When the Astor Place K-Mart closes, what will replace it? (rent, employment)
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The building's not coming down. The rest of it is rented out office space IIRC. What will be in play is the big box retail space. The question is, is it worth more in that form or will it be converted to more office space?
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Originally Posted by Mr. Ryu
Most likely another housing luxury complex with 40 apts for poor people...
The building's not coming down. The rest of it is rented out office space IIRC. What will be in play is the big box retail space. The question is, is it worth more in that form or will it be converted to more office space?
Wework then... Those guys are everywhere.
Funny, i am trying to find another space for our office and everything now is shared office space. TKO Suites, The Yard, Regus, etc.
Kmart occupies part of a huge (and IIRC landmarked) building that stretches from Broadway to Astor Place bounded by 8th and 9th streets. Long story short that building isn't going anywhere.
Should Kmart leave that very large prime RE in a hot area (with subway access) likely wouldn't be on market very long.
Area is in desperate need of a good supermarket (one of the functions Kmart currently serves). Could see Trader Joe's, Whole Foods or some other making a move.
Yes, there are both of above on 14th/Union Square, but not everyone on 8th Street or below area wants to schlepp all the way up there for groceries.
Area is prime not only real estate but you've got NYU which makes a natural customer market (again students and faculty make good use of Kmart).
Walmart always wanted a location in Manhattan, but city politicians along with unions closed ranks to put the kibosh on that happening. They *could* take this Kmart space and open as of right since the place is already a "super store".
Obviously a Mitsuwa including food court and special exhibitions.
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I was going to congratulate you.
