Foreign retailers are flooding into Manhattan, gobbling up flagship storefronts

Don’t be fooled by those empty storefronts because retailers are struggling to find space in prime Manhattan neighborhoods.

“Where there’s good product, there’s competition for it,” said CBRE’s Matt Chmielecki.

In Soho, key corners at Prince and Spring streets have been closed, while nearby Broadway is narrowing. The space crunch is forcing tenants to look further south.

The Flatiron is also tight, but Club Monaco is leaving a 19,170-square-foot location on the ground and lower levels at 160 Fifth Ave. It is being marketed through Brandon Singer at Retail by Mona with an asking rent of $450 per foot.

Downtowners will rejoice when French department store Printemps opens this year in 55,000 square feet at 1 Wall St.

Among those still looking for spaces are Miami imports Carrot Express and Pura Vita. Retailers looking for storefronts should head to Lexington Avenue near Bloomingdale’s and along West 34th Street, where there are more vacancies and lower rents.

“We were sure Barney’s closing would be the end of Madison Avenue, and yet it’s another example of small stores generating activity,” said Steve Soutendijk of Cushman & Wakefield.

If the large Barney’s at 660 Madison is cut into smaller stores, Soutendijk says they would lease quickly because of the demand in that area of ​​East 60th Street that straddles the world of offices and luxury apartments.

Nearby, the office building at 625 Madison is being demolished and rebuilt by Related as a 1,220-foot-tall, 66-story, 101-unit luxury tower designed by SLCE Architects with its east block between East 58th and East 59th streets, fill up with new stores.

“They are already talking and it won’t open until 2027,” Soutendijk said. “It’s going to be a great physical space with new storefronts and signage and it’s going to be an incredible block.”

One block north, between East 60th and 61st streets, Gary Barnett is tearing down 655 Madison Ave. to build a 37-story, 62-unit condo that will likely include retail.

“That stretch from 58th to 61st is going to be completely rebuilt,” said Joel Isaacs of Isaacs and Co. “It will be prime, prime, space.â€

In a deal arranged by Soutendijk, Moncler will leave 650 Madison and move into 24,000 square feet at 767 Fifth Ave. that was never occupied by Under Armor next to Apple’s cube.

Don’t be surprised if the snow gear retailer adds a ski lodge-like cafe or other immersive experiences: It’s a recipe for success.

The dining areas at Tiffany’s new store, as well as the flamingos and food at Louis Vuitton’s temporary location at 6 E. 57th St., have been wins for LVMH. Meanwhile, LV is doing its cool corner again with a cool suitcase facade security wrap at 1 E. 57.

Soutendijk offers 3,400 square feet at 680 Fifth Ave. adjacent to the now-open Swarovski, with an asking rent of approximately $2,500 that includes triple-height signage. He also represents the former Henri Bendel at 712 Fifth Ave. on behalf of Paramount.

“We’re looking for a brand that’s familiar with the history and the same architecturally,” he said of the landmark building. Landlords are much more in tune with a rent that is sustainable for these retailers. They don’t want retailers to go broke and they don’t want vacant space.

Bigger users of the space are also on the move to create immersive experiences with some of the most popular London-based promoters now looking for city spots. Path Entertainment Group has already leased 11 Times Square for a yet-to-be-revealed immersive experience and expects to bring “Dirty Dancing: The Musical” to Broadway this fall.

“You’re going to start seeing more of those experienced large-scale tenants,” said Chmielecki, who is marketing parts of the Crown Plaza Hotel at 1601 Broadway and the “Good Morning America” ​​corner at 1500 Broadway as ABC decamps for Disney’s new headquarters in Hudson Square. “Any large space of 40,000 square feet or more with high ceilings and columns confined to a main area has at least one large experiential user looking at it.”