Sunday, August 3, 2014

Latest Info On Roosevelt Island Main Street Retail, Hudson Related's David Kramer Gives RIOC Board And Residents Update On Leasing Progress - Another One Or Two Years To Fill All Currently Vacant Stores

On July 30, the Roosevelt Island Operating Corp (RIOC) Real Estate Advisory Committee (audio web cast of meeting here) received an update on Main Street leasing progress from Master Retail Leaseholder Hudson Related's David Kramer.

 Image Of July 30 RIOC Real Estate Advisory Committee Meeting (David Kramer On Far Left)

Earlier that day, it was reported here that Hudson Related signed a lease with an urgent care medical facility for the space occupied by the St Cabrini Thrift Shop.

Mr. Kramer began the retail update with a summary of progress to date including:
  • the new urgent care facility,
  • possible relocation of the Thrift Shop to a smaller space,
  • the soon to open wine store,
  • Trellis renovation to begin in the Fall (hopefully in September),
  • looking for a new hardware store tenant,
  • frustrated with pace of RIOC's renovating windows for Public Library at 504 Main Ground Floor,
  • does not want to break up 2nd Floor of 504 Main Street for two tenants, seeking one tenant for entire floor,
  • Gallery RIVAA partnering with Cornell NYC Tech to share space and costs and
  • difficulty encouraging Southtown Riverwalk residents to walk north to shop on Main Street.
Here's Part 1 of Mr. Kramer's retail update.

Mr. Kramer then spoke about (Part 2) the waterfront concession at Eleanor's Pier, hoping to make it a more permanent concession for next summer and creating Roosevelt Island way finding signage

followed by questions (Part 3) from RIOC Directors about:
  • a new bakery,
  • pressuring Trellis to start renovation or evict them (Trellis is technically in default under its lease for not starting renovation yet. Hudson Related expects them to start renovation in the Fall).
Mr. Kramer said that Hudson Related has not lost one deal because of asking for too much money and was willing to do a below market, loss leader deal, for the right tenant.

Mr. Kramer then took questions from residents (Part 4) about:
  • the Public Library,
  • flyers and "crappy stuff" on store windows,
  • cleaning up the stationary store (Mr. Kramer says they may be moved to another space),
  • desire of some for a pet store, ( H-R almost signed 2 different Pet Stores but it did not work out) and
  • Main Street restaurants (Rivercross will not allow restaurants needing ventilation in building).

and (Part 5):
  • Roosevelt Island Islamic Society seeking space at 504 Main Street Second Floor for Mosque and
  • co-working space for second floor of 504 Main Street.

And then the meeting was over (Part 6).

Mr. Kramer said that he believes it will take another one or two years for the 4 -6 currently vacant store spaces to be leased.
 ... We're going to continue along at a semi-sluggish pace and then something is going to tip...
Mr. Kramer encouraged residents to be ambassadors for Roosevelt Island and to tell favorite retailers that Roosevelt Island was open for business. Mr Kramer emphasized that there will no longer be sweetheart deals for politically favored tenants but that new leases will be based upon "market transactions."


MamaRobot said...

I was hoping when the Hardware/Video store was evicted it was because HR had a new leasee lined up. They're just now "looking for a new hardware tenant"? How about leaving the hardware store we had until you find a new one?

Ratso123 said...

I agree with MamaRobot. I shopped in there often. Ear buds, flashlights, frying pans, extension cords etc. It doesn't seem that there is any sense of planning or urgency, when you say it will take 1 or 2 more years to fill the stores.

Westviewer said...

Was anything said about the wine store? We remain the only neighborhood in NYC without a place to buy a bottle of wine.

AGuyonRI said...

If HR evicts Trellis, I'm moving off Roosevelt Island.

RooseveltIslander said...

Trellis is discussed at the 2:53 second mark of Part 3 Video. HR has no plans to evict them, does not want to do so, however, Trellis is far behind in their lease obligation to renovate the store.

A RIOC Director (Margie Smith) suggested that even though she loves Trellis and eats their all the time, HR put pressure on Trellis to start their renovation soon. Without such pressure, she is concerned of further delays in the renovation.

HR believes the renovation will start in the fall, hopefully by September.

RooseveltIslander said...

wine store is current on their rent. HR believes they will open very soon. No date was given.

Ratso123 said...

This is for RooseveltIslander. Isn't it true that the blueprints have already been approved for Trellis, the contractors hired,and that currently another issue has arisen from one of the approval bodies? If this is the case the delay is not being caused by Trellis but by additional last minute requests.

RooseveltIslander said...

I don't know about the last minute delay request. Just to be absolutely clear, HR says it is not trying to evict Trellis and wants them to succeed. HR and many others just want the renovations to begin soon.

Ratso123 said...

My point is why not ask him why he hasn't started yet, instead of discussing eviction and pressuring at a meeting? Apparently the advisory committee is not as up to date as his customers. Also, Mr. Kramer doesn't discuss at any point why he thinks it is alright to take 1 to 2 years to lease 4-6 stores?