Stern's Manhattan Mall Space to be Converted to Retail and Office Split

NEW YORK CITY-After considerable speculation about what was in store for the Stern’s space at the Manhattan Mall, ownership, Argent Ventures, has decided to divide the space between an office and retail user. Questions are looming about what the presence of an office user would mean for the retailers in the location.

According to insiders involved in the leasing, the first through third floors will be the home of a new anchor retailer and the fourth through the seventh floor will go to an office user. Julien J. Studley is the exclusive leasing agent for the office portion, but officials from the company declined to comment on the plans or the move to a retail mall and office mix. On the retailing side of the mall, over the past few months a third of the retailers have vacated the mall, leaving it in a tenuous position.

While neither Studley nor ownership would formally comment on the prospect of office space in the mall and it’s impact, one industry expert, Alan Victor, executive vice president of Lansco Corp comments, “It won’t affect the retailing done there in part because there are already offices on the seventh floor. The national tenants in the mall are doing very well and that market will attract several good retailers to come in and take any open space.”