"NoLIta will come and go because it simply doesn't suit," he says. "The stores are small and the district doesn't lend itself to retail--not to mention that the foot traffic is not at all comparable to that of SoHo."
Ebersman says despite NoLIta's proximity to SoHo and its cheaper rents, it does not have the ability to retain interest. "West Chelsea has foot traffic equivalent to SoHo's," Ebersman adds. "The available space is larger than that in NoLIta as well. SoHo and West Chelsea have huge 40-by-200-foot stores that take up full blocks, while NoLIta has little 20-by-100 foot stores. There are nice stores there, but there isn't any major retail because there just isn't enough space."
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