Next Development

Jul 14, 2023

Last week, Howard Hughes Corp. said that it has retained JLL to be the exclusive retail agent for that space as well as the entire Seaport property, which encompasses more than 450,000 square feet in lower Manhattan. The Seaport dates back to the 1600s with its largest commerce as a bustling fish market occurring around the 1860s. The famous Fulton Fish Market — which is now the Tin Building — opened there in 1822. More than 40 years ago, the Rouse Corp. set out to restore and redevelop the location similar to what it had done at Faneuil Hall in Boston. Retailers such as Abercrombie & Fitch and J. Crew opened there in the 1980s and attracted large numbers of visitors. But over the years, the Seaport has experienced a number of ups and downs with stores arriving with great fanfare but then quietly exiting. That was the case with 10 Corso Como, which opened an outpost there in 2018, but closed two years later. Howard Hughes Corp., which has owned the property since 2010, has committed to invest $1.4 billion to transform the site by not only upgrading the retail component but also adding condos and affordable housing and supporting the struggling South Street Seaport Museum. The project is unique, according to Patrick Smith, vice chairman of JLL Retail, because Howard Hughes owns the entire Seaport district and can execute one vision for its development. Much like what exists within the Tin Building, which offers distinct food and beverage offerings, the retail leasing will center around concepts not found in other parts of the city. “The Seaport is one of New York’s most charming neighborhoods and an established destination in its own right,” said Smith. “As the global retail market continues to recover and reinvent itself, we will be looking to build on the ecosystem already in place with compelling new offerings, flexible terms for unique and relevant concepts and carefully selected long-term anchors positioned for success with a forward-thinking, well capitalized ownership group.” Right now, there is a mix of permanent and pop-up shops including long-time tenant McNally Jackson, an independent bookseller, as well as pop-ups for the SRGN, or the Shoe Surgeon, Hiit the Deck boxing and a Malibu Barbie Café. There are also a number of empty spaces. Smith said both permanent and temporary tenants will be sought — as long as they meet the criteria. “We’ll be focusing on different types of tenancy,” he said. “Retail tends to be very homogenous, but this is a project that is not homogenous. We’re not going to rent to an apparel brand you can find in any other city.” Instead, JLL will be searching for innovative merchants who want to bring something distinct to lower Manhattan. “It can be a canvas for people to try things,” he said. At the same time, there is also an opportunity for a larger tenant in what once housed the A&F store. That 20,000-square-foot space could be home to an anchor, possibly an international retailer looking to expand to the U.S., they said. “The Seaport is poised for major growth as we continue the ongoing revitalization of the neighborhood, reimagining a future that pays tribute to the past,” said Winick. “JLL understands our vision and partnering with them will cement the Seaport’s status as a year-round destination for residents, workers and visitors alike.” The Seaport attracts more than 10 million visitors a year. Tags