Tuesday, June 18, 2013
Thursday, June 13, 2013
Retailer embraces hip, happening Astoria
Retailer embraces hip, happening Astoria
Consignment retailer Buffalo Exchange, with shops in such trendy climes as Williamsburg and Chelsea, picks Astoria for its first foray into Queens.
Trendy consignment retailer Buffalo Exchange has chosen Astoria for its first Queens location. The Tucson, Ariz.-based company, which has four locations in Manhattan and Brooklyn, recently signed a 10-year deal for 2,500 square feet at 29-16 Ditmars Blvd., between 29th and 31st streets. Asking rent was around $65 a square foot.
Brokers involved with the deal said that the retailer, which opened its first New York City outpost in Williamsburg eight years ago, was lured to Astoria by the increase in the number of hip, young people.
“Pay close attention to how many young people are calling Astoria home now, and look at other neighborhoods where Buffalo Exchange is successful—like Williamsburg,” said Ari Malul, the Schuckman Realty broker who represented landlord Alva in the deal. “You see Astoria fits that demographic to a T.”
Yet with scant large-store spaces available in the neighborhood, few other national retailers have entered the neighborhood, making Buffalo Exchange a bit of a pioneer, noted Mr. Malul, who was assisted in negotiations by colleague Nick Masson. Rents on Ditmars Boulevard have held steady in the mid-$50s to mid-$60s a square foot.
Replacing a card store, Buffalo Exchange, a 45-unit chain which generated nearly $82 million in revenue last year, is expected to open for business by fall. The company also recently doubled its Chelsea store to 7,000 square feet, according to Adam Stupak, the Task Realty broker who represented Buffalo Exchange in the Astoria negotiations.
Brokers involved with the deal said that the retailer, which opened its first New York City outpost in Williamsburg eight years ago, was lured to Astoria by the increase in the number of hip, young people.
“Pay close attention to how many young people are calling Astoria home now, and look at other neighborhoods where Buffalo Exchange is successful—like Williamsburg,” said Ari Malul, the Schuckman Realty broker who represented landlord Alva in the deal. “You see Astoria fits that demographic to a T.”
Yet with scant large-store spaces available in the neighborhood, few other national retailers have entered the neighborhood, making Buffalo Exchange a bit of a pioneer, noted Mr. Malul, who was assisted in negotiations by colleague Nick Masson. Rents on Ditmars Boulevard have held steady in the mid-$50s to mid-$60s a square foot.
Replacing a card store, Buffalo Exchange, a 45-unit chain which generated nearly $82 million in revenue last year, is expected to open for business by fall. The company also recently doubled its Chelsea store to 7,000 square feet, according to Adam Stupak, the Task Realty broker who represented Buffalo Exchange in the Astoria negotiations.
Buffalo Exchange Opening in Astoria
Buffalo Exchange Opening in Astoria
Clothing store Buffalo Exchange is opening its first Queens shop at 29-16 Ditmars Boulevard in Astoria, Crain’s reported. The company, which has four locations in Manhattan and Brooklyn, will take 2,500 square feet for 10 years. The asking rent was around $65 per square foot. Buffalo Exchange was attracted to the neighborhood’s influx of young people, according to brokers. Task Realty represented the tenant and Schuckman Realty represented landlord Alva in the deal. The store replaces a Hallmark card shop and is expected to open in the fall.
TASK REAL FINDS FOREVER YOGURT SPACE IN BROOKLYN
NY Observer
By Adrianne Pasquarelli on May 28, 2013
Real Estate - Forever Yogurt
New York City could always use a few more frozen yogurt shops, and just in time for summer. At least, that’s what Forever Yogurt, a three-year-old chain, is thinking. The Chicago-based chain recently signed a 13-year deal for 1,100 square feet at 236 Flatbush Ave., between Bergen Street and Sixth Avenue, in Prospect Heights, Brooklyn.
This is the second lease in recent weeks for Forever Yogurt, which signed on for a store on West Third Street in Manhattan, where record shop Bleecker Bob’s used to be for decades.
Both outposts should open for business in about six weeks, according to Forever Yogurt Chief Executive Mandy Calara. He noted that the company is also targeting the Lower East Side, Upper East Side, Upper West Side and Williamsburg. Eventually, Forever Yogurt, currently a 33-unit chain, wants to have at least 25 locations in New York City.
The new fro-yo shop replaces a dentist’s office. Asking rent for the deal was $110 a square foot, 80% more than four years ago in the neighborhood, according to Adam Stupak, the Task Realty broker who, along with colleague Dustin Roccaforte, represented both Forever Yogurt and landlord Michael Pintnik.
“That whole area has changed,” said Mr. Stupak. “Fifth Avenue used to be lower income and now there’s all the yuppies moving in and beautiful clubs"
By Adrianne Pasquarelli on May 28, 2013
Real Estate - Forever Yogurt
New York City could always use a few more frozen yogurt shops, and just in time for summer. At least, that’s what Forever Yogurt, a three-year-old chain, is thinking. The Chicago-based chain recently signed a 13-year deal for 1,100 square feet at 236 Flatbush Ave., between Bergen Street and Sixth Avenue, in Prospect Heights, Brooklyn.
This is the second lease in recent weeks for Forever Yogurt, which signed on for a store on West Third Street in Manhattan, where record shop Bleecker Bob’s used to be for decades.
Both outposts should open for business in about six weeks, according to Forever Yogurt Chief Executive Mandy Calara. He noted that the company is also targeting the Lower East Side, Upper East Side, Upper West Side and Williamsburg. Eventually, Forever Yogurt, currently a 33-unit chain, wants to have at least 25 locations in New York City.
The new fro-yo shop replaces a dentist’s office. Asking rent for the deal was $110 a square foot, 80% more than four years ago in the neighborhood, according to Adam Stupak, the Task Realty broker who, along with colleague Dustin Roccaforte, represented both Forever Yogurt and landlord Michael Pintnik.
“That whole area has changed,” said Mr. Stupak. “Fifth Avenue used to be lower income and now there’s all the yuppies moving in and beautiful clubs"
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