment Council, NRDC Equity Partners and Apollo Global Management, Inc. HBC also owns the Canadian department store chain Hudson's Bay. Saks Fifth Avenue operates 39 department stores and 95 Saks Off 5th discount stores. Neiman operates 36 namesake department stores, two Bergdorf Goodman stores and five Neiman’s Last Call discount stores. Saks Fifth Avenue and Neiman Marcus together anchor only eight malls including Bal Harbour Shops north of Miami Beach where the two luxury powerhouses have coexisted since 1976 and have been drawing luxury cotenants. Richard Baker, chairman and CEO of HBC said the new owners are “not planning on closing any stores,” even though both operate in many of the same markets and appeal to the same affluent customer. The combined ownership will have leverage over existing suppliers, such as LVMH (Christian Dior Couture, Fendi, Louis Vuitton), Kering (BALENCIAGA, Gucci, Saint Laurent) and others.

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Newmark’s 3Q24 Retail report reveals that retail availability has stayed at a decades-low 5.0%, driving a decline in leasing activity. Other key insights from our report include: The shift toward suburban retail persists, driven by flexible work arrangements. Suburban markets show higher demand and tighter availability than urban counterparts. Despite some closures, the risk of oversupply remains low due to high construction costs and limited new development. Total leasing activity decreased, largely influenced by fewer new openings, but overall market fundamentals remain solid.​ Landlords are capitalizing on the tight market by increasing rent spreads on both new leases and renewals. Asking rents continue to rise, especially suburban areas, though rent growth has moderated.​ For full details, explore the report here: https://lnkd.in/gQYs8ymE. #Retail #Newmark David Bitner Brandon Isner r

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For four decades, BJ's Wholesale Club opened stores mostly along the East Coast, but having done well wherever it has opened a store, the chain is embarking on an aggressive expansion that could take it across the country. BJ’s opened its 245th store last week in Palm Coast, Fla., and plans 10 more new stores through the end of its fiscal year in January. At least 10 to 12 are expected next fiscal year. BJ's competes with Costco Wholesale and Sam's Club, but its ultimate aim is to compete for grocery dollars against the traditional supermarkets, not just the other wholesale clubs. The typical BJ’s store carries more than 7,000 different items, including an extensive assortment of groceries, fresh produce and deli compared to around 4,000 SKUs at Costco. BJ's stores range from 60,000 to 160,000 sq. ft. BJ's also operates BJ’s Market, a smaller-format store of roughly 40,000 sq. ft., that’s roughly half the size of a full-sized club location. BJ’s entered Tennessee and Alabama last year, and now plans to open its first store in Kentucky, its 21st state. The Dallas Morning News reported BJ’s is eyeing locations east of Dallas, with possibly two more in Texas. Another new location is in Carmel, north of Indianapolis, BJ’s second location in Indiana.

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🏁 Who will win this race? Interesting article in Retail Dive contrasting Macy's and J.C. Penney's different real estate strategies. These two incredible brands cater to two very different markets yet they've occupied anchor positions in the same malls for decades. 📌 Macy's has been famously demalling, opening smaller format stores while closing full-line stores that don’t make the cut. 📌 JCPenney, which has its origins going back to 1902—yep, over 122 years ago—has been a true survivor of wars, recessions, and a pandemic. The historic retail company is sticking to its mall strategy. Not a surprise since it is owned by two major mall REITs, Simon Property Group and Brookfield Properties. Which of these two iconic brands will prevail? Or, is each pursuing the right real estate strategy for their market? Let me know in the comments below! ⬇️ Read the full story here https://bit.ly/3QW5yfi #TSCG #CREtail #RetailStores #CRE #Retail

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This must-read pricing article is timely for NYC homeowners and provides the data we real estate professionals instinctively know: right pricing is the most effective selling method. #kwluxury #nycrealestate #kwnyc

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Please see the link below, like, share and follow

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Happy to contribute to GlobeSt.com to share our latest thoughts on the rise of small-format / drive-thru only concepts in retail real estate. These smaller prototypes offer advantages for all parties involved: For retailers - it allows them to maximize operational efficiencies by reducing facilities management expenses / labor costs. It also helps them establish a footprint in denser, high barriers-to-entry submarkets For landowners/developers - it helps them maximize value on smaller parcels by achieving similar rents to traditional QSR. For investors of NNN properties - access to creditworthy tenants in a great submarket with high rent-to-sales ratio & EBITDA coverages. The growing number of brands implementing these new smaller formats increases the list of potential backfill tenants if ever needed in the future. #retailrealestate #netleasedproperties #commercialrealestate #realestatedevelopment #retailers #netlease #investmentproperties

