JAACRES IN THE PRESS

FOR PRESS ENQUIRIES, PLEASE CONTACT JOSEPH AQUINO at: +1 (917)597 9880, or ja@jaacres.com

JAACRES IN THE PRESS

Buyers Place Bets On NYC Hotels

Published in: NYREJ

Published: May 24, 2022

Aquino of JAACRES reports on the hotel market

Over the past two years, New York City’s hotels have been trading at a huge discount. Hotel owner/operator MCR, which has a reputation for redeeming troubled properties, won applause just prior to the onset of the pandemic by turning a 1895 red brick Collegiate Gothic jewel (originally built as student housing for General Theological Seminary) into The High Line Hotel, a 60- room property on 10th Avenue at 20th St. in Chelsea.

MCR also built a 512-room hotel adjacent to the TWA Terminal at John F. Kennedy International Airport (which was commissioned by Howard Hughes, designed by Eero Saarinen, and opened in 1962). The property features a roller-skating rink on the tarmac, and, in its rear yard facing the runways, a restored Connie TWA propellered airplane that serves as a cocktail lounge for its guests. The terminal itself has been totally restored and turned into a viewing area where guests can watch planes take off. A restaurant run by Jean Georges tops off the features, and MCR employees dressed as flight crews greet the guests.

MCR also made a big bet on a true grande dame of Manhattan: The New Yorker Hotel on Eighth Avenue, which offers 1,050 rooms convenient to Herald Square, Madison Square Garden, and the Jacob Javits Convention Center.

Collette Luxury Home Consignment Lands a Store on Madison Avenue

Published in: Mann Report

Published: May 10, 2022

Collette Luxury Home Consignment is coming west from the Hamptons, signing a 10-year lease for its first Manhattan location at 1325-1343 Madison Ave. The 3,700-square-foot retail showroom and store will boast 50 feet of frontage, reported Joseph Aquino, president of JAACRES (Joseph A. Aquino Commercial Real Estate Services), who represented Colette Home in the transaction. Gary, Rick and Chris Dana, from the commercial retail department of Douglas Elliman, represented the retail condo property owner.

Collette Home is a consignment emporium of fine furnishings and home accessories, with several locations in the Hamptons. Its customers include designers, architects and consumers, and its pieces have found their way into many beach homes and mansions. Its offerings regularly include both name-brand furniture collection, and one-of-a-kind pieces, all available for immediate delivery. Founder Tish Collette began her consignment business by focusing on women’s luxury clothing and has built her Home Collette Consignment from that foundation.

Aquino previously leased another store in the same building to Ice Blue, a luxury women’s apparel boutique.



Aquino of JAACRES brings Collette Home to 3,700 s/f retail showroom and store at 1325-1343 Madison Ave.

Published in: NYREJ

Published: March 8, 2022

Manhattan, NY Collette Luxury Home Consignment has signed a 10-year lease on a 3,700 s/f furniture retail showroom and store, along with 50 ft. of frontage, at 1325-1343 Madison Ave. Joseph Aquino, president of JAACRES, represented Collette Home in the transaction.

This will be Collette Luxury Home’s first NYC location. Collette Home is a consignment emporium of fine furnishings and home accessories, with several locations in the Hamptons. Its customers include designers, architects, and consumers, and its pieces have found their way into many beach homes and mansions. Its offerings regularly include both name-brand furniture collection, and one-of-a-kind pieces, all available for delivery. Founder Tish Collette began her consignment business by focusing on women’s luxury clothing, and has built her Home Collette Consignment from that foundation.

Aquino recently leased another store in the same building, to Ice Blue, a luxury women’s apparel boutique. In the Ice Blue/Mirabelle location, he represented the tenant and the individual retail condo owner, Adlin Realty.

 

Luxury retail is still alive despite COVID – by Joseph Aquino

Published in: NYREJ

Published: February 22, 2022

The JAACRES Manhattan Report / 1st Quarter 2022: Luxury Retail is still alive on Madison Ave. despite COVID

Deals have quietly been getting done on Madison Ave. and—slowly—new stores have been opening. There’s been a bit of reshuffling of the deck too, seeing some tenants relocate from Fifth and Park Aves. to join other luxury retailers on Madison Ave. Here’s what JAACRES reports:

Kiton is moving from its long-time townhouse location at 4 East 54th and will be moving to 692 Madison Ave. between 62nd and 63rd Sts. Kiton’s Neapolitan-styled men’s and women’s clothing will now have complementary neighbors, sharing the block with Hermès and Jimmy Choo.

Ben Soleimani just leased the former Tourneau space at 601 Madison Ave. between 57th and 58th Sts. Soleimani will display its highly stylized rugs, with their notable weaves and textures, in a prominent contemporary setting.

St. John moved from the Rolex Building at 665 Fifth Ave. to 655 Madison Ave. between 60th and 61st Sts. St. John has always been a favorite of professional women, combining the finest fabrics, most vibrant colors, and tasteful fashion sense in finely tailored garments.

Hermès, originally a saddle maker, has become a leader of French fashion. The operation is moving its flagship New York location from one side of Madison Ave. to the other (from 691 to 700 Madison, at the southeast corner 63rd St.).

