FiDi’s sagging retail scene simply acquired a badly wanted enhance. Chinese language “life-style” and client items chain Miniso, which has greater than 6,000 shops worldwide together with two in Manhattan, signed a 5,000 square-foot lease at JEMB Realty’s 150 Broadway at Liberty Avenue.
The vacant nook was final house to Sephora.
JEMB leasing head Joseph Hamway mentioned the brand new tenant will take pleasure in “one of the best retail corners in Manhattan with greater than 50,000 pedestrians every day.”
JEMB mentioned the asking hire was $400 per sq. foot.
Hamway and Jacob Jerome repped possession in-house. Cushman & Wakefield’s Joanne Podell and Michael Shalom repped Miniso.
Retail leasing powerhouse Podell mentioned she really helpful the situation to Miniso due to “the world’s density, which incorporates residents, workplace employees, and guests to the World Commerce Middle and over twenty museums.”
Protection of WeWork’s emergence from bankruptcy has targeted on its new company construction and shrinkage of world areas from 500 to 337.
However what most of us questioned was: how a lot smaller is its Manhattan portfolio in significant phrases?
Due to CBRE, we now know: WeWork had 3.8 million sq. ft within the first quarter, down from 6.1 million pre-bankruptcy in 2023, in accordance with the brokerage’s newest market evaluation. And it might additional shrink as demand for co-working area stays flat at finest.
