News: Shopping Centers

Futterman, Bellantoni, Petersen and Thompson of RKF chosen to market retail space at 412 West 15th Street

New York, NY RKF has been named the exclusive retail leasing agent for 39,651 s/f of retail space in three buildings owned by affiliates of Rockpoint Group and Highgate in Manhattan’s Meatpacking District. The firm will market the available retail space at 412 West 15th Street, 413-419 West 14thSt. and 421-435 West 14th St. RKF chairman and CEO Robert Futterman, vice chairman Karen Bellantoni, vice president Caleb Petersen and associate Pierce Thompson will lead the retail leasing efforts for the three properties on behalf of affiliates of Rockpoint Group and Highgate. Located between Ninth and Tenth Aves., 412 West 15th St. is a planned new-construction 18-story, 130,000 s/f office building that will offer 7,059 s/f of retail space on the Ground Floor and 5,117 square feet on the Lower Level. It is situated directly across from the highly-trafficked Chelsea Market, making it an ideal location for high-end QSRs or restaurants, as well as fashion retailers. One block over on 14th St., the four-story building at 413-419 West 14th Street offers 6,694 s/f of available retail space on the Ground Floor and 5,175 s/f on the Lower Level, while the three-story building at 421-435 West 14th St. currently has available 15,606 square feet of retail space on the Ground Floor. The spaces on the Ground Floors of both buildings are fully divisible, and located near retailers that include Apple, Diane von Furstenberg, Alice and Olivia, BOSS and The Kooples, as well as the entrance to the High Line. RKF is targeting fast fashion, contemporary and luxury retailers for these spaces. “RKF has a successful track record in the Meatpacking District, having represented similar properties and several notable retailers in the area,” said Futterman. “We look forward to continuing to transform the market with ownership by attracting and curating the right mix of retail tenants that will strategically fit within these highly-desirable retail spaces.” The Meatpacking District is evolving from a lifestyle shopping, dining and tourist destination to a tech and creative hub as well. Google’s parent company, Alphabet, currently occupies approximately 2 million s/f of space across four buildings, and the area continues to attract a growing number of TAMI (technology, advertising, media, information) tenants. Additionally, about 600,000 s/f of commercial space is expected to come online within the next five years. The geography of the neighborhood offers a distinct advantage for retailers as it’s perfectly situated to provide one-of-a kind service experiences for area workers and residents.  
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What noteworthy transactions or deals from this year best exemplified key market trends or shifts? I would like to say there was an outstanding transaction for me this past year but 2024 was more a culmination of long-term relationships, most of which continued to transact. Deals were smaller in many cases but we saw robust leasing both on the agency side as well as on the tenant side.

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