Malkin Holdings' 112 West 34th Street to Offer Valuable Big-Box Retail Opportunity Directly Opposite Macy's Flagship Store
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Preparing three years in advance of lease expiration, W&H Properties is laying the ground work to market one of the largest, most exciting and most significant retail space availabilities in decades, with the potential to alter the retail fabric along West 34th Street.
When Foot Locker’s lease expires at 112 West 34th Street in 2015, W&H will be prepared with an assemblage of as much as 150,000 square feet or more, comprising present retail and office space, directly across from the world’s largest department store, the flagship home of Macy’s.
“This is an opportunity for value creation on a scale unlike anything in New York City’s recent retail property history,” says Anthony Malkin, president of Malkin Holdings, which supervises the W&H portfolio.
“Macy’s and 34th Street are major draws for upscale big-box retailers based anywhere in the world,” he says. “The 34th Street corridor is among the most densely trafficked pedestrian thoroughfares in Manhattan, and our property is next to an entrance to one of the city’s most important mass transit hubs.
“We will consider leasing the entire space or a variety of subdivisions. We are confident that this is a unique offering with big potential for our investors. We have a track record of transforming the retail in our office buildings in Manhattan,” adds Mr. Malkin.
An international marketing program, which begins in December, is timed to coincide with the annual New York conference of the International Council of Shopping Centers, a major event in the retail industry. The marketing program is designed to reach quality retail companies around the world, presenting them with the full breadth of benefits of the location.
This includes the advantage of high visibility that accompanies 112 West 34th Street’s specific location at the intersection with Avenue of the Americas, at the point where it is crossed diagonally by Broadway.
“The site is visible throughout Herald Square and east and west along the 34th Street corridor, as well as to shoppers exiting or heading for Macy’s,” observes Fred C. Posniak, Senior Vice President of Malkin Holdings, who is overseeing the marketing program. “Macy’s Herald Square store is simply one of the greatest retail attractions in the world. The retailer that goes into that space will have a dramatic presence.”
Mr. Posniak explains that although the Foot Locker lease will not expire for three years, the scope and importance of the availability, combined with the size of the eventual tenant’s commitment to the space, demands that a marketing program be underway years in advance. “We’re being diligently proactive so that the property receives the greatest exposure to all opportunities from which our investors can realize its full potential,” he says.
The current Foot Locker retail space is approximately 80,000 square feet on two levels, and sits below floors with high floor-to-ceiling clearances which are presently used for offices. “We want to be flexible and ready to accommodate a number of scenarios,” Mr. Posniak adds. “There could be more than one retailer installed at the site.
“It’s an historic, highly prized site that has always played a large role in West 34th Street destination shopping,” notes Mr. Posniak. “Our mission is to expand that role further while creating additional value for our investors.”