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Here are 10 common pitfalls in NYC Property Development and strategies to overcome them: https://lnkd.in/eh6fc9Nq #realestate #NYC #Propertydevelopment

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"Manhattan’s luxury market is getting a slow start to spring. 🐢 Only 18 contracts for units asking $4 million and up were signed last week, a 31 percent drop from the previous period and the lowest total since the first week of the year, according to Olshan Realty Inc.’s weekly report. 📉 The week came in historically low compared to early Aprils of years past. The same week last year saw 26 signed contracts, in 2022 notched 41 and in 2021 reported 47.  🤔 Of the 18 units to enter contract last week, 14 were condos, two were co-ops and two were townhouses. 💡 The homes’ combined asking price was $133.3 million, which works out to an average of $7.4 million and a median of just under $7 million. The typical home spent 803 days on the market and received an 8 percent discount." ⌛✂ Harrison Connery, The Real Deal #newyork #manhattan #luxury #realestate #sales #market #data

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New study reveals shifting trends in the NYC real estate market. There are fewer buyers from New Jersey, and more from California! https://lnkd.in/eRfSMqkV #argorealestate #NYC #newyork #realestate #buyers #newyorkrealestate

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In 2019, I wrote about "The New Equilibrium" for Urban Land Institute's Emerging Trends. The idea is that #retail space no longer needed for retail would convert to other uses, and that #occupiers of that space would represent incremental demand for the retail space remaining. With 5 years having passed, this data shows that this phenomenon is actually happening!

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In the panel “MLSS as App/Service Stores,” industry leaders shared their perspectives on the evolving role of MLS platforms and their potential to serve as app and service stores for real estate professionals: • Matthew Embrescia, President of Second Generation, Ltd., USA, discussed how MLS platforms can become dynamic hubs for integrating third-party services, enhancing the user experience for real estate professionals. • ANNIE IVES, CEO of TheMLS/CLAW™, USA, emphasized the need for MLS platforms to evolve into service marketplaces, providing agents and brokers with direct access to tools that improve transaction efficiency. • Lynette Keyowski, Managing Partner at REACH Canada, highlighted how tech-driven innovation is helping MLS platforms evolve into ecosystems of services, creating new revenue streams and business opportunities for the real estate industry. • Cezar Nasui, CTO of CENTRIS, Canada, explored the technical challenges of transforming MLS systems into full-fledged service stores while maintaining data integrity and system security. This panel showcased the future of MLS systems as more than just listing services, but as app and service ecosystems that empower real estate professionals with advanced tools and technology. 📍 International MLS Forum 🌎 Milán, Italy 🇮🇹 #InternationalMLSForum #MLSInnovation #AppStoresInRealEstate #Proptech #NathalySalas #UnicornProperties #Milan2024 #RealEstateTechnology

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By the end of this past summer, only 4.5% of the total amount of retail space was available for lease, according to CoStar Group data recently published. More than 75% of the retail space available for lease is located in older, lower quality properties built prior to the turn of the century. Just 11% of available retail space was built after 2010, which indicates that modern or modernized retail space is in the highest demand. The lack of new construction since the Great Recession in 2009 is the main driver of the scarcity of adequate real estate space for retailers to expand.

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Interesting article in PERE today.   At the recent PERE Network America Forum, private real estate executives are expressed renewed optimism about the retail sector, and highlighted opportunities in retail, especially in grocery-anchored and standalone retail properties, as more favorable investments compared to traditional malls.   This is a trend that we have been ahead of for many years at DLC. Across, three white papers since 2020, we’ve shouted this from the mountaintop. In the last 12 months alone we have grown with five new partners and launched a major pipeline of transactions. All of our new partners, including Temerity and Cohen and Steers have done multiple transactions this year and are actively looking to do more as we continue to play offense.   We’re excited about this shift in mindset – and look forward to continuing our record growth.   Let’s do some deals!   Read the full article here. Subscription needed: https://bit.ly/4hWZ5wG   #CRE #RetailRealEstate

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