Real Estate New York

Elad Properties recently unveiled its much awaited plans for The Plaza hotel's retail component, which includes 160,000 sf of shops on six floors. The project is part of a $350-million overhaul that is turning the luxury hotel into a high-value mixed-use project. Locally based Robert K. Futterman & Associates is the exclusive leasing agent for the project's retail component. Robert Futterman, chairman and CEO, talks about his role in leasing this landmark location as well as other hot topics in the city's retail market, where his firm is no stranger to working on high-profile retail projects.

GSR: How has leasing The Plaza space gone so far?

Futterman: There's already a frenzy, and an enormous amount of tenants interested. There's interest from luxury brands and luxury tenants, world-renowned gourmet chefs, and some of the city's best known catering businesses. There will be a hair salon, spa, fitness club, as well as restaurants, a shoe store, high-end jewelry, and cosmetic retailers. We don't have any leases signed, but we have several letters of intent. There's a real merchandise mix. It's about the right tenant, the right use.