{"id":1004034079,"date":"2011-11-10T05:39:43","date_gmt":"2011-11-10T13:39:43","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004034079"},"modified":"2022-12-05T19:01:03","modified_gmt":"2022-12-06T03:01:03","slug":"780-ksf-of-bronx-retail-courtesy-of-prestige-properties","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/780-ksf-of-bronx-retail-courtesy-of-prestige-properties\/","title":{"rendered":"780 KSF of Bronx Retail, Courtesy of Prestige Properties"},"content":{"rendered":"<p><strong>November 10, 2011<\/strong><br \/>\n<em>By Nicholas Ziegler, News Editor<\/em><br \/>\n<a class=\"highslide\" href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Mall-at-Bay-Plaza-Bronx.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004034080\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/780-ksf-of-bronx-retail-courtesy-of-prestige-properties\/111011-mall-at-bay-plaza-bronx\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Mall-at-Bay-Plaza-Bronx.jpg\" data-orig-size=\"581,421\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;}\" data-image-title=\"111011 &#8211; Mall at Bay Plaza Bronx\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Mall-at-Bay-Plaza-Bronx.jpg?w=581\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Mall-at-Bay-Plaza-Bronx.jpg\" alt=\"\" title=\"111011 - Mall at Bay Plaza Bronx\" width=\"300\" height=\"217\" class=\"alignright size-medium wp-image-1004034080\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Mall-at-Bay-Plaza-Bronx.jpg 581w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2011\/11\/111011-Mall-at-Bay-Plaza-Bronx.jpg?resize=300,217 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><\/p>\n<p>In one of the larger retail projects in the New York City this year, Prestige Properties has announced that it will take an existing JC Penney store and combine it with a 780,000-square-foot build-out for an enclosed shopping mall. The new mall, to be anchored by Macy\u2019s, will span three floors on a corner parcel at Bay Plaza  Shopping Center in the Bronx, already the largest shopping center in NYC.<\/p>\n<p>\u201cWe strongly believe in the New York metropolitan markets,\u201d Sam Shalem, CEO &amp; chairman of Prestige, told <em>Commercial Property Executive<\/em>. \u201cWe have had excellent success at Bay Plaza since its inception, and we are pleased and excited to bring this best-in-class, enclosed fashion mall to our community and the Bronx.\u201d<\/p>\n<p>Macy\u2019s will occupy 160,000 square feet over two floors of the new area, and the mall itself is set to create more than 2,000 construction and 1,700 permanent jobs for the area \u2013 welcome news for a borough struggling with high unemployment rates relative to its neighbors.<\/p>\n<p>A third-quarter 2011 report by Marcus &amp; Millichap noted that, while retail sales are up 8 percent in Manhattan and 9 percent in Queens year-over-year, the Bronx is still fighting the specter of joblessness \u2013 causing retail sales to continue their tumble. While Brooklyn\u2019s unemployment rate is below 10 percent and Manhattan\u2019s sitting at 7.1 percent, the Bronx has a rate of more than 12 percent.<\/p>\n<p>\u201cThis market has been underserved with quality retail,\u201d Shalem told <em>CPE<\/em>. \u201cThere is incredible demand for this retail product.\u201d<\/p>\n<p>Located at the intersection of the Hutchinson Parkway and I-95, The Mall at Bay Plaza is scheduled to break ground in spring 2012, with the entire complex anticipated to open in fall 2013 or spring 2014, which also includes a 1,800-car parking garage.<\/p>\n<p>New York City has been announcing mega-sized developments this week, as the Prestige deal comes just days after Bloomberg kicked off the <a href=\"https:\/\/www.commercialsearch.com\/news\/regions\/northeast\/gotham%25E2%2580%2599s-full-city-block-four-building-520m-groundbreaking-in-nyc\/\">$520 million, full-block mixed-use development by Gotham Organization Inc<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In one of New York City&#8217;s larger projects this year, Prestige Properties has announced the development of a 780,000-square-foot retail center in the Bronx, to be anchored by a new Macy&#8217;s store. <\/p>\n","protected":false},"author":1201,"featured_media":1004034080,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21808,21742,10,21749],"tags":[],"class_list":["post-1004034079","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-featured","category-latest","category-northeast","category-retail"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v28.0 (Yoast SEO v28.0) - 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