Still No Takers for One Hanson's Retail Space
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…
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.
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.)
Another example of why landmarking sucks.
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.
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.
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?
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.
Looks like its already set up for a beer garden, maybe a renfair could set up here.
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.
$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