Giving FiDi’s struggling retail sector a much-needed boost, Miniso, the Chinese “lifestyle” and consumer goods chain with more than 6,000 stores worldwide, including two in Manhattan, has signed a 5,000-square-foot lease at 150 Broadway at Liberty Street with JEMB Realty.
The vacant corner used to be home to a Sephora.
JEMB leasing director Joseph Hamway said the new tenants will enjoy “one of Manhattan’s premier shopping districts, with more than 50,000 pedestrians passing by daily.”
JEMB says the rent being offered is $400 per square foot.
Hamway and Jacob Jerome represented the ownership interests in-house. Joan Podell and Michael Shalom of Cushman & Wakefield represented Miniso.
Podell, the retail leasing giant, said he recommended the site to Miniso because of the area’s “density, which includes residents, office workers and visitors to the World Trade Center and more than 20 museums.”
Reports about WeWork’s emergence from bankruptcy have focused on the company’s new corporate structure and its shrinking global footprint from 500 to 337 locations.
But the question most of us were wondering is, how small is Manhattan’s portfolio in any meaningful sense?
Thanks to CBRE, we now know: WeWork added 3.8 million square feet of office space in the first quarter, according to the firm’s latest market analysis, down from 6.1 million square feet before its 2023 bankruptcy filing. And it could shrink further as demand for coworking space remains flat at best.
