Posted Dec 9, 2015, 1:24 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
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http://nypost.com/2015/12/08/how-a-s...ting-broadway/
How a soon-to-open Nordstrom is reinventing Broadway
By Lois Weiss
December 8, 2015
Quote:
t may be too early to count the retail chickens, but it is inevitable they will start to roost along the Broadway corridor from West 57th Street down to Times Square — all because of the coming Nordstrom at the base of the under-construction Central Park Tower at 225 W. 57th St.
The Nordstrom will also have a Broadway entrance, right across the street from the 3 Columbus Circle office building. Here, second-floor retail signage proclaims “Across From Nordstrom,” as Winick Realty Group promotes its own large retail availability.
“Nordstrom’s entry into Manhattan is arguably one of retail’s most anticipated store openings,” says Kelly Gedinsky of Winick Realty Group, who is marketing the space opposite the new Nordstrom. Gedinsky adds, “Shopping patterns will most certainly change as consumers are almost guaranteed to be driven to this section of the city.”
Nearby, the discount retailer TJ Maxx is attracting fashionistas to its almost 30,000-square-foot perch on the south side of West 57th Street at Eighth Avenue.
To ensure another competitor doesn’t open across from its Broadway entrance, brokers say Nordstrom is negotiating for the spot at 3 Columbus Circle. The end user may be Nordstrom Rack, its charitable Treasure & Bond brand, the brick-and-mortar Pop In@Nordstrom, which features ever-changing lineups such as the current promotion for Opening Ceremony — or even an entirely new concept the Seattle-based department store is cooking up in order to excite shoppers about the city’s first store, which will not open for several more years.
But there is a wrinkle: Along with the available space, Nordstrom would like to take over the prime corner now occupied by Bank of America on Broadway at 57th Street.
Gedinsky represents the building and declined to comment on any potential deals with Nordstrom or any other retailer.
“Nordstrom is the anchor,” declares Gene Spiegelman, vice chairman of Cushman & Wakefield. “It is the north end of Times Square, and it will meet the south end.” But, he warns, it could take a decade.
The corridor should get a boost as the Nordstrom effect takes over and pedestrian patterns change. Certainly, more feet will be on 57th Street’s “Billionaires’ Row,” where condominiums are either open or under construction with prices that rise into the stratosphere — just like the units themselves, which can be some 1,500 feet in the clouds. Case in point: the ones being developed by Extell Development right on top of Nordstrom.
“You have that residential development going east-west on 57th Street, and we will see the trickle effect from Times Square going north and south [from the Bow Tie, the central area where Seventh Avenue and Broadway cross],” agrees Jason Pruger, executive managing director at Newmark Grubb Knight Frank.
Gary Barnett’s Extell is planning a completely new 60-story tower with nearly 400,000 square feet of space at 1710 Broadway, on the southeast corner of West 54th Street, which will likely include new street-level retail.
Expected to become a mix of condos and hotels, 1710 will join 3,000 to 6,000 area hotel rooms that bring tourists and business executives for some local food, folks and fun.
CBS’ television staple, “The Late Show with Stephen Colbert,” has also reignited the energy around the Ed Sullivan Theater at 1697 Broadway, mid-block between West 53rd and 54th streets. Here, audience and staff create bumps in business......
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It will be interesting to compare Nordstrom to Bergdorf Goodman (being that the two stores are both facing each other on both sides of 5th Ave.)
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