 

JAACRES Take on mandates and NYC

Published in: JAACRES

Published: February 8, 2022

It’s February and NYC still miss the tourists that were here in full force up until Omicron hit in the second week of December, then everybody left town. For a New York second, it looked like we returned to normal. I believe, the Omicron wave may have been a blessing in disguise. I for one, decided not to get vaccinated and build my own body’s immune system. Nevertheless, I still wear a mask when I go on mass transit or into a store. Despite my safety efforts, both my wife and I along with many others got the Omicron virus in late December and I must admit it was less bothersome than the common flu. I didn’t have the body aches like I usually get with my winter cold. My wife had been fully vaccinated, having had the first two shots and now she is scheduled to get her booster shot since her job requires her to do so. I think we can all agree we are not seeing people on ventilators like we did two years ago and Covid like all viruses eventually dissipate. Nevertheless, there are still people afraid of their mortality and do not want to be in the company of the unvaccinated or go to work. Its amazing, even with the fear of mortality, you can see stadiums all over the world packed with no one wearing masks. A double standard has risen from Covid and we can see it daily in front of our eyes.

Since I am not vaccinated and I am not able to go into a restaurant in New York City which includes all of the five boroughs, now my wife and I take our restaurant food dollars and go to restaurants at The American Dream Mall, in East Rutherford, New Jersey which has plenty of parking and lots of stores and attractions. The mall is a huge success and packed all the time. When we do not go to New Jersey, we head out to Long Island, where there are plenty of restaurants that greet us warmly. Prior to the deep freeze, we were able to sit outside at a restaurant in Manhattan, but that is not an option anymore when the weather is at 24 degrees.

New York City has a new Mayor, Adams, but unfortunately, neither he, nor our intern Governor Hochul, sees any sense of urgency to negate the mandates that were put on restaurants, and this is ruining the food and beverage industry. Quite honestly, I don’t see any difference in sitting outside a Manhattan restaurant in a makeshift hut or sitting inside a restaurant. Your neighbor is still sitting at the next table. As we know, this was more of a draconian move by our former Mayor DiBlasio that was put into play to punish the unvaccinated, than being proposed as a safe solution. I also leave Manhattan to play tennis of go to a concert or see a movie. That’s more dollars leaving the five boroughs.

The hotel industry is suffering the same fate. The Mandarin Hotel, by Columbus Circle that used to do $115 million a year in sales, now does $15 million during Covid. It most recently sold for about $100 million. That was a big haircut the owners took on the sale.

One will say, when is this all going to end? Looking at the world markets, I don’t think anytime soon. It is not going to end unless people start to come out and complain and make a stand. You see what happened in professional tennis? Djokovic was not allowed to stay and play their Australian Open and was asked to leave. Now an entire country is saying no to the unvaccinated.

The truckers that commute back and forth from Canada are having their say too. The protest is so large, rumor has it that the Prime Minister went into hiding. I think if officials don’t watch, there will be some historic situations like what we saw in France with Marie Antionette. Recently, England dropped their mask mandates. My wife tells me, who is from Northern Ireland, a providence of the U.K., that the drop in masks came about because citizens learned that many secret unmasked garden parties were being held amongst the government officials, while the citizens were required to wear there’s. More double standards.

My advice to the world order is to drop the mandates and for everyone get to back to the daily lifestyle that we were used too. The world has to open again for its own good. We need to make travel easy and simple and start to move people around the globe again. I think many don’t realize it, but the Covid after-effects has other consequences like mental health, alcoholism, and along with other vices and health maladies. People were made to work.

It’s twenty years since 9/11 and we still have the security systems in place at office buildings and airports. I am afraid to look twenty years in the future to see what we will be doing for these viruses.

Petco hops across Union Square with 30K sf lease

Published in: The Real Deal New York Real Estate News

Published: February  3, 2022

No longer leashed to 860 Broadway, Petco is prancing across Union Square for its next retail location.

The pet store chain is leasing 30,000 square feet at Reading International’s 44 Union Square, the former Tammany Hall headquarters at the park’s northeast corner, the Commercial Observer reported. Petco will occupy three of seven floors in the 73,000-square-foot building that was renovated in recent years to include a glass-domed roof.

Sources told The Real Deal that Petco will leave 860 Broadway, which is one block west, in the next year to move to 44 Union Square, where city records show the second-floor use was changed from office to retail.

Precise terms of the lease are unclear. The Observer reported, however, that asking rents were $450 per square foot on the building’s ground floor, $125 per square foot on the second floor and $100 per square foot on the lower level. Newmark’s Jeffrey Roseman represented the landlord, while Petco was represented by RIPCO.

“Signing this long-term lease with a strong credit retailer is an important milestone for our 44 Union Square development and is a testament to the resiliency of New York City and the desirability of Union Square as a key and vibrant location for tenants,” said Reading International’s Margaret Cotter in a statement that didn’t identify the tenant.

“What’s hitting it out of the park is anything to do with pets,” said Joseph Aquino, president of the retail brokerage JAACRES, who was not involved in the transaction. “Everybody went to the rescues during the pandemic and adopted dogs and cats and now they need places like Petco.”

