Trendy consignment retailer Buffalo Exchange has chosen Astoria for its first Queens location. The Tucson, Ariz.-based company, which has four locations in Manhattan and Brooklyn, recently signed a 10-year deal for 2,500 square feet at 29-16 Ditmars Blvd., between 29th and 31st streets. Asking rent was around $65 a square foot.
Brokers involved with the deal said that the retailer, which opened its first New York City outpost in Williamsburg eight years ago, was lured to Astoria by the increase in the number of hip, young people.
“Pay close attention to how many young people are calling Astoria home now, and look at other neighborhoods where Buffalo Exchange is successful—like Williamsburg,” said Ari Malul, the Schuckman Realty broker who represented landlord Alva in the deal. “You see Astoria fits that demographic to a T.”
Yet with scant large-store spaces available in the neighborhood, few other national retailers have entered the neighborhood, making Buffalo Exchange a bit of a pioneer, noted Mr. Malul, who was assisted in negotiations by colleague Nick Masson. Rents on Ditmars Boulevard have held steady in the mid-$50s to mid-$60s a square foot.
Replacing a card store, Buffalo Exchange, a 45-unit chain which generated nearly $82 million in revenue last year, is expected to open for business by fall. The company also recently doubled its Chelsea store to 7,000 square feet, according to Adam Stupak, the Task Realty broker who represented Buffalo Exchange in the Astoria negotiations.
Brokers involved with the deal said that the retailer, which opened its first New York City outpost in Williamsburg eight years ago, was lured to Astoria by the increase in the number of hip, young people.
“Pay close attention to how many young people are calling Astoria home now, and look at other neighborhoods where Buffalo Exchange is successful—like Williamsburg,” said Ari Malul, the Schuckman Realty broker who represented landlord Alva in the deal. “You see Astoria fits that demographic to a T.”
Yet with scant large-store spaces available in the neighborhood, few other national retailers have entered the neighborhood, making Buffalo Exchange a bit of a pioneer, noted Mr. Malul, who was assisted in negotiations by colleague Nick Masson. Rents on Ditmars Boulevard have held steady in the mid-$50s to mid-$60s a square foot.
Replacing a card store, Buffalo Exchange, a 45-unit chain which generated nearly $82 million in revenue last year, is expected to open for business by fall. The company also recently doubled its Chelsea store to 7,000 square feet, according to Adam Stupak, the Task Realty broker who represented Buffalo Exchange in the Astoria negotiations.
