Apple / Ridge Hill

It’s probably worth starting out this blog with perhaps the greatest retailer of all time: Apple - they have shattered sales-per-square-foot records. So, to add an Apple store to a development project is a game changer. In the suburbs of metro New York (excluding NYC), there are 17 Apple stores. They tend to operate in the best regional malls. Only four of those locations are in outdoor suburban retail environments: Greenwich, Connecticut; Manhasset, Long Island; Woodcliff Lakes, New Jersey; and, the newest addition, Westchester County at Forest City Ratner’s new development, Ridge Hill.

Apple @ Ridge Hill_photo by Ric Sechrest

At Ridge Hill, Apple is now open right on the project’s 50 yard line, with what appears as a free-standing11,500 SF end cap. Ripco has been helping Forest City lease Ridge Hill, which is one of the most ambitious and exciting projects developed in metro New York in the last decade. There are many great restaurants, theaters, retailers, as well as a new Whole Foods and a Lord & Taylor store that are now open. There are more great things to come, such as a 30,000 SF Legoland Discovery Center opening in the Spring of 2013. At Ripco, we love the underlying real estate Ridge Hill is built on because there is access from two major highways, including the New York State Thruway. If you are in the retail real estate business, Ridge Hill is worth checking out.

Apple @ Grand Central Terminal

One word on Apple: The state audit that has created a controversy over the MTA giving Apple a beneficial deal at Grand Central Terminal should not be cause for concern. It was reported in the NY Times and NY Post that the rent is $1.1 million per annum—for a second level space. If so, this is more than a fair deal for the MTA. Even if there are lease concessions—this would still be a great deal for the Grand Central Terminal retail component. Apple brings traffic and prestige. Owners and developers of retail properties should always try to upgrade their tenant rosters; it keeps their projects relevant and I applaud the MTA’s deal. Not only did they add a great retailer to the Grand Central Terminal, but the economics reported are fair for all.

01/18/2013 | Retail News
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