Madison Avenue Welcomes Ice Blue Boutique

Published in: Mann Report

Published: January 25, 2022

Sometimes one shop isn’t enough, as Nicole Nicholson, the owner of luxury apparel boutique Mirabelle, discovered. The result is Ice Blue, which recently opened a 1,350-square-foot concept store at 1339 Madison Ave. in Manhattan’s Carnegie Hill, offering both high fashion and contemporary styles from Europe, just one block away from mother ship Mirabelle (at 1310 Madison).

Ice Blue’s price point is more moderate than the designer-oriented Mirabelle but offers unique pieces that reflect the eclectic tastes of Tunisia-born, France-raised Nicholson, as well as high-quality European names that allow shoppers to be dressed from head to toe.

Sometimes one shop isn’t enough, as Nicole Nicholson, the owner of luxury apparel boutique Mirabelle, discovered. The result is Ice Blue, which recently opened a 1,350-square-foot concept store at 1339 Madison Ave. in Manhattan’s Carnegie Hill, offering both high fashion and contemporary styles from Europe, just one block away from mother ship Mirabelle (at 1310 Madison).

Ice Blue’s price point is more moderate than the designer-oriented Mirabelle but offers unique pieces that reflect the eclectic tastes of Tunisia-born, France-raised Nicholson, as well as high-quality European names that allow shoppers to be dressed from head to toe.

2021 Year in Review: Joseph Aquino, JAACRES

Published in: NYREJ

Published: December 28, 2021

What was the biggest lesson you learned while working during the pandemic?
The biggest lesson I learned was not to run for the hills. Many people left the city and lived full-time in their summer homes. I remained in New York City during the pandemic, despite all the uncertainty and social unrest. I saw stores being broken into and protesters fighting police officers, right under my window. Personally, I never felt the threat of COVID: Only the effects it brought to society. I managed to stay focused on the market. I saw many retailers go out of business, office buildings go empty, hotels close—some of them never to reopen—and restaurants that turned people away because they weren’t vaccinated. During this period, I helped many of my customers negotiate with their present landlords, or relocate. I also helped a new wave of retailers and office tenants to enter the marketplace. Transaction-wise, I had a good year. I wish it had not happened under these circumstances.

Aquino of JAACRES completes three leases

Published in: NYREJ

Published: December 14, 2021

Aquino arranged the 1,350 s/f  lease of a Madison Ave. boutique for Ice-Blue, (women’s apparel) at 1339 Madison Ave. between 93rd and 94th Sts. in the Carnegie Hall section of Manhattan. The Ice-Blue concept will offer women both high fashion and contemporary styles from Europe. The price-points will be moderate, and customers will find a selection of many one-off pieces assuring them that no one else will be wearing their outfit at their holiday party. JAACRES dealt directly with the property owner Adlin Realty. The store boasts a Pop-Up Concept which brings with it some excitement, however the term is for five years. Nicole Nicolson, the founder is originally from Tunisia and speaks fluent French. This will be her twentieth year in business.

Aquino also represented MP-IMC in the leasing of their new office at 19 West 21st St. in the Flatiron District in Manhattan. MP-IMC is the preeminent public relation firm to the beauty industry. They collaborate with brands and experts at any stage of their business, from pre-launch to rebrand, ensuring that they are positioned as leaders in their respective category.

Aquino also represented IHPR in the leasing of their office space at 19 West 21st St. . IHPR is a full-service PR-based strategy and communications agency based in L.A. IHPR helps their clients break through the ever-growing amount of marketplace noise while being the trusted partner they’re looking for.

New York City is still feeling the effects of COVID – by Joseph Aquino

Published in: NYREJ

Published: November 23, 2021

New York City has now lived through almost two years of the COVID-19 pandemic. I have been observing the effects of the restrictions that have consequently been imposed on this city, and it has been a horror show.

Speaking of shows, the area of Broadway around Times Square contains 41 major theatres. When they first re-opened, some of them temporarily enjoyed fully packed houses, although they served only vaccinated patrons. In early October, however, the Disney musical Aladdin had to close for two weeks after detecting additional breakthrough of COVID-19 cases. Now, the Time Square theatres have announced that by December they will review the “fully vaccinated patron” policy, since that policy can’t be maintained indefinitely, for all shows, if a theatre’s goal is to fill seats.

Having invested in five Broadway shows in the course of my career, I can tell you that even in good times it’s hard for any individual theatre to keep the white lights on—never mind all 41 of them. Theatre owners have a “go-dark clause” with their producers if the performances in these houses gross less than $500,000 in a week. Theatre performances—particularly in major houses where the actors, directors, and ancillary workers command high-priced contracts—must show a profit or not go on at all. These aren’t black-box theatres downtown, where no show can expect to do more than break even: This is “profit or perish.”

The JAACRES Manhattan Report – by Joseph Aquino

Published in: NYREJ

Published: July 8, 2021

You can’t help sensing some optimism in the air in Manhattan, but let’s look at New York City a little closer to see what’s happening behind the scenes. Yes, the governor launched a beautiful display of fireworks in New Yorks Harbor to signal the end of the pandemic, but it is it really the end? 70% of New Yorkers are vaccinated, but what has the pandemic left behind? And is a second strain ready to hit the city?

