Wednesday: Wall Street Bling, Plus Good News (Almost) Everywhere

  • First comes Tiffany & Co. on Wall Street, up next is Philippe Starck’s Hermès (“a purveyor of leather goods”), and before you know it we’ll all be enjoying downtown’s “renaissance.” (The New York Times)
  • Maybe the good times have already spread citywide? This past year retail vacancies dropped to .4% in the Penn Plaza/Garment District, to 1.5% in Chelsea, and to a (projected) 5.5% in Harlem. This means, of course, that the price of city retail space will jump to nearly $110 per foot. (Crain’s)
  • Yet, luckily, the good vibes haven’t spread to the Hamptons: indeed, poor little monoliths like Bridgehampton’s “Three Ponds” are finding themselves unsold. The culprit here might be the “noise and congestion from the Mercedes-Benz polo matches”–or is it the $75m asking price? (New York Magazine)
  • Things aren’t going so well at The Times, but at least the company’s shimmering real estate investment looks like it’s paying off. The value of Renzo Piano’s new tower is “so hot,” in fact, that “ staffers will be staying in their less expensive downtown location.” (NY Post)
  • Straight from Oxford Circus, the British fashion giant Topshop will be opening a New York flagship as soon as next spring. This mecca of “disposable chic” is looking for 60 to 90,000 square feet, preferably somewhere “popular.” It’ll cost them–though fortunately the store usually rakes in $2,000 per square foot. (The New York Times)
  • Back in reality, hundreds of New Yorkers gathered at a Monday hearing to protest the Rent Guidelines Board‘s proposal for a 3 to 8.5% price increase for rent-stabilized apartments. Tomorrow, head to Cooper Union’s Great Hall for Manhattan’s very own get-together, and call (212) 385-2934 by 1 today if you wish to speak. (NY Daily News)
  • Max Abelson