Extell Development — Landlord Representation

Assignment Overview — What It Is

Exclusive retail leasing advisor for 555 Tenth Avenue, a newly delivered 56-story mixed-use tower in Midtown West with 600 residential units and a 93,871 SF educational condominium occupied by Success Academy.

Mandate: position, market, and lease the ground-floor retail to create a merchandising mix that served both the residential population and the 900-student school while enhancing long-term asset value.

Result: Achieved 100% retail occupancy within 180 days, securing multiple credit-rated tenants aligned with Extell’s merchandising thesis.

Client Objectives — Why It Mattered

Extell required a retail program that:

• Supported 600 residents and daily school operations
• Filled clear trade-area merchandising gaps
• Elevated the project’s market perception
• Performed despite edge-of-market location, limited transit access, low daytime density, and weak existing retail adjacency

The asset needed a functional, convenience-driven tenancy that could overcome location friction and stabilize quickly.

Market Realities — What We Were Solving For

Macro-Location Constraints

• Tenth Avenue edge-of-market positioning
• Vehicular-dominant corridor; limited transit
• Underdeveloped retail adjacency west of Ninth Avenue

Micro-Trade-Area Constraints

• Low daytime population
• Limited complementary uses
• Weak pedestrian connectivity

Risk Profile

• Absorption risk
• Extended lease-up timelines
• Trade-area viability concerns

Advisory Strategy — How We Solved It

We applied a data-driven leasing approach focused on feasibility, merchandising logic, and achievable rent thesis:

• Ran rent and TI comps across 20 peer projects to define rent bands
• Mapped demand gaps and identified necessity-based merchandising priorities
• Produced test fits to clarify divisibility and value per linear foot
• Executed a targeted outreach campaign to 62 national brands, and hundreds of regional and local operators supported by co-broker engagement

Execution — What We Did

• Launched coordinated marketing within three weeks
• Distributed engineered marketing packages and 3-D plans
• Conducted 47 on-site tours
• Managed bids, landlord work scopes, and lease exhibits to align with Extell’s construction standards

Results — What Happened

• 100% lease-up within six months
• 5,377 SF leased
• Tenancy secured: one national operator + two regional operators with strong credit and operating history

Impact — Why It Worked

The curated tenant mix activated the streetscape, improved resident convenience, supported school operations, and strengthened 555 Tenth Avenue’s identity as a high-quality mixed-use development on the West Side.

The leasing program delivered both full occupancy and long-term functional value for Extell.