Today, though, the boutique is open and the streets are once again bustling with shoppers. Half of New York City residents are now at least partially vaccinated against the virus, and sunny weather is here, bringing with it a renewed sense of optimism and appetite for products like the brand’s bow-adorned sandals.

I have not left Manhattan since the lockdown began. I have seen all the goings-on, including retailers and restaurants closing, and the general safety of Manhattan often in question. We all know that Manhattan has a glorious history of resilience—but this time, the envelope may have been pushed clear into the next room. How long will it take for the city to fully recover?

What’s Really Going on With New York City Retail?

Published in: Footwear News

Published: May 24, 2021

Last February, Loeffler Randall co-founders Brian Murphy and Jessie Randall signed a lease on the brand’s first store, a 625-square-foot space in Manhattan’s Nolita neighborhood. The timing couldn’t have been worse. By March, the city was in lockdown amid a surge of Covid-19 infections, and buying a new pair of shoes was the last thing on anyone’s mind.

Today, though, the boutique is open and the streets are once again bustling with shoppers. Half of New York City residents are now at least partially vaccinated against the virus, and sunny weather is here, bringing with it a renewed sense of optimism and appetite for products like the brand’s bow-adorned sandals.

“A lot of people told us to get out of the lease if we could, but we just hung in with it,” says Randall, adding that the store was a great motivator for her team. “It had been such a terrible year of horrible news and [the store] was just this wonderful, happy project that we were all working on and so excited about.”

While the company’s sub-landlords SMCP — the group behind brands including Sandro and Maje — didn’t forgive any rent during the year the space was shuttered, they were flexible with payment terms and became valuable mentors throughout the process, says Murphy. (SMCP operates more than 160 stores in North America alone.)

Manhattan, one year later – by Joseph Aquino

Published in: NYREJ

Published: April 20, 2021

One year after COVID-19 hit the world, it’s obvious that the virus has affected the real estate sector more than we wish to admit. The buzz about vaccination has created some hope that things will return to normal quickly—but don’t place your bets on a roaring 20s rebound.

We still have plenty of work to do. The hotel/hospitality sector, which was showing great statistics pre-virus, waited five years to recover from the hit it took from September 11, 2001—and is only praying that it can recover from the current crisis in that amount of time.

Isaac Newton’s Law of Intertia states that a body at rest tends to remain at rest unless acted upon by an outside force. That principle will hold good for commercial leasing, too.

Let’s look at some of the major Manhattan markets more closely. Commercial buildings on Madison Ave. that were asking rents of $1,500 to $1,800 per s/f, 18 months ago, are being offered by some property owners at $500 to $600 per s/f. On Lower Broadway, in Soho, properties that once asked $1,000 per s/f are renting space for $200 per s/f in some cases.

Italian Fashion House Leases Plaza District Showroom

Published in: REW

Published: April 19, 2021

Italian fashion brand Mandelli has leased a full floor showroom space at 5 East 57th Street in the Plaza District.

Joseph Aquino, president of JAACRES, represented the tenant in the lease for the space on the 20th floor of the building (pictured top) on the tony Plaza District block where neighbors include Chanel, Dior and Louis Vuitton.

Owned by an LLC affiliated with the Duell Family, 5 East 57th Street is a 22-story office property built in 1920. Its tenants are focused on the fashion and beauty sector and include jeweler David Yurman and handbag designer Nancy Gonzalez.

According to Aquino, Mandelli was eager to relocate from its space at 576 Fifth Avenue to “a more luxury address.”

Renee Citera, of Duell Management, represented the landlord in the lease of the 3,000 s/f space.

Birkenstock Opens Its Third US Flagship — Why the Brand Still Believes in Brick & Mortar Retail

Published in: Footwear News

Published: April 13, 2021

Birkenstock is ready for the revival of physical retail.

After experiencing one of its strongest years ever in 2020 — thanks to a global consumer shift toward comfortable (and comforting) work-from-home fashion — the Germany-based footwear brand is expanding its presence in the U.S., by debuting a flagship store in Brooklyn, N.Y.’s hipster haven of Williamsburg.

The opening marks only the third stateside retail location for the company, which now counts 54 owned stores globally.

Prior to the pandemic, Birkenstock had been taking a slow-and-steady approach to owned retail in the U.S. Its first stateside flagship debuted in New York’s SoHo neighborhood in 2018, followed by a location in Venice Beach, Calif., in 2019.

Accept Lower Rents For Now – By: Joseph Aquino

Published in: Mann Publications

Published: November 16, 2020

I have been working hard for the past few months, despite the pandemic. JAACRES (Joseph A. Aquino Commercial Real Estate Services) has gone on a hiring blitz, securing experienced salespeople. Our objective: to keep the retail leasing business active, despite the unfavorable market conditions that prevail all over the world, mainly as a result of the novel coronavirus.

Every two weeks, I host a Secret Brokers Society (SBS) call that assembles top commercial real estate professionals from major cities around the globe. The SBS Group has been together for nine years, and we each bring a lot of knowledge to our meetings. There are 32 of us in the organization, and not all of us show up for every meeting, but we get pretty strong attendance. We share information on what is happening in our respective markets. A recent call included brokers from Berlin, Germany, Rome, Italy, Las Vegas, Nevada, Miami, Florida, Washington D.C. and New York City. Members from Shanghai, China, London, U.K. and Los Angeles, California often join us. We all agree that leasing retail space is harder than ever — and in some markets, increased homelessness is making matters worse.

