FiDi’s sagging retail scene just got a badly needed boost. Chinese “lifestyle” and consumer goods chain Miniso, which has more than 6,000 stores worldwide including two in Manhattan, signed a 5,000 square-foot lease at JEMB Realty’s 150 Broadway at Liberty Street.
The vacant corner was last home to Sephora.
JEMB leasing head Joseph Hamway said the new tenant will enjoy “one of the best retail corners in Manhattan with more than 50,000 pedestrians daily.”
JEMB said the asking rent was $400 per square foot.
Hamway and Jacob Jerome repped ownership in-house. Cushman & Wakefield’s Joanne Podell and Michael Shalom repped Miniso.
Retail leasing powerhouse Podell said she recommended the location to Miniso because of “the area’s density, which includes residents, office workers, and visitors to the World Trade Center and over twenty museums.”
Coverage of WeWork’s emergence from bankruptcy has focused on its new corporate structure and shrinkage of global locations from 500 to 337.
But what most of us wondered was: how much smaller is its Manhattan portfolio in meaningful terms?
Thanks to CBRE, we now know: WeWork had 3.8 million square feet in the first quarter, down from 6.1 million pre-bankruptcy in 2023, according to the brokerage’s latest market analysis. And it could further shrink as demand for co-working space remains flat at best.
[Notigroup Newsroom in collaboration with other media outlets, with information from the following sources]
