Fairway Beats Whole Foods Among Retail Brokers

futterman2danielmweissc2009 07481 Fairway Beats Whole Foods Among Retail Brokers

Mr. Futterman.

Fairway beat out Whole Foods for more than just space on the Upper East Side—the local food market also won 2010’s Retail Deal of the Year Award for “Deal That Most Benefits Manhattan,” taking home the top honor over competitor Whole Foods at a Real Estate Board of New York party on Tuesday night.

“This will affect the neighborhood because  it hasn’t had the benefit of a great market with fair pricing and a good selection,” said Robert Futterman, of Robert K. Futterman & Associates, one of the brokers for the deal. He added that finding 45,263-square-feet of space on the Upper East Side is “a big score.”

Also on the list of submissions for REBNY’s coveted yearly award was hip grocery store chain Whole Foods for its location at 250 East 57th Street—a deal also brokered by Mr. Futterman. Fairway’s deal defeated Whole Foods’ for “meeting the demands of an underserved market,” according to Fairway’s award entry.

A deal that brought co-brands Filene’s Basement and Syms Clothing together at a Fifth Avenue location won “Most Creative Retail Deal of the Year,” the second prong of REBNY’s award.

Robin Abrams, one of the deal’s brokers from Lansco Corp., said she was elated and a little stunned to win after years of entering submissions. Fellow broker on the deal, Howard Dolch, said it was a relief that all the “diverse puzzle pieces” of the deal—such as delivery area, layout and structural requirements—all fit together.

Real estate broker Nevin Danziger, who was excited to have been quoted in The Observer last year, eagerly chatted with us before the winners were announced. Urban Outfitters at 521 Fifth Avenue was his pick to take home one of the night’s top honors. “That area of Fifth Avenue [near West 43rd Street] has lost some of its higher-end retailers,” he said. “Historically, there have been a lot of banks in that corner.”

Mr. Danziger was the only broker we spoke with bold enough to predict winner; many of the others commented that this year’s selection of entries was too strong to pick a favorite. Other submissions included deals for Chase Bank, Citibank, Uniqlo and Shake Shack.

Although taking rents were not available, asking rent for the area of Fifth Avenue where Filene’s Basement and Syms is positioned—between 44th and 45th streets—jumped 21 percent yearly in spring 2011 to $515 per square foot, according to REBNY. Asking rent for ground-floor space on the Upper East Side—near Fairway’s 240 East 86th Street address—increased 2 percent yearly in spring 2011 to $333 per square foot.

pengel@observer.com

 

Comments

  1. Anonymous says:

    Well, of course Fairway beats ‘Whole Paycheck’ – even on the UES.  Whole Foods is not only ridiculously expensive, it’s also a perfectly
    art-directed corporate-clone store where you could eat off the floor,
    but everything’s as sterilized as an operating room.   It’s like those
    plastic sushi things they put in the windows of Japanese restaurants: 
    fake, perfect, antiseptic, and unbelievably expensive.  OTOH, Fairway is a REAL grocery and specialty market, complete with onion skins on the floor and carrot greens piled up behind the cash registers, killer little old ladies battling unsuspecting youngsters for the perfect eggplant, and great low prices on fresh, fantastic food . 

    Yay for Fairway, best grocery in New York.   So glad you’re expanding!!!