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April 16, 2008

Still No Takers for One Hanson's Retail Space

one-hanson-lobby-04-2008.jpg
After a two-year hunt for a retail tenant, the opulent One Hanson lobby is still unoccupied, a situation that recently prompted the tower's owners to switch brokers, according to an article in this morning's Observer. The self-proclaimed "Queen of Retail," Elliman's colorful Faith Hope Consolo, has replaced Jeffrey Roseman, a Newmark Knight Frank broker. The Williamsburgh Savings Bank lobby totals 33,000 square feet and is landmarked inside and out, posing branding/structural challenges for would-be tenants (a deal with Borders, for example, feel through). “I visualize a big specialty store,” says. Consolo. “It also could be a very important catering group. … It could also be another great restaurant.” Roseman says that while he was the broker for the space, One Hanson's owners were looking for around $3 million a year in rent.
One Hanson Place Switches Broker [NY Observer]
Photo by Ando228.




Posted by Gabby at 9:27 AM | Comments (19)
Categories: Fort Greene, Landmark, Retail

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Comments

I misread "Consolo" at first glance and thought it said "CostCo". Helllll no.

Posted by: guest at April 16, 2008 10:08 AM

$90 a sq ft for a location that has limited ability to be altered and virtually no street visibility.....

yeah good luck with that one

Posted by: guest at April 16, 2008 10:09 AM

its just as well that the borders deal fell through - i think it would be a great location for a book store, but with borders filing for bankruptcy, it would likely never pan out anyway.

Posted by: washingtonandatlantic at April 16, 2008 10:12 AM

Looks like its already set up for a beer garden, maybe a renfair could set up here.

Posted by: Karka at April 16, 2008 10:17 AM

I wonder how much of the 33,000 sq. ft. would be useable for retail? At that rental amount you're looking at a sales breakpoint of $50,000,000 per year. That's what a much larger anchor store in a healthy mall might earn. We're in a declining retail environment and the space is severely constrained for the needs of most retailers. At this price it's justifiable only as a trophy space.

Posted by: guest at April 16, 2008 10:17 AM

10:17 is spot on.

This is a large space, with a rent that will be difficult for any retailer to justify.

Jeff Roseman is a competent broker, and much more familiar with the economics of retail than Faith "The Queen". If he couldn't lease it in 2 years, this means the price is just too high.

There is no way they are getting $90 a square foot for that space. The functional utility of the space is just too limited, and the size is not going to appeal to many users.

A "Very important catering group"? huh?

Posted by: Polemicist at April 16, 2008 11:23 AM

The building owners should turn it into an intimate , private concert space. Book top acts and give first dibs on tickets to the people who live in the building.Just hire the staff to run the place and that way most of the money comming would be profit, after you pay the talent, of course.It works in NYC, why not here.

Posted by: guest at April 16, 2008 11:59 AM

For the past two years, the space has marketed to large specialty retailers, catering groups and restaurants. Nice to see Faith is bringing new ideas to the table.

Posted by: guest at April 16, 2008 12:02 PM

Another example of why landmarking sucks.

Posted by: guest at April 16, 2008 12:11 PM

landmarking is fine....

But its a question of how many potential tenants want to pay $90/square foot.

How much does ground floor space in the target building? I bet its less than 1/2.

They should rent to a prestige tenant at a lower price. (Apple, Whole Foods, etc.)

Posted by: slick at April 16, 2008 12:23 PM

You know what would be perfect...........a Bank

Posted by: guest at April 16, 2008 12:26 PM

Question: How much does the income from that space was projected in the offering plan? I would be very concerned if I bought there. Most developers really low-balloperating cots in the pospectus. Some of these new condos are going to see their low maintenence go up 2X or 3X very quickly.

Posted by: guest at April 16, 2008 12:37 PM

seems like a fitting space for a bank. probably will end up being a chase branch.

Posted by: BrooklynLove at April 16, 2008 12:57 PM

If the previous guy was such a great broker, he would know the price was too high and not sit on it. Sounds like a white elephant.

Posted by: guest at April 16, 2008 1:21 PM

would have made a great hotel lobby - too bad they didn't turn it into a hotel above

Posted by: guest at April 16, 2008 4:46 PM

12:37: This space is for sale separately from the apartments, so there is no income from it in the offering plan at all. (It pays common charges, but there's no rent from it.) It's not like a co-op where the retail rental subsidizes the residents.

Posted by: zinka at April 16, 2008 5:19 PM

how about a chelsea market type set up with different food shops and vendors...

Posted by: guest at April 16, 2008 6:01 PM

How about a dentist office?

Posted by: guest at April 16, 2008 7:33 PM

considering the two years of income lost the value they were originally projecting is already much lower. It amazes me how the owners do not see that waiting to fetch their high price cost them more in the long run.

Posted by: guest at April 17, 2008 10:37 AM

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