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Colliers Adds New Director to its New York Retail Group

Zachary Nathan, Formerly of Ripco Real Estate, Joins Green-Mendelson Team
September 27, 2017
Zachary Nathan, Director-NY, Colliers International
Zachary Nathan, Director-NY, Colliers International
Colliers International has expanded the ranks of its New York-focused Retail division by adding Zachary Nathan as a director working on the Green-Mendelson team.

Nathan who joins the firm from Ripco Real Estate, has more than six years of retail leasing experience in the New York market having represented both property owners and tenants in transactions throughout Manhattan as well as in Brooklyn, Queens and the Bronx.

The team is headed by Brad Mendelson and David Green, who made headlines in 2016 when they left Cushman & Wakefield to build out a New York Retail team at Colliers, where they each hold the title of vice chairman of retail. The retail team now comprises 14 brokers and a support team.

Nathan contends that talk about retail 'dying' is an overhyped conversation.

"People are looking for a shopping experience, and retailers are adapting to the consumer trends and habits," Nathan shared with CoStar News. "In certain markets out of New York City, one can see the effects of being over-retailed. But we are in a very dense market. I don’t think we are feeling the effects like everyone else is," Nathan said, adding he views the NYC retail market as experiencing an "adjustment."

Creativity is now key to making New York City retail real estate deals work, according to REBNY, "flexible, creative deal structures and adjusted asking rents with increased concessions" has led to increased interest by retailers across Manhattan the group reported earlier this spring.

"There is definitely more creativity and more strategy in today’s market than there was two to three years ago," Nathan said. Landlords are getting more creative in structuring deals, he notes, adding, "It is a little bit less of 'here is an X amount of free space, take the space as-is and build out.' " Instead, more landlords are making contributions, which could involve participating in repurposing, increasing the amount of tenant improvement dollars, or getting more creative in rent structure.

Meanwhile, the type of space retailers are looking at right now in New York City is "tenant-specific," Nathan notes, pointing to Target's urban model as an example of a retailer figuring out how to fit into the types of retail space that New York City offers.

Fast casual, healthy food, fitness and online retailers are all making a push into brick and mortar following in the footsteps of the Warby Parker model in the New York area now, according to Nathan.

Diana Bell, New York City Market Reporter  CoStar Group   
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