Who knew? Downtown's retail now leads city in growth

Real Estate Weekly, Dec 13, 2000

The leasing team of Faith Hope Consolo and Joseph Aquino of Garrick-Aug Associates Store Leasing Inc. has been named exclusive agent for prime retail spaces in the Financial District, the New Downtown, 65 Broadway and 80 Maiden Lane.

The 8,400 square feet ground floor location, at 65 Broadway is between Wall Street and Exchange Place. It was previously American Express Travel Services.

"This area has always been a major financial and business capital, ever since there was a New York City," states Faith Consolo, Vice Chairman. "But now, it has assumed a new role - that of the fastest growing residential community in the city. Used to be, the area was fast-moving and hectic, weekdays, nine-to-five, but weekends and evenings were dead quiet. All that has changed, the hustle and bustle continues morning, noon, and night, seven days a week as more and more people not only work in the area, but live there as well."

"Not only do 400,000 people work there, making it the third largest business district in the country, following mid-town Manhattan and Chicago," observes Joseph Aquino, Managing Director, "but 20,000 people now live there, with another 10,000 by 2002." He continues, "Sales figures are another strong topic. J&R Music and Video and Century 21, both retailers in the area, have the highest sales per square foot in the nation for their categories. 65 Broadway is an ideal retail location, right in the middle of it all, just a few steps from Wall Street, The New York Stock Exchange. Some of the neighboring retailers are Men's Wearhouse, The Custom Shop, Rally Fitness, Mangia Restaurant, and The New York Sports Club. Several major banks are also near-by: The Bank of New York, HSBC, and US Trust Company.

Consolo adds, "In addition to the exploding residential and working populations, we must also consider the seven million tourists that visit this area annually. Downtown is the oldest part of Manhattan, full of historical sites and museums to visit and also modern-day attractions such as The World Trade Center and World Financial Center. The hotel sector is undergoing dramatic growth and occupancy is booming. Downtown is fast becoming a shopping mecca. 65 Broadway is the perfect retail spot to be."

The other location is 6,640 square foot ground floor retail space at 80 Maiden Lane, between William and Pearl Streets in the New Downtown New York. The space is presently Hit or Miss. There is a 40 foot frontage.

Joseph Aquino, Managing Director begins: "Downtown New York is the financial capital of the world. It is one of the oldest sections of the city. Approximately 400,000 people work in the area, making it the third largest business district in the country, following midtown Manhattan and Chicago, and it is becoming one of the fastest growing residential communities. About 20,000 people live there now, with another 10,000 by 2002. Downtown is in the best shape it's been in 50 years. It's dedicated to becoming the model for the new urban center of the future.

80 Maiden Lane is a perfect retail location -- in the center of the office community and just a short walking distance from residential areas."

Faith Hope Consolo, Vice Chairman, continue: "Neighboring retailers are an eclectic group, as in every New York City district, ranging from McDonald's and Burger King to Godiva Chocolatier, from Dress Barn to Hagstrom Maps, and Duane Reade to Radio Shack."

"At least seven million tourists visit this part of Manhattan annually, attracted by the modern day wonder of the mighty skyscrapers of the World Trade Center and World Financial Center, the fascination of Big Business -- The New York Stock Exchange, and the historical attractions of old New York: Federal Hall, Trinity Church, and the South Street Seaport. There are also museums and the glorious vistas of New York Harbor, with The Statue of Liberty thrown in for good measure. How can you beat it?

Needless to say, the hotel business is booming, with three new hotels this year and two more planned for the very near future. Downtown New York is fast becoming an important shopping destination. 80 Maiden Lane, as Joe said, is centrally located and easily accessible to shoppers who work there, live there or visit."

"Long ago, Maiden Lane acquired its name, because it was the route the women of the area used to reach a fresh water brook where everyone washed their clothes and household linens. Nowadays, there's a lot more going on on Maiden Lane than just laundry."

Founded a quarter-century ago, Manhattan-based Garrick-Aug Associates is the nation's largest brokerage specializing exclusively in retail leasing today. Operating throughout the U.S. and abroad, the company has been instrumental in brokering many of the most trend-setting retail leases in the metropolitan New York area.

Consolo started the Garrick-Aug Worldwide division in 1987. Headquartered in Paris, Garrick-Aug Worldwide works with prominent international retailers in identifying and securing the best locations for their U.S. stores and retail operations.