Vornado Realty Trust has completed its massive renovation and repositioning project involving the Manhattan Mall in New York City. The property is located in Herald Square and encompasses the full Avenue of the Americas block front extending from 32nd Street to 33rd Street.
The redesign of Manhattan Mall, which was completed in 18 months, was highlighted with the July opening of JC Penney's first Manhattan store -- a 153,000-square-foot design. GreenbergFarrow, the project architect, said Manhattan Mall now has improved site access and circulation, a renovated core and atrium, relocated and additional escalators and elevators, and new facades.
Vornado acquired Manhattan Mall in January 2007 for $689 million. At the time of sale, CoStar COMPS reported the building as 1 million square feet and 14 stories tall, primarily consisting of office space, but also encompassing 50+ retail shops and a food court totaling nearly 170,000 square feet.
Greenberg said the retail space now encompasses 400,000 square feet, consisting of two lower levels and two above-ground levels, featuring Victoria’s Secret, Charlotte Russe, Lids, Aeropostale, Express, Foot Locker and Sunglass Hut, among others.
Vornado has registered the Manhattan Mall with the US Green Building Council.
This article appears in CoStar's Retail News Roundup: Nov. 15-21, 2009
This week in the Retail Roundup, CoStar reports on
expansions or new concepts at Apple and Urban Outfitters;
closings, cutbacks, defaults, or bankruptcy news at Trans World, InkStop, and Hacketts;
acquisition, merger, loan, sale, or IPO activity at Volkswagen and Regency Centers;
personnel or corporate announcements at Glimcher, Forest City, CB Richard Ellis, and Grubb & Ellis;
sustainability and green building news at Eat'n Park; and more.