Neiman Marcus’ Planned NYC Debut Marks a Retail Milestone, Insiders Say
- Sep 16, 2014
Neiman Marcus’ NYC Debut Marks a Milestone, Say Observers
By Keith Loria, Contributing Editor
Neiman Marcus’ recently announced New York City debut marks a milestone for the city’s retail sector and for Related Cos.’ 17 million-square-foot Hudson Yards development, observers say.
Scheduled to open in 2018, the 250,000-square-foot store marks one of the Manhattan’s largest retail projects in recent years and will be a cornerstone of the development near the Hudson River.
It is also the latest coup for the Related Cos.’ planned project near the Hudson River. Neiman Marcus will join a roster of high-profile tenants that already includes Coach, L’Oréal USA and SAP AG.
“This is probably the most exciting development in New York City in the last 20 years,” Ronald Sernau, co-chair of the real estate department at Proskauer, the law firm that represented Neiman Marcus, told Commercial Property Executive. “This location is absolutely astounding. It’s going to change the center of gravity in New York City so when a retailer like Neiman has the chance to be at the center of it, it’s pretty exciting for them.”
Hudson Yards is drawing comparisons with watershed projects like Rockefeller Center that have changed New York City’s landscape. Hudson Yards’ retail section alone is expected to total one million square feet. Also on the drawing board are five office towers, 5,000-plus residential units, a 175-key luxury hotel, 14 acres of open space and a public school.
Neiman Marcus’ store will be located between 31st and 32nd Streets on 10th Avenue and will have more than 50,000 square feet on each of five floors of the development.
“In Manhattan, there’s not too many places to plop a 250,000-square-foot store,” Sernau said. “There are maybe two possible places in Midtown and five places Downtown, so this represents an excellent opportunity for them.”
Rumors have Time Warner contemplating a move to Hudson Yards, “Soon, there will be enough interest and enough people there that everyone will say they have to be there,” Sernau said. “I think 20 years from now you will be astounded at how different New York is from the way it is now because of it.”
Dallas-based Neiman Marcus already owns Bergdorf Goodman on Fifth Avenue, but this is its first flagship store in Manhattan. Neiman Marcus also has stores in White Plains, N.Y. and in New Jersey and plans to open its first Long Island location at the Roosevelt Field Mall in Garden City next year.
“Hudson Yards presents the ideal location for a Neiman Marcus store. The project is a bold and innovative retail idea and one that complements how we view our Neiman Marcus Brand,” Neiman Marcus Group’s president & CEO, said in a statement. “We look forward to serving New Yorkers and visitors to New York with legendary Neiman Marcus style.”