New Yorkers are in for a treat: American Dream – by Joseph Aquino

Published in: NYREJ

Published: Oct 19, 2019

Just six minutes from the Lincoln Tunnel, at the New Jersey Meadowlands in East Rutherford, N.J., the $5 billion American Dream stands ready to open on October 25th – the third-largest retail/entertainment/lifestyle complex in North America. Certainly it will be the most spectacular destination of its kind on this continent; probably in the world.

American Dream is a disrupter. It knocks the daylights out of the narrative that shopping malls have lost their relevance. Let’s look at what we can expect to find under the huge glass tent—and surrounding it.

How about America’s first indoor ski slopes, surrounded by stores designed in the style of Alpine chalets? How about an eight-acre water park, designed by DreamWorks, that includes a series of water slides going around the perimeter of the property as well as a wave machine for surfers and a poolside cabaña area? How about a regulation NHL-size hockey rink?

Just how much has COVID changed us? – by Joe Aquino

Published in: NYREJ

Published: October 05, 2020

I believe we have 18 more months of this pandemic. The word is that the vaccine should be out soon and that it will take nine months of distribution to reach everyone. Nine months. While that’s certainly music to our ears and sounds optimistic, what if they are wrong? Let’s not forget, it took 40 years to find a vaccine for the Spanish flu!

Recently, I discovered that 169 hair and nail salons went out of business throughout Manhattan, parts of Queens, Brooklyn and the Bronx. That is a lot of damage done to that one industry alone, by any standard. The Bronx seems to have been hit the least with the lowest amount of closure.

People’s buying habits have changed tremendously too, and I can certainly attest to that, especially for the services space. Since the lady that helps us with our domestic chores is unable to travel from Brooklyn, I have picked up the slack and then some. And I have to say, I am having a lot of fun with this!

Big Irish Echo Campfire brings Ireland and the US closer than ever

Published in: Irish Central

Published: Sep 03, 2020

With greetings from three US Mayors, the President of Ireland, and members of the Irish, American, and global community around the world, the Big Irish Echo Campfire came together with great effect.

With speakers spanning 11 timezones, the Big Irish Echo Campfire kicked off with a pre-recorded address from the President of Ireland Michael D. Higgins.
A virtual forum which took place across 50 states and several countries, was the most expansive and most-inclusive gathering of Irish American activists in a generation, featuring 70 speakers, mayoral messages from Mayor Marty Walsh Mayor Jim Kenney of Philly, and Mayor Kathy Sheehan of Albany, musical interludes, and VIP interviews.

The theme of the event was Irish America coming together to survive the pandemic and to emerge stronger and better while ensuring that the bridge to Ireland remains open.

JAACRES Brings Michael Schwartz, Esq. on Board as Associate Broker

Published in: New York City Biz List

Published: Aug 27, 2020

International commercial real estate services firm JAACRES is pleased to announce Michael Schwartz, Esq. has joined its team as an Associate Broker. Mr. Schwartz, a well-regarded real estate attorney specializing in commercial and residential transactions and development, additionally has a pre-law background in the fashion industry.

Prior to his law career and, eventually, launching his own practice in 2012, Mr. Schwartz was a merchandising associate at Dior. It was at the preeminent fashion label where he honed his skills in marketing and presentation. He attributes much of his expansive knowledge of the luxury retail sector to that experience.

“Michael’s impressive background combines so many key facets of our business,” points out Joseph A. Aquino, President of JAACRES. “Not only is he a luxury brand master, he is a transactional real estate expert. He knows all the brands, knows all the players and will be a great addition to our team.”

A Tale of 6 Cities: Inside COVID-19’s Impact on NYC, Vegas, Rome and Other Hot Spots

Published in: Footwear News

Published: Aug 25, 2020

Much has been written lately about the dire situation among retailers in Manhattan, where each week brings news of more store closures. But COVID-19 is an international pandemic that is having implications in every corner of the globe.

Recently, FN sat in on a Zoom call organized by Joe Aquino, president of the JAACRES real estate services firm, where brokers from across the U.S. and Europe shared updates on the state of the retail markets in their respective cities.

Below are their reports, in their own words.

Should I Stay or Should I Go: Manhattan Retailers Face a Quandary as COVID-19 Squashes the City’s Appeal

Published in: FOOTWEARNEWS

Published: Aug 24, 2020

Never has The Clash’s 1982 hit song been quite so relevant as it is now for retailers in New York City.

As the country’s early epicenter of the COVID-19 outbreak, the tri-state area was one of the earliest to go into lockdown and one of the latest to reemerge from stay-at-home orders and business restrictions. The effect of those forced closures — plus other macroeconomic factors — have caused the retail market to tank, leaving many retailers to question what they should be doing now.

The Bad News
In late June, the city entered Phase Two of the state’s reopening plan, which allowed nonessential retailers to resume in-store operations. But for some of New York’s biggest department stores and specialty chains, the reopening came too late to stem their losses.

