NEW YORK CITY—Newmark Grubb Knight Frank has been appointed to market a 100,000-square-foot chunk of retail, including a 17,000-square-foot restaurant, in the hot and growing neighborhood of NoMad.
Taking a full block on Broadway from 29th to 30th streets, with frontage on the main thoroughfare, the space is part of the upcoming Virgin hotel, which is being developed by the Lam Group.
The retail complex promises to be a “game changer” for the already thriving area, NGKF EVP Mitch Friedel—who is spearheading the assignment—tells GlobeSt.com. “To have 100,000 square feet of opportunity in one block is incredible, so we have the chance to do something really special. Plus, with the space's connection to the Virgin hotel and the cross branding opportunities that presents for retailers, there's great potential.”
The 500-room property is slated to be Virgin's flagship in the US, Friedel notes, ensuring that the Lam Group is working to create something noteworthy. “Our tenants all will benefit from that.”
Adds LAM Group CEO John Lam, "This project's newly minted retail space with vaulted ceilings and full glass exterior walls will provide retailers with an amazing street presence to market their brand and product beyond the confines of their stores. The NGKF team understands how to communicate to the market the opportunity and vision for this to-be premier destination solely based on specs and concept," said. "We don't want to just plug space. We want to create a meaningful, dynamic destination for New Yorkers and the 52 million visitors annually to the city."
As for just who will occupy the space and how they'll fit into NoMad's image, Friedel notes, “NoMad already has billed itself as a hip, upscale and edgy place with the NoMad and Ace hotels. That's the same type of tenant that we're looking for, we want dynamic, unique and powerful brands.” For the restaurants, which features both indoor and outdoor space, “We've had a tremendous amount of interest from restaurateurs, both from New York and worldwide.”
Already home to the well-known Italian grocery Eataly, two museums, the Baruch Performing Arts Center, two major subway stations, more than 75 fine dining restaurants, 34.5 million square feet of office space and 33 large residential buildings, NoMad still has room to grow, according to Friedel.
“From a retail perspective, including the restaurant, if you compare NoMad to other markets around Manhattan, it's in its infancy. There's not much retail in the neighborhood—other than 34th street—and there's room for more. This is the next great area.”
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Rayna Katz
Rayna Katz is a seasoned business journalist whose extensive experience includes coverage of the lodging sector, travel and the culinary space. She was most recently content director for a business-to-business publisher, overseeing four publications. While at Meeting News, a travel trade publication, she received a Best Reporting award for a story on meeting cancellations in New Orleans during Hurricane Katrina.
