Cushman & Wakefield to Advise on New 42nd Street Retail Project
28 Sep, 2010, New York
Cushman & Wakefield today announced the firm's Retail Services Group has been awarded the exclusive leasing agency for 80,000 square feet of retail space at 42nd Street and Avenue of the Americas, a long underserved location that will now be repositioned to create a thriving retail thoroughfare connecting shoppers, tourists and local office workers from the bustling Times Square and Bryant Park neighborhoods.
The 42nd Street portion of the project, which totals 44,000 square feet of above and below-grade space, is expected to appeal to a mix of destination-oriented retail, such as food and entertainment. The 1095 Avenue of the Americas space, totaling 36,000 square feet on the ground and second levels, is expected to draw interest from a wide range of possible users, including but not limited to global apparel, cosmetics, footwear and related fashion brands, consumer electronics companies, financial services firms, and other retailers seeking an outstanding sales and branding location at the iconic, one-of-a-kind intersection of Times Square and Bryant Park.
The retail space at 1095 Avenue of the Americas, a newly-renovated Class A office tower and MetLife's headquarters building, boasts 370 feet of wrap-around ground floor retail frontage and 420 feet of wrap-around second floor retail frontage on the full block-front of Sixth Avenue between 41st and 42nd Streets. With ceiling heights of 16 feet on the ground floor and 20 feet on the second, this space offers unmatched visibility from all four directions, as well as unobstructed exposure to Bryant Park, one of the City's most popular destinations for locals and tourists.
The project will also include a new glass-and-steel three story building located at 124 West 42nd St., which is west of the tower and separated from it by a soon-to-be-unveiled, newly renovated public plaza.
The new building, which lies within the Times Square district and will therefore offer spectacular lighting and signage opportunities, is being reconfigured from two existing buildings and will be ready for tenant occupancy in late 2011. It will offer extensive street-level frontage on 42nd Street, frontage on 41st Street and 200 feet of all-glass exposure to the new public plaza. In addition, a large concourse beneath the new building will offer spectacular ceiling heights of 24 to 30 feet, and will add even more flexibility to the dynamic range of users that will be attracted to the project. Above grade, the new structure will have ceiling heights of 20 feet on the ground, and 16 feet on both the second and third levels, and will sport two outdoor rooftop terraces, creating a unique opportunity for restaurant or entertainment users.
Cushman & Wakefield will be managing a global marketing initiative leveraging its retail strengths in the Americas, Europe and Asia to cast a wide net and attract "the ideal mix of retail uses to realize the full potential of this outstanding, one-of-a-kind location," said C. Bradley Mendelson, an executive vice president of Cushman & Wakefield who is leading the assignment with partners Alan Schmerzler, David A. Green, Steve Soutendijk and Glenn Markman.
"This is an unbelievable opportunity, and in fact a once-in-a-generation chance, to re-imagine and reposition a long stretch of 42nd Street and create an exciting, retail friendly link between Times Square and the dynamic Bryant Park neighborhood," Mr. Mendelson said.
# # #