Union Square was a really downtrodden area. I guess the resurgence started when Zeckendorf Towers was built, but the real retail resurgence occurred when Related built a residential tower, Union Square South, on 14^th Street. And originally, we put in Virgin Megastore, Circuit City and UA Theaters. Well today, that theater is still there, but Circuit City and Virgin have become Nordstrom Rack, Best Buy and Citibank, which has created a more up-to-date version of what works in retail today. Originally when Related built that building, we had leased Barnes & Noble in a gorgeous old building on 17^th Street and it became their flagship store. I think we’ve been active in that whole area and we’ve seen the change.

In Times Square, for a long time it was littered with camera shops, souvenir shops and not a lot of national tenants, but what I think changed all that is the deal we were involved with at 1540 Broadway. We did bring Virgin Megastore into Times Square and then the Gap was also a pioneer by taking space at 42^nd & Broadway. Now we got lucky and got involved again by putting Forever 21 in what was the Virgin Megastore. Now you’ve seen the area blossom with retailers like Aeropostale, Quicksilver and American Eagle, and many other retailers followed suit. It’s a lot cleaner, safer and there are much better places to shop.

GlobeSt.com: Looking to Midtown West, will you bring that same retail strategy to Manhattan’s Far West Side? What deals, if any, do you have in the hopper there?

Futterman: The residential development that has occurred on the Far West Side let’s say in the 40’s and 50’s is primarily residential, and some retail will follow. I don’t think you’ll see a heavy concentration of fashion. We are working on several of those buildings and projects, none of which that we can comment about now, but I think it will take on a different nature. There might be an opportunity for some big box retail. The zoning has allowed all that residential development, so we’ll start seeing some retail.

GlobeSt.com: Since many agencies and players are involved with Hudson Yards, what do you believe could be going better with the redevelopment process?

Futterman: We are not involved, but we would like to be involved. I really don’t think the redevelopment process has really started yet. I think some of the initial concepts that are discussed, the people involved sound extremely experienced: Related and Brookfield. There’s been a lot of buzz about Related landing some commercial tenants, which I think would be extremely exciting. With the 7 train and increased access, I think that is absolutely the future of development in New York--transforming it into a vibrant neighborhood with retail hotels and restaurants.

GlobeSt.com: Many are touting a “retail revival” in Lower Manhattan, but what retail challenges do you foresee in the neighborhood? Further toward the riverfront, is Water Street emerging as a viable retail destination?

Futterman: I think Nassau and Fulton will survive as more service-oriented shopping streets. There’s been a lot of residential growth and conversions that have occurred, so it’s sort of a city-within-a-city. As the World Trade Center continues getting built, the World Financial Center sinks money into some of their improvements and with the takeover of the South Street Seaport now by a division that was spun off from General Growth Properties by the Howard Hughes Corporation, I do think those three retail projects will revitalize Downtown. I think there are several exciting possibilities. We were just hired to represent 100 Broad Street, which is being redeveloped, and it is an iconic retail showcase property. I think Downtown has a lot of positive things going for it. And I think the best thing to happen on the waterfront is the South Street Seaport; some changes might be afoot there.

GlobeSt.com: In general, what’s the retail environment like throughout the city? Are asking rents going up, down or staying the same? And how are the bricks-and-mortar stores competiting with online sales? What special measures are they taking to stand-out?

Futterman: It’s still a tenants market. I don’t think there has been a full recovery since 2007. We are starting to see rents creep up a little bit. Some streets are stronger than others. Fifth Avenue in the 50s is very strong, Times Square is very strong and Broadway in SoHo too. But in other markets, tenant demand is working in a tenant’s favor. It is a good time for tenants to find opportunities. And I don’t think the socialization process of going out and shopping is ever going to be affected in a city like New York, maybe around the country where people don’t have the same type of access.

GlobeSt.com: Lastly, with the vacancies caused by Borders and Circuit City, how are retailers filling those big boxes once again?

Futterman: Nothing really sits vacant very long in New York. At 86^th Street, there used to be a Circuit City and Fairway Markets took over the space. You’ve seen companies like Nordstrom Rack take over Virgin and part of what was a Circuit City. Urban Outfitters on Fifth Ave. took over an old Circuit City. I think there’s always tenants that want to be in New York and vacancies get filled very quickly. You are going to see new retailers that previously did not have a position in this respective market, and this is going to just open up opportunities for them.