Retail Progress (?)

Hudson/Related (H/R) is replacing the commercial real estate firm that’s been attempting to fill Main Street retail locations. There’s no announcement yet on what firm will replace Winick.

In a meeting last week, an H/R representative summarized the status of efforts to put the empty storefronts on Main Street to work serving residents. Here’s what Pedram Mahdavi told the Residents Association’s Retail Real Estate Subcommittee:

● The new library branch is apparently three years away, following a one-year design phase, another year for approvals, and another year for construction.

● The planned urgent care location – to operate in the former Thrift Shop location – will start interior construction within a few weeks. It’s expected to open by fall.

● A child-care operation at 568 Main Street (next to Cynthia Ahn’s Roosevelt Nails) is expected to open in two to three months.

● Work has resumed at Trellis after a snafu over a load-bearing wall. There’s no target date yet, but owner Kaie Razaghi recently issued a hopeful prediction of late June.

● The stationery-and-card shop plans to remain, but is here on a month-to-month basis at present, and there’s not yet any agreement on terms.

● While Mahdavi was either cagey or uninformed, residents attending the meeting concluded that the Catholic Parish is the likely entity negotiating to take over the second floor at 504 Main Street, for a variety of activities – possibly including the return of the much-missed Thrift Shop.

Asked about whether there were others in negotiation for what will be the new library’s upstairs neighbor, Mahdavi said, “I can’t disclose our negotiations with potential tenants.”

Mahdavi did say that the new residential tower at 480 Main Street, now under construction, will open this summer, with a leasing office opening sooner. Apart from four floors taken by Sloan-Kettering, the building will be 100% market-rate, with the overall affordability requirement for the Riverwalk buildings being dealt with on a “rolling basis.”

480 Main Street will have 266 apartments, and will be known as Riverwalk Point. (The original “Southtown” moniker for the Riverwalk buildings is something that H/R would prefer to lose, as sounding too down-market.)

Tags: real estate Retail

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