Manhattan’s Vacant Retail Space Gains Fellowship
In the heart of Manhattan, there’s a notably empty retail space that’s drawing a curious crowd this year.
Located beside the Edition Times Square Hotel, the corner space at 701 Avenue, often referred to as 20 Times Square, has stood empty since the building’s completion eight years ago. It’s puzzling, really, considering this spot sits at one of the busiest intersections in the world, surrounded by hotels, theaters, eateries, and all those dazzling lights.
Visitors often question why such a high-traffic area remains vacant. It’s just odd, right?
But now, Cushman & Wakefield, the real estate firm, has announced plans to transform this space into a recreation of Central Perk, the beloved coffee shop from the sitcom “Friends.” It’s a pop-up that seems fitting, considering the nostalgia and urban charm.
This initiative is part of a larger plan by Cushman to market 49,000 square feet of retail space in the property, including a relatively small corner measuring under 3,000 square feet. It’s true that potential retailers have been hesitant, likely due to the unique shape of the space and an oft-blocking hot dog stand nearby.
Greenburn Investment Group and New Bond Holdings, the building’s asset managers, are hopeful that this “Friends” coffee shop will signal to potential long-term tenants that the space has much to offer.
Steven Soutendijk from Cushman & Wakefield describes this as “a unique opportunity for global brands wanting to make an impression in the entertainment and retail hubs of the world.” It does sound enticing, and, honestly, who wouldn’t want to be part of that buzz?
He also expressed a desire to secure at least one long-term tenant to occupy the entire 49,000 square feet.
Interestingly, while 701 Seventh Avenue houses the expansive Hershey store, much of the retail space on the second, third, and fourth floors has remained empty since the NFL Experience closed in 2018. It’s quite a shift from vibrant retail to significant vacancy.
The loss of rent income was surely a blow to the former owner, Maefield, leading to foreclosure on the property. It’s a reminder that in the bustling world of retail, the narrative can change swiftly.
