Victoria’s Secret And Bath & Body Works To Open On 125th Street
Major retailers are heading uptown as residential buyers seize on cheaper home prices compared to rest of Manhattan.
While many newspapers are filled with stories of a national retail meltdown, in New York, the angels are smiling on Harlem as Victoria’s Secret and Bath & Body Works open their first stores in the neighborhood.
The location is in a new building, currently under construction at 112 W. 125th Street, next door to Whole Foods.
“It’s one of the uses lacking in Harlem and this is a good fit, because its well-known and addresses all the price points,” said Faith Hope Consolo of Douglas Elliman. “It’s exciting and game-changer for Harlem. No matter what, people buy lipstick and body products.”
According to CoStar, the asking rent for the ground floor was $250 per square foot, with occupancy planned for the fall of 2017.
Although Victoria’s Secret is well represented in New York, particularly downtown, the Harlem location points to the rapid gentrification in the area and the sizzling real estate market in Upper Manhattan, which is currently outstripping all other boroughs.
Despite the new Harlem store opening, however, business has hardly been angelic for the sexy lingerie company. They, along with Bath & Body Works, are a part of parent company L Brands, whose stock plummeted in the first quarter of 2017. B&BW managed to stem the bleeding that was gushing from V.S. but now even that company has seen stocks falls. The reason for the V.S. drop of is seen because of competition from sports bras and swimwear, which V.S. discontinued in its own stores due to a lack of growth.
However, L Brand’s move to Harlem is in line with other national retailers which have headed uptown to service the increasingly wealthier residential population. Of course, in New York wealth is relative. In some other parts of the country, a house costing around $600,000 would be considered outrageously expensive. In New York, it’s a steal and a price well worth paying to still be in the borough of Manhattan. Thus, the deluge of new condos that are arriving on the market. In Upper Manhattan, the median price for a property is $680,000, half the price of its southerly neighbor. This disparity has seen sales rocket by 21 percent from the previous year.
“In many ways, Northern Manhattan is mirroring what’s happening nationally with rising sales, not enough inventory and a fast-moving market,” said Jonathan Miller, author of the Elliman report on Upper Manhattan. The question on every one’s lips is how long will it last?
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