Printemps store could boost Downtown Manhattan retail

A new fashion and restaurant store called Printemps has opened at One Wall Street in downtown Manhattan. Real estate brokers believe this store could positively impact other retail properties in the area. Jessica Lappin, president of Downtown Alliance, praised the store, calling it possibly the "most beautiful store in New York." The Printemps store spans 55,000 square feet and includes five restaurants. Brokers like Joanne Podell think its presence will attract more visitors and encourage other retailers to set up nearby. Andrew Mandell from RIPCO Real Estate noted that while it’s too soon to tell, the new store has already helped their leasing efforts at a nearby location. Retail in downtown Manhattan has many empty storefronts, especially on Broadway and surrounding streets. Some areas, like the World Trade Center and Brookfield Place, are nearly fully-leased. However, parts of the Financial District (FiDi) still have numerous vacancies, particularly in smaller buildings aimed at fast food and discount shops. Experts say the Printemps store and the upcoming Brooks Brothers could redirect attention back to Broadway. CBRE's Jordan Kaplan noted that the area was previously impacted by large retail projects nearby. Nonetheless, the arrival of Printemps may signal a positive shift for retail in FiDi. Corey Zolcinski from JLL is optimistic about more retailers following Printemps. He highlighted that after the pandemic, retailers are now more willing to commit to space in the area. Some brokers mentioned that while asking rents have slightly increased, actual market conditions are more important. Jeffery Roseman believes Printemps could serve as a significant anchor for other high-end retailers.