Will Printemps Lift FiDi’s Fortunes?

Introduction to Printemps

The new Printemps fashion store, which opened at Harry Macklowe’s One Wall Street on Friday, “might well be the most beautiful store in New York,” said Downtown Alliance president Jessica Lappin.
“Macklowe could not have done it better,” agreed Cushman & Wakefield retail power-broker Joanne Podell, who repped Chinese lifestyle chain Miniso at nearby 150 Broadway.
“It will draw the right foot traffic and other [retailers] will want to be near them,” she said.
Shoppers lined up outside the new Printemps store in Lower Manhattan after its grand opening on Friday. ZUMAPRESS.com

The Potential Impact on FiDi

But will the 55,000 square-foot emporium with five restaurants lift more boats in the area’s roiling retail waters?
Eyes will be on the mostly vacant, landmarked 23 Wall Street. The buzz is that leaseholder Jack Terzi has had negotiations with several luxury brands including Brunello Culcinelli. Terzi declined to comment on specific talks but said, “We are extremely bullish on luxury retail for 23 Wall. Everyone was waiting on Printemps. The area will be the next frontier for luxury retail, high-end restaurants and member clubs.
“I think it will happen fast and furious — a Miami Design District vibe on Wall Street,” Terzi said.

Leasing Efforts and Vacancies

RIPCO Real Estate principal Andrew Mandell, who’s marketing a 7,000 square-foot former bank storefront across the street at 71 Broadway, said, “I think it’s early to determine, but it’s already helped our leasing effort. We’re in active negotiations.”
While the World Trade Center and Brookfield Place shopping complexes are near fully-leased, it’s a different story elsewhere. Broadway south of Chambers Street has many large vacancies. So do Fulton, Nassau, Pine and other streets that have mostly small buildings suited mainly to fast food and discounters.
Vogue Editor in Chief Anna Wintour and Printemps CEO Jean-Marc Bellaiche at Friday’s grand opening of the fashion retailer’s Lower Manhattan location. Getty Images
Eyes will be on the mostly vacant, landmarked 23 Wall Street.
Even Wall Street has many “For Lease” signs despite the prestigious presence of Tiffany.

Retail Brokers’ Opinions

CBRE vice president Jordan Kaplan said Broadway “was adversely affected by the influx of major retail projects at Brookfield Place, the Oculus and the Seaport,” which drew the most desirable stores.
But he said Printemps and Brooks Brothers, the latter coming soon to 195 Broadway, “have already brought the focus and attention back to Broadway. “I’m very bullish long-term on many retailers continuing this trend.”
The interior of the new Printemps store in Lower Manhattan. Gieves Anderson
Retail brokers were optimistic about a Printemps spillover effect. Most upbeat was JLL’s managing director for New York retail, Corey Zolcinski, who said, “We don’t think it will be long before more big names and emerging concepts follow Printemps to the neighborhood.”
He said that although “retailers were hesitant post-COVID to commit to space in FiDi, that’s changing quickly. The streetscape is coming back to life with Sephora, Whole Foods, Miniso and soon Brooks Brothers.”

Asking Rents and Vacancies

CBRE said asking rents on Broadway south of Chambers Street in the fourth quarter of 2024 ticked up 2.4 percent to $236 per square foot over the same period in 2023. But some brokers scoffed, saying asking rents often don’t mean much.
Cushman & Wakefield’s Steve Soutenijk didn’t blame landlords for the vacancies. “I don’t think they have unreasonable rent expectations,” he said. “They’re totally willing to meet the market where it is.”
The salon at Printemps. Gieves Anderson
He said FiDi’s retail rebound since the pandemic “has lagged the rest of the city mostly because its office population has been the slowest to return.”

Conclusion

Newmark’s Jeffrey Roseman, who helped 28 Liberty Street owner Fosun Hive Holdings lease all of its retail space including Alamo Drafthouse cinemas, said Printemps could be “a bit of an anchor” for other high-end retailers if it gets off to a strong start.
“It’s a fashion anchor for downtown as opposed to another food hall or so-called experiential use,” Roseman added.
With the opening of Printemps, there is a renewed sense of optimism in the FiDi retail scene. The question remains whether this optimism will translate into a significant increase in foot traffic and sales for other retailers in the area.

FAQs

Q: What is Printemps?

A: Printemps is a fashion store that recently opened at Harry Macklowe’s One Wall Street in Lower Manhattan.

Q: How big is the Printemps store?

A: The Printemps store is 55,000 square feet and features five restaurants.

Q: Will Printemps have an impact on the FiDi retail scene?

A: Retail brokers and experts believe that Printemps will have a positive impact on the FiDi retail scene, drawing in more foot traffic and potentially attracting other high-end retailers to the area.

Q: What are the current asking rents in the area?

A: According to CBRE, asking rents on Broadway south of Chambers Street in the fourth quarter of 2024 ticked up 2.4 percent to $236 per square foot over the same period in 2023.

Q: Are there still vacancies in the area?

A: Yes, despite the optimism surrounding Printemps, there are still many vacancies in the area, including on Broadway, Fulton, Nassau, and Pine streets.