Omni NY inks indoor playground chain to 33K sf lease in Jamaica

Kidz Klub is coming to Queens. The children’s indoor playground chain signed a lease for 32,500 square feet at Omni New York’s recently completed mixed-use development known as Archer Green at 92-23 168th Street in Jamaica. Kidz Klub, which currently has three locations in Connecticut malls, will pay $25 per square foot on its 20-year lease. “Their intent is to really expand their footprint in this area,” said Greg Parassio, managing partner at Booth Capital,

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These were Manhattan’s largest retail leases of 2021

As Manhattan’s residential market boomed in 2021, office and retail landlords struggled through another year of pandemic-driven uncertainty. While big-box stores and luxury brands have dominated previous years’ rankings of the borough’s top retail leases in terms of both square footage and rent, the tenants that topped this year’s list — charter schools, fitness chains and supermarkets — represented a sign of the times. As major retailers have reduced their brick-and-mortar presence in the city

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Jobs in warehousing and storage above pre-pandemic levels; hospitality showing strong recovery

Employers added just under 200,000 new jobs in December, including in leisure and hospitality, construction and warehousing, according to the Department of Labor. The unemployment rate fell to 3.9 percent. That’s a sharp drop from 2021’s monthly average of 537,000 new jobs, after upward revisions to the number of jobs added in October and November, boosting confidence in the economy despite lower-than-expected hirings last month. “The pace of recovery overall in the job market has

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Federal relief favored restaurants in wealthy areas: study

In low- and moderate-income neighborhoods, the Restaurant Revitalization Fund was a low tipper. Of the nearly 5,500 awards to New York City eateries, approximately 28 percent went to businesses in low- and moderate-income communities, data compiled by state Comptroller Thomas DiNapoli’s office show. Furthermore, many of those loans were for relatively small amounts. The average business in a low-income community received about $276,000, compared to more than $590,000 for those elsewhere. At a more granular

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No Parking: Report says big box retail seeking less space for cars

They paved paradise and put up a much smaller parking lot. The Sightline Institute, which promotes sustainable development in the Pacific Northwest, is reporting that those oversized parking lots surrounding giant brick-and-mortar retail establishments are shrinking — usually the retailers’ request — and local governments are now rethinking the amount of space they will demand to be reserved for car storage around such buildings in the future. The Institute singled out the largest Walmart in

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What to do with a closed Kmart? How about a restaurant?

Upstate New York residents accustomed to buying wares at the old Kmart in Latham will soon get a taste of something entirely different. Literally. The Times Union reported that New Jersey chef Paul Dimm is opening an eatery called the Scarlet Knife at 195 Troy Schenectady Road. He is leasing the 15,000-square-foot space from local car dealer Bill Lia Jr. Terms were not disclosed. Lia Group Realty has owned the Kmart site and 12-acre plaza

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Luxury clothing company signs at Reuben Brothers’ 769 Madison Ave.

On the heels of new ownership at 769 Madison Avenue, luxury clothing company Eleventy has signed up for 10 years at the property. The company signed a lease at the Madison Avenue building, also known as 40 East 66th Street, with an asking rent of $900 per square foot. It’s not clear what Eleventy ended up paying for the space. Eleventy will take over 5,000 square feet across two floors. Oded Nachmani, Adam Henick, and

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Apple shut its 12 New York City stores to in-store shopping

Shoppers in the Big Apple shouldn’t expect to do any in-store browsing at the tech giant of the same name as the retail chain responds to a surge in new coronavirus cases. Apple closed all 12 of its New York City retail locations to indoor shopping on Monday, Reuters reported. The company didn’t say when the stores are expected to reopen, but customers can still visit locations to pick up online orders. The company previously

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Holiday sales jumped 11% from pre-pandemic levels

Despite concerns over supply chain issues, inflation and the omicron variant’s spread, one report says retailers had a holly jolly Christmas,. Boosts among in-store and online shoppers pushed sales nearly 11 percent above pre-pandemic levels and marked an 8.5 percent increase year-over-year, according to Mastercard’s SpendingPulse report. The analysis defines the holiday shopping season as Nov. 1 through Dec. 24 and excludes automotives from sales figures. While the year-over-year gains are likely a welcome development,

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After disastrous 2020, retail chains stage modest NYC comeback

The number of chain stores and restaurants in New York City increased this year in a welcome sign for retail landlords after four straight years of declines. The bar was set pretty low. The 2.7 percent year-over-year increase pales in comparison to last year’s 12.8 percent decline, according to a report by the Center for an Urban Future. Chains added 190 locations across the five boroughs as the pace of commercial activity picked up following

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