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Hudson and Related Companies announce new retail leases, renewals and architectural enhancements as The Roosevelt Island retail transformation continues

Hudson Related Retail LLC, a joint venture between real estate development firms The Hudson Companies and Related Companies, today announced new retail leases, architectural and streetscape improvements, and lease renewals that will revitalize the Main Street retail corridor and bring new amenities to Roosevelt Island. Retail demand has outpaced supply in recent years as the Island has experienced population growth in newly constructed residential buildings and with anticipation of the new Cornell campus.

David Kramer, a principal with The Hudson Companies said, “We are excited to announce the inaugural set of new leases and continue to bring additional amenities to Roosevelt Island and revitalize Main Street. These new retail tenants will bring much-anticipated and desirable services to the local community of 14,000 residents which, until now, had very few dining options on Main Street. Residents will now have even greater option to shop, dine and relax without leaving the Island and we look forward to sharing additional tenant news in the near future.”

Retail leasing activity includes new tenants and renewals, including

  • Island Spirts, a new wine and liquor store will open at 605 Main St. The island has been without a wine store for several years.
  • Wholesome Direct, a gourmet and organic natural food market at 530 Main St.
  • Europan Bakery Cafe at 503 Main St. will offer fresh gourmet foods, beverages and baked goods.
  • Subway Sandwich at 513 Main St. will offer sandwiches for breakfast, lunch, and dinner.

The Child School is opening a 7,000 square foot fine arts center at the upper floor of 504 Main St, which will be complementary space to the School’s other existing facilities on Roosevelt Island and will include art, music, drama and dance studios. Hudson and Related also looks forward to two longstanding tenants renewing their leases:

  • Trellis Diner, a Roosevelt Island community institution, will have a ten year lease and is planning architectural and general improvements to the store.
  • Gallery RIVAA, at 527 Main St., will continue serving the community with arts events and gallery shows.

 

Additional transactions are also in the works for the next retail phase of leasing:

  • Hudson/Related and the New York Public Library have been pursuing capital funding necessary to create a new, state-of-the-art library branch on the ground floor of 504 Main Street.
  • The leasing team has been receiving offers for additional stores such as ice cream/candy; additional restaurants, florist and green desk office leasing.
  • Hudson/Related hopes to attract a pet store operator to the island as well as a frozen yogurt store.

 

"For too long, Main Street has been a ghost town, forcing Roosevelt Islanders to travel far and wide for the simple amenities most New Yorkers take for granted. The innovative public private partnership between the Roosevelt Island Operating Corporation and Hudson/Related that resulted in the retail master lease is revitalizing Main Street, giving Roosevelt Islanders great new shopping opportunities right outside their front door," said Assembly Member Micah Kellner (D - Upper East Side, Yorkville and Roosevelt Island) who played a key role in shaping and implementing the new retail master lease.

“Roosevelt Islanders have been clamoring for better shops and amenities for years. This makeover is a huge step forward and will help create a vibrant shopping corridor on Main Street,” commented Councilwoman Jessica Lappin.

"We're excited about more shops and stores on Main Street. Island residents and visitors deserve a great shopping experience and the amenities that come with living in a thriving community. We signed a master lease with Hudson/Related because we were confident they had the expertise to develop a vibrant commercial corridor and we're thrilled that we'll soon see the first results of this partnership," said Leslie Torres, President of the Roosevelt Island Operating Corporation.

Hudson Related has received commitments from Gristedes to commence architectural and in-store improvements to the Roosevelt Island store, which are expected to be completed by October, 2012. John Catsimatidis, CEO of Gristedes, added, “We’re excited about Hudson/Related’s efforts to revitalize Main Street, and in that spirit, we’re about to undertake a major renovation of our store, which has been serving the island for more than 30 years. We’re looking forward to bringing more organic foods, fruits and vegetables to the island at everyday prices.”

Hudson Related is planning design improvements to the storefronts along Main Street, which include new lighting, signage, way-finding elements, and materials to freshen the look of the Main Street corridor, which has not seen any major renovations or improvements in nearly 40 years. The transformation of Main Street continues the retail enhancements began by Hudson and Related several years ago with the creation of the Riverwalk community on Roosevelt Island which includes six residential buildings.

Retail amenities at Riverwalk include the Duane Reade, Roosevelt Island Day Nursery at Riverwalk, the Riverwalk Bar and Grill and an adjacent bagel store and deli, Nonno’s Focacceria, Fuji East, Swan Nails, Prestige Cleaning and Valet and Starbucks. Hal Shapiro, a Managing Director at Winick Realty, has been responsible for most of the leasing efforts on behalf of Hudson/Related: “The revitalization of the Shops on Main will bring a new energy to Roosevelt island for the residents, tourists and workers.”

The retail renaissance is taking place within the context of other significant improvements to the Roosevelt Island neighborhood including the opening of the Louis Kahn-designed FDR Memorial in October, 2012 and the start of the $2 billion Cornell/Technion Campus for the Applied Sciences. “All of these factors will strongly reinforce the vitality of the new retail corridor. Studies have previously concluded that island residents spend $0.86 of every retail dollar off-island, and we are committed to changing that dynamic,” said Kimberly Sherman-Stamler, Vice President of Related Companies.

 

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