CBRE Group releases its Manhattan Retail MarketView report

New York, NY CBRE Group, Inc. has released its Manhattan Retail MarketView for third quarter 2015. The report focuses on the rise of NoMad—the area “North of Madison Square Park”—driven by the park’s revitalization in the early 2000s and its revival as a center of neighborhood life. The district’s major retail transformation began with the opening of the Ace Hotel at 20 West 29th St. in 2009, spurring further development. Once the high-end market/restaurant bazaar Eataly opened, the area reportedly began attracting nearly 100,000 visitors a day, helping bridge the gap to the Flatiron retail corridor. Over the past year, new retail and hotel development has grown throughout the area. Last month NoMad welcomed its newest addition, former Waldorf-Astoria executive chef John Doherty’s multilevel restaurant, Black Barn, on 26th St. Looking ahead, Italian café Pulia inked a deal at 1153 Broadway for 4,200 s/f, along with gluten-free hot spot The Little Beet, which took 2,600 s/fat 1140 Broadway. Meanwhile, Italian luxury brand Poliform is slated to open an 11,000 s/f store next summer at 112 Madison Ave., joining the array of furniture designers along the avenue. Hotel growth includes the 168-key NoMad Hotel on 28th St. and Broadway; the rebranded 160-key Evelyn Hotel at 7 East 27th St.; and the most recent to break ground, Sir Richard Branson’s Virgin Hotel, which will take up much of Broadway between 29th and 30th streets when completed in 2018. The soaring hotel will include 465 rooms, 30,000 s/f of amenities and 90,000 s/f of retail on the ground floor—and promises to play a monumental role in the continued transformation of NoMad’s retail landscape.