It's not really a big deal to most New Yorkers that NM and Nordstrom is opening new stores in Manhattan. It just feels that way to us because every article about it is posted here.

And the only reason it gets news article written about it is because they are new to the city. Anything new is news. I remember a number of years ago how the opening of a Whole Foods @ TWC was a news story when they first entered the NY market.

There is a possibility there could 450+ meter towers in other cities yes. But your talking about a timeline that spans decades, not years. There isn't going to be an explosion of 450+ meters in other cities suddenly. However, on the same token, the rest of the world's development of such tall buildings is also going to slow down. Not the least of which is because of the sharp drop in oil prices in the Middle East but also because China's construction costs are rising rapidly.

Well I thought we were talking NYC. None of these are NYC.

And some of these buildings weren't shortened, they were fantasy proposals. If a building wasn't built, then obviously it wasn't shortened.

But no one (outside of skyscraper fan-dom) seriously thought the Chicago Spire or that Philly tower were actually going to be built as described. My brother-in-law is a very prominent commercial real estate broker in Chicago and I remember him making jokes about the Spire back 7 or 8 years ago. It was always nonsense to real estate professionals.

For the last time, I'm telling you two (and whoever else) to knock it off. You take every opportunity to throw these discussions into what's being built around the world. Give it a rest or create a thread where you can discuss those issues until you turn purple.




It's a very big deal in retail to have these stores opening in Manhattan, and it's a very big deal to residents as well, not the least of which is because even in Manhattan, there are areas underserved, and the west side is among them (it's not known for its shopping). And that's beyond the fact that each new opening brings much needed jobs, whatever you may think about that. Step inside any one of Manhattan's department stores, and tell me you don't think it's a big deal. It's a very big deal, but I don't expect you will get that until these stores open and are full of shoppers and people working.

+1

I think its a slow news day during the holiday months.

So Nordstrom is already shopping for a second downtown location, Saks is opening a second store downtown, Barneys a new Chelsea flagship, and Neiman's is finally entering the market. This signals the greatest era in NYC department stores since the Macy's / Gimbals / B. Altman dominated 30s.

I think it does also. We get the greatest era in skyscraper construction to go along with it. So many great things are happening in the city, which has been written off multiple times. They'll never learn.


http://nypost.com/2014/12/08/retail-...ted-this-fall/

Retail leasing skyrocketed this fall


https://thenypost.files.wordpress.co...0&h=450&crop=1


By Lois Weiss
December 8, 2014

Quote:

By 2020, 30 percent of all retail sales will come from the millennials. “The millennials want to live in the city, and from a retail perspective, the millennials are our future,” Joanne Podell, vice chairman of retail services at Cushman & Wakefield, said at a recent Real Estate Board of New York luncheon where Riguardi and residential broker Diane Ramirez, CEO of Halstead, also spoke.

If it's hipster and chic, we'll be the first to buy it.

i love how millenials are somehow simultaneously broke and crushed with student debt but also the target market for propping up nordstrom and nieman marcus by 2020...

^ they're versatile.

They're the target for much more than that, everything from new office space to new residential space. It all ties in together. And, as we're talking about the future, it all makes sense.

Having these stores in Manhattan is also about marketing, as the city is tourist heavy year 'round. It's about name and presence, similar in a way to those stores that like to have a presence on Madison Ave, even if they're losing money there. Nordstrom, meanwhile, bought this site, and this store alone will have a huge impact, simply by being in Manhattan. The smart people in the business know this, and that's why you are seeing these moves take place.

Millennials are indeed behind in money making, which makes it a difficult target market right now. Student loan debt, house buying, you name it. Eventually that will change, but its more like 2020+. The jobs market is still not very good outside big cities unfortunately.

The good thing about departments stores though is that many times a lot of people just go in to buy one or two things even if they don't have a lot of money at the moment, which can still be a worthwhile sale.

This is the quote we're talking about...



It doesn't take much to go out and say "millennials" are the future, because that's obviously the case. But what it speaks to is that no longer are people opting for the "suburban dream" as the ultimate goal. People want to live and shop in the city, and that's a good thing. The more money spent in the city, the more jobs available in the city, the more economic development the city has, the more options available, it's all in the plus column. Some people may complain about the changes these luxury towers are making along West 57th, or "billionaier's row", but a greater impact to the man on the street will be the retail. It's a very tall tower, but to the average person, all of the buildings in that area are tall.

Your making a very board general overstatement about the population though. Here in the Midwest moving to the city is not the goal for most people my age. Some are, ones who are getting through or find a job there. But there are so many who are like stuck. Many Blue collar jobs that the young generation used to get here are gone, leaving the service sector and minimum wage jobs. You really got to get out of the city because its not like everyone is highly educated or a skilled laborer in many parts of the country.

Obviously, not everyone wants to move to the city, but there has been a large amount of Millenials/hipsters/twenty somethings, whatever you want to call them, coming to NYC over the last 10+ years from all over the country.

They've played a large part in all the change over the last decade in neighborhoods like Astoria, LIC, Greenpoint & Williamsburg and especially in areas like Flatbush & Bedford Stuyvesant, etc...

they've transformed these areas..still happening today...


Crazy...to a lifetime NY'er some of these areas...you were putting your life on the line to walk around years back.. now try to buy a brownstone in Bed Stuy.


Amazing that all this change has been in the works all over, but what makes the most headlines for obvious reasons are the Supertalls going up all over Midtown, Hudson yards and Downtown. What a great time for NYC!!

We are specifically talking about New York here, and it's been known for a while that people prefer to live in the city. Obviously that may not always be possible for everyone, but is a driving factor in almost all decisions you see about company moves or relocation. (People sometimes talk about Downtown being a more attractive place to work these days because of its proximity to places like Brooklyn and Jersey City). A lot of people who have moved to the suburbs are now at a stage in life where city living is just more preferable.


One thing about New York that has helped it survive the changing world is the ability to adapt. Is it the New York that it was even 20 years ago? It isn't. It's a city that's growing and changing, but some of the things that made it attractive a hundred years ago are the same things that make it attractive now. You don't have to jump in a car and drive out to a mall (and search for a parking space) to shop. The streets were lively then, and they still are.

Nordstrom is betting on it, so much that they're already looking for a second Manhattan location (we've discussed it before)...



http://www.bloomberg.com/news/2014-1...tan-store.html

Nordstrom Seeking Space for Second Manhattan Store

By David M. Levitt
Oct 14, 2014



If they can find a space - not an easy task - it would be about the same size as the 57th Street store.

The rumor is that Nordstrom is close to signing a lease for One Wall Street, the BNY Mellon HQ tower.

Harry Macklowe bought it recently and is converting the tower to condos and the lower levels to a 300,000 square foot department store space.

I'm not sure whether the 60's era addition is being converted too, or being torn down and replaced by a second residential tower. In any case, the property will be retail-residential, not office, in the near future.

That's what generation greed has been doing lately. Getting the most $$ out of younger generations before heading down to Florida

Wow - should be a really interesting project. I work across the street (14 Wall), so will have a front-row seat to this transformation.

Can't wait to have more tourists in the area! :rolleyes:

Yeah, we'll see how that works. Nordstrom has been known to flirt with different spaces, only to have it not work out. Now that there is the new store opening on 57th, I wonder if they will be more flexible with space needs.