When will business come back? Some advice from an experienced NYC broker – by Joseph Aquino

Published in: NYREJ

Published: Aug 18, 2020

A property owner might hope that the real estate situation in New York might return to near-normal by the end of this year, but it might be safer to assume that the recovery will take much longer. In the latter case, you might want to take a more aggressive approach to securing new retail tenants.

Many owners simply instruct their leasing teams to quote pre-pandemic rents and invite the prospective tenant to make an offer—but is that the best tactic? I believe it’s not enough. Retailers have seen what has happened to the world economy, and even if they’re not clawing themselves out of the rubble, they won’t be chasing you for a deal. Plenty of retail spaces are available, and you have to assume that some will be as attractive as yours or more so.

JAACRES: Hotels, Casinos and Retail webinar – July 9

Published in: NYREJ

Published: Jul 7, 2020

JAACRES and Friends present, “The Changing Landscape of Hotels, Casinos adn Retail. What the Future HOlds.

Five commercial real estate experts share their vision for reclaiming the retail and hospitality landscape as New York City reopens for business

DATE: Thursday July 9, 2020
TIME: 2:00PM (EST)

Moderated by Linda Alexander of Alexander Marketing.

Speakers:

Joseph Aquino, and the team at JAACRES
Bernard Paternina, Vice President and Portfolio Manager of equity and fixed income portfolios at Silvercrest Group
Alan Cohen, Founder and Managing Principal of The Cohen Organization
CLICK HERE to register for this free virtual event.

As Hamptons Retail Heats Up, How Jimmy Choo, American Eagle + More Plan to Lure Shoppers in the Coronavirus Era

Published in: FOOTWEARNEWS

Published: Jul 2, 2020

Many well-heeled New Yorkers have been residing in the Hamptons for months during the coronavirus pandemic — and the July 4 holiday weekend is sure to bring in another influx of visitors.

With renewed concerns about store safety amid a spike in cases in many areas of the country, it won’t be a typical summer in this enclave on eastern Long Island.

“There’s an opportunity. People are shopping now because they are tired of being cooped up,” said Joseph Aquino, president of JAACRES, a commercial real estate firm, who works with local retailers such as Charleston Shoe Co.

Shanghai-based broker gives an overview of Asia’s retail market

– by Joseph Aquino

Published in: NYREJ

Published: May 19, 2020

I’m a member of The Secret Broker Society, (SBS) which I founded in 2011 to help star brokers learn from each other, make more deals, and grow their businesses. The SBS Group consists of an all-star brokerage team that covers the globe: from Hong Kong and Shanghai in China; to Cape Town, South Africa; to London, Paris, Barcelona, Rome, and Dublin. We service all the major cities in the United States and Mexico, plus Montreal and Toronto.

Our team teleconferences happen twice a month, with each broker giving a detailed description of conditions in their markets, and current events.

Recently, some of the most surprising news is coming from Asia, and here’s how one of our brokers sees it. James Rogers, MRICS, is founder and CEO of Catesby, a Shanghai-based real estate services firm. A version of this article previously appeared on Luxury Briefing:

NYREJ: Zaken, Cregan, O’Hara, Balsamo, and Jeudy join JAACRES; firm secures exclusive listings

– by Joseph Aquino

Published in: NYREJ

Published: April 7, 2020

New York, NY Under the leadership of Joseph Aquino, JAACRES has expanded its team of real estate professionals and become a leader in the commercial real estate industry. Joining the firm are David Zaken, Barry Cregan, Owen Crowley O’Hara, Olivia Aquino Balsamo, and Vicky Jeudy.

Zaken has owned 12 David Z shoe and sneaker stores in New York City and Las Vegas, and has a terrific network of contacts in the shoe and apparel business. David has also owned three commercial buildings: on Fifth Avenue, on Broadway in Union Square, and in Soho.

Cregan heads the hospitality division of JAACRES. He has spent 35 years in the hospitality industry, including a stint as president of The Plaza Hotel. He also operated four casinos in Atlantic City, Puerto Rico, and Connecticut, and presided over hotels in Chicago, and the South Beach area of Miami.

JAACRES assists German Doner Kebab in US expansion

German Doner Kebab specializes in doner kebab, which is a slow-cooked meat often served on a flatbread.

Published in: NYREJ, CoStar, RE Business Online, and Shopping Center Business

Published: Between April 29, 2020 to May 8, 2020

East Rutherford, NJ. German Doner Kebab (GDK), a fast-casual dining chain plans to open 350 locations in the U.S. in the next seven years. Its first franchise will open at the American Dream mall.

Joseph Aquino, president of JAACRES, a Manhattan based real estate commercial services firm, consults for GDK. He has assisted the company with their first U.S. location at American Dream, and is currently scouting for suitable locations in other malls, shopping centers, and central business districts. Aquino notes that GDK’s products feature top-quality beef and chicken, and the produce is delivered daily by local suppliers.

NYREJ: 59th St. is New York City’s new High St. for fashion

– by Joseph Aquino

Published in: NYREJ

Published: February 18, 2020

A generation ago, if you thought of 59th St., you probably thought “traffic.” A mental picture would come to mind of an impossibly time-consuming traffic line-up that would start around Columbus Circle at about 3 p.m. every afternoon, and stretch to the Queensborough or Ed Koch Bridge till about 7 p.m. Sure, 59th St. had retail, but it certainly wasn’t a shopping destination.

