June 4, 2007

Over the next three to five years, well located New York City retail properties should remain strong, according to Gregg Schenker of ABS Partners Real Estate. ABS is a New York-based real estate investment, leasing and management firm.

"The fundamental of New York City retail are in part driven by the expansion of the high-paying jobs such as banking, law, finance and insurance. These consumers have substantial disposable income," says Schenker. "At the same time, people from all parts of the world are coming to New York City and becoming stakeholders through the purchase of apartments and time share hotel condos. When they are in town, they typically purchase goods and services. The current exchange rates only add to the overall positive impact."

ABS recently signed a contract to buy a property in an extraordinarily high-traffic retail location on Canal Street, according to Schenker. "We will be looking for a tenant that can take advantage of the unique visibility of the site. They can build and occupy up to 25,000 sq ft of superb retail/specialty space in a new modern glass curtain wall building with extensive use of signage within the glass."

To keep the city well balanced and on track, Schenker says "the city must find new ways to invest in its future by providing affordable housing, particularly for critical services such as policemen, fire fighters and school teachers. As projects like Stuyvesant, Peter Cooper Village and Starrett City change over time - the city has an obligation to maintain and enhance one of its great strengths: diversity."