By THE EDITORS
Founder, Chairman and CEO of RKF
Last Year’s Rank: 95
Robert Futterman is feeling optimistic about retail, in part due to the many big names he worked with in 2016. In December, RKF represented the Durst Organization, in the leasing of a 47,200-square-foot space at 855 Avenue of Americas to Nordstrom Rack. The three-level store, located on a block front along Avenue of the Americas between West 30th and West 31st Streets, is a flagship store and represents all of the retail space in the building.
In late 2016, RKF represented SL Green Realty Corp. and Jeff Sutton of Wharton Properties in leasing 60,000 square feet at 650 Fifth Avenue to Nike, in one of the most expensive retail deals in the city to date. The lease starts at approximately $35 million and is worth a combined $700 million over the entire term.
RKF represented Gary Barnett of Extell Development Company in leasing a 27,000-square-foot space at 500 East 14th Street at the corner of Avenue A in the East Village to Target, for 30 years. The small-format store deal was completed in May 2016, and the Target urban concept store will open in early 2018. Terms of the deal include a 10-year option to extend the lease. In another Target deal, RKF represented China-based XIN Development International in renting 29,000 feet at the forthcoming 615 10th Avenue between West 44th and West 45th Streets to the big-box retailer.
“It’s a weird market,” Futterman said. “You see a lot of vacancies, since the fashion market hit the skids. But it’s a two-sided coin—because we’ve represented digital sellers going into brick and mortar.”
RKF was also on the tenant side in a slew of deals last year. The brokerage represented sportswear seller Under Armour in leasing 53,000 square feet at 767 Fifth Avenue, the former FAO Schwarz space, in June 2016. “It’s a whole new feeding frenzy for us in terms of tenants,” Futterman noted. “The trend is real. Consumers still want to touch and feel the product, and brick and mortar is still the preferred way people like to shop. I see more to come.”—L.K.