More recently, though, developers have managed to change this arterial street’s image. Retail condos now occupy the stretch of 59th St. that has Central Park views. Anchoring this stretch of real estate is the incomparable Plaza Hotel—where Eloise is probably saying, “Here’s what I like: Shopping!”

REAL ESTATE WEEKLY – Old could be new again as city grapples with its growing population

-by Joseph Aquino

Published in: Real Estate Weekly

Published: January 29, 2020

Long Island City will soon boast the largest condominium in Queens (Skyline Tower), a few blocks from the E and 7’s Courtyard Square station.

It seems to me Queens clearly requires more transit options. A proposed project would reactivate the Lower Montauk Branch of the LIRR for NYC Transit Fares, with local stops from Jamaica to Long island City.

NYREJ: 2019 Year in Review: Joseph Aquino, JAACRES

2019 Year in Review: Joseph Aquino, JAACRES

Published in: NYREJ

Published: December 31, 2019

2020 will see far more deals. Property owners will finally stop saying, “I coulda got this rent (and they name a figure) three years ago.” This year, If the property owner sees a warm suitable retailer, rest assured they are doing the deal.

The luxury market will continue to shrink in location count and even in inventory, too. If you have the money, ha, ha, to purchase your hearts desire garment, rest assured you must go out early in the season if you want to find your size and color.

ABC News – Champagne and shoes: Luxury Stores adapt to changing shopper

Champagne and Shoes: Luxury Stores Adapt to Changing Shopper

Published in: ABC News

Published: December 23, 2019

Joseph Aquino, president of real estate services firm JAACRES, sees luxury’s future with fewer stores that focus on “less product” and “higher prices.”

In one sense, traditional luxury stores are no different than other brick-and-mortar retailers that must now fiercely compete with online rivals. But the exclusivity they used to command by catering to a niche market of wealthy spenders is beginning to erode, especially among the new-moneyed set of shoppers in their 20s through their 40s who can afford high-end merchandise but may still be looking for a deal.

NYREJ: New York’s changing department store landscape – by Joseph Aquino

New York’s Changing Department Store Landscape – by Joseph Aquino

Published in: NYREJ

Published: December 17, 2019

Department stores come and go. When one goes out of business, it’s nothing unusual. But consider how many have gone out of business in New York City in just the past generation: Gimbels, B. Altman, Mays, E. J. Korvette, Alexanders, Abraham & Straus, Gallerie Lafayette, Wanamaker, Sears & Roebuck, Lord & Taylor, Bonwit Teller, and now Barneys New York—and those are just the ones I remember.

The long-time survivors are Bloomingdale’s, Saks Fifth Avenue, Bergdorf Goodman and Macy’s. The new kids on the block are Nordstrom (which has had a chance to study their customer since they have operated Nordstrom Rack for some time) and Neiman-Marcus, which has opened at Hudson Yards with three levels of glitz, glam, luxury, and fancy restaurants.

Joseph A. Aquino has been honored by The Belfast International Homecoming and awarded “The Ambassador of Belfast” medal at a ceremony at Belfast City Hall

Joseph A. Aquino has been honored by The Belfast International Homecoming and awarded “The Ambassador of Belfast” medal at a ceremony at Belfast City Hall

Published in: The Belfast International Homecoming, and NYREJ

Published: October 24, 2019, and Nov 5, 2019

The Belfast International Homecoming has awarded Joseph A. Aquino “The Ambassador of Belfast” medal at a ceremony at Belfast City Hall, for his distinct role as International Business Leader.

Mr. Aquino has offices in New York City (where he resides), Belfast, and London. He is involved in the redevelopment of Belfast’s Downtown City Hall District, which offers an exceptional variety of development opportunities.

2019 Ones to Watch: Joseph Aquino, JAACRES: NYREJ

2019 Ones to Watch: Joseph Aquino, JAACRES

Published in: NYREJ

Published: October 5, 2019

What do you consider to be your greatest success in the past 12 months?

First, my company did four Charleston Shoe Co. deals within six weeks: on Newbury St., Boston; Jobs Lane, Southampton, N.Y.; one in the Soho neighborhood of Manhattan and the other by the Plaza Hotel on 57th St. and Sixth Ave. Then, we did two deals for Sherle Wagner International. We sold their building in the Design District in Los Angeles and we leased them a full floor at 699 Madison Ave. on the same block as Hermès, and in the same building as Jimmy Choo. Finally, we leased Enrico Mandelli—a 50-year-old Milan-based luxury men’s clothing line—a showroom at 576 Fifth Ave. in Manhattan, and we closed a pop-up deal.

Barneys may close all of its stores: Fox 5 New York

Barneys may close all of its stores

Published in:Fox 5 New York

Published: October 17, 2019

The company’s crown jewel, its Madison Avenue location, opened in 1993, two years before Amazon initiated operations as an online bookstore. Joseph Aquino, who runs a real estate services firm under his name in Manhattan, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

“She was 45 and now she is 65… She isn’t shopping like she was 45,” Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

RETAIL and amenities lure homebuyers from the city: WSJ

Retail and amenities lure homebuyers from the city

Published in: WSJ

Published: September 17, 2019

“The SoNo Collection, a mall that’s opening in Norwalk in October,will add the region’s first major boutique national stores and other new players,” says Joseph
A. Aquino, Manhattan-based president of JAACRES, which specializes in commercial leasing. “Greenwich is probably the town best-known in Fairfield County for shopping and fine dining.”

