| NYguy |
Sep 29, 2023 12:21 AM |
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Originally Posted by Busy Bee
(Post 10048669)
Did Related really have to court Neimen Marcus though or was it more NM that had spent years looking for ann opportunity to enter the NYC market a la Nordstrom?
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Finding a location for that type of retail - at that size - isn't easy in Manhattan. But the mall at the HY presented an opportunity. Basically the mall was to be the "Fifth Avenue" of the west side. You don't have that type of street presence over there, with everything being built from scratch. You don't "pass through" the Hudson Yards, you "go to" the Hudson Yards. So it's not as easy.
Neiman had hopes for the store, but considering the hits from the pandemic, I'd say we're doing pretty well.
https://www.hudsonyardsnewyork.com/p...r-hudson-yards
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September 4, 2014
...“Neiman Marcus Group is delighted to announce that Manhattan will have its first Neiman Marcus! Hudson Yards presents the ideal location for a Neiman Marcus store. The project is a bold and innovative retail idea and one that complements how we view our Neiman Marcus Brand,” said Karen Katz, President and Chief Executive Officer of Neiman Marcus Group “Neiman Marcus Group is well-known to New York and New Yorkers through our landmark Bergdorf Goodman store – a beloved and revered New York institution at the corner of 5th and 58th, and we are excited to establish a flagship NM store in one of the world’s premier shopping destinations. We look forward to serving New Yorkers and visitors to New York with legendary Neiman Marcus style.”
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It remains to be seen what stores Related has lined up for the casino complex, or if they're even at that point. I'm sure they've already been talking to interested parties.
https://eightify.app/summary/real-es...d-salon-series
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-Jeff Blau suggests that if he were to do retail again, he would make it a fraction of the size, indicating a shift in the perception of the optimal scale for retail spaces.
-The second phase of Hudson Yards is set to encompass approximately 7 million square feet, with the goal of creating a space that is both accretive and beneficial to the overall development.
-The development project in New York will include a world-class casino, a two million square foot office building, a million square foot residential building, a park, and a school, making it a comprehensive and transformative addition to the city.
-Retailers and office tenants initially questioned the idea of building a casino, but after seeing the vision, they were excited about the potential increase in traffic and business.
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Hudson Yards experienced challenges with retail due to its location, and although the Neiman market space was a successful anchor tenant, it did not survive the impact of COVID-19, leading to its conversion into office space, with the lesson learned being that retail should be smaller in size and luxury retailers and food and beverage businesses are thriving.
The speaker discusses the vision for the second phase of Hudson Yards, which includes adding a casino and resort that complements the existing development and aligns with the high-end culture and design.
They plan to build a curated, world-class casino resort in New York, along with office and residential buildings, a park, and a school, which will also serve as a convention hotel to attract more conventions to the city.
This project will create 5,000 permanent jobs, 35,000 construction jobs, and attract tourists to New York City, with the retailers and tenants being supportive of the idea.
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