Little Italy: It’s time for New Yorkers to re-visit this fascinating neighborhood: NYREJ

Little Italy: It’s time for New Yorkers to re-visit this fascinating neighborhood – by Joseph Aquino

Published in: NYREJ

Published: September 17, 2019

This summer, I had the pleasure of spending my entire afternoon on Mulberry St.—in the heart of Little Italy—and I saw more pedestrian traffic than West Broadway in SoHo and almost as much as Times Square.

Our firm is thriving by staying ahead of the curve – by Joseph Aquino: NYREJ

Our firm is thriving by staying ahead of the curve – by Joseph Aquino

Published in: NYREJ

Published: September 3, 2019

National and global economies seem to be slowing down, and we might be heading into a recession. I’m not worried, though, about my company, JAACRES. We have accomplished a lot this year, and we are going to shine even brighter if the market turns down.

New YORKERS ARE IN FOR A Treat: REAL ESTATE WEEKLY

New Yorkers are in for a treat

Published in: Real Estate Weekly

Published: August, 28, 2019

Just six minutes from the Lincoln Tunnel, at the New Jersey Meadowlands in East Rutherford, N.J., the $5 billion American Dream stands ready to open on October 25: the third-largest retail/entertainment/lifestyle complex in North America. Certainly it will be the most spectacular destination of its kind on this continent; probably in the world.

Once a Retail Shrine, Flagship Stores Lose Their Shine

Published in: Daily Chronicle

Published: August, 13, 2019

“Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

More flagship Stores Closing: Voice of america

More Flagship Stores Closing

Published in: Voice of America

Published: August, 9, 2019

The latest victim to the changes could be Barneys New York. It opened its 10-story Madison Avenue store in 1993. Barneys became a cultural icon in luxury shopping but now risks closure.

Joseph Aquino runs a real estate services firm. “We are in the phase where a lot of younger shoppers don’t want to go to the high street. They sit around and buy online and that’s what we are fighting against,” he said.

Why Fashion Flagship Stores Are Closing, or Being Reinvented: Fortune

Why Fashion Flagship Stores Are Closing, or Being Reinvented

Published in: Fortune

Published: August, 8, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

The retail apocalypse is shutting down flagship stores: USA Today

The retail apocalypse is shutting down flagship stores

Published in: USA Today

Published: August, 8, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys Seeks Bankruptcy Protection, Closing L.A. Stores Except Beverly Hills Flagship: The Hollywood Reporter

Luxury Store Barneys Files Bankruptcy Protection, Closes Most Stores: NBC News New York

Published in: The Hollywood Reporter

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Luxury department store Barneys files for bankruptcy protection and will close 15 of its 22 locations: Daily Mail UK

Luxury department store Barneys files for bankruptcy protection and will close 15 of its 22 locations

Published in: Daily Mail, UK

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys Seeks Bankruptcy Protection, Closing L.A. Stores Except Beverly Hills Flagship: The Hollywood Reporter

Luxury Store Barneys Files Bankruptcy Protection, Closes Most Stores: NBC News New York

Published in: The Hollywood Reporter

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys seeks bankruptcy protection, closes most stores: ABC NEWS

Barneys seeks bankruptcy protection, closes most stores: ABC News

Published in: ABC News

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys seeks bankruptcy protection, closes most stores: NBC NEWS

Barneys seeks bankruptcy protection, closes most stores: NBC News

Published in: NBC News

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys seeks bankruptcy protection, closes most stores: FOX TV

Published in: FOX TV

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys seeks bankruptcy protection, closes most stores: Miami Herald

Published in: Miami Herald

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Barneys seeks bankruptcy protection, closes most stores, including in Seattle

Published in: Seattle Times

Published: August, 7, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.”

Large Format Stores Shifting Among Changing Retail Landscape

Published in: Finance & Commerce

Published: August, 1, 2019

“The concept of a flagship store is more than a century old and used to be limited to retailers’ biggest store – one in their first or most prominent location. But in the last 20 years, a flagship store frenzy took hold and retailers such as Gap and H&M looked at them as a must-have shrine to their brands, opening multiple flagships in multiple locations. Not only that, but they were willing to pay exorbitant sums of money to showcase their merchandise in luxury corridors.

Rents have swelled so much, however, that many retailers can no longer justify the high price, especially as more shoppers shift their spending online and physical stores lose foot traffic.

Still, flagship stores aren’t dead. Many retailers like Nike and Levi are embracing new versions that beckon shoppers with less merchandise and more high-tech experiences.”

Large Retailers Shift Priorities: Swank Showcases Become Personalized

Published in: The Journal Gazette

Published: August, 1, 2019

“The concept of a flagship store is more than a century old and used to be limited to retailers’ biggest store – one in their first or most prominent location. But in the last 20 years, a flagship store frenzy took hold and retailers such as Gap and H&M looked at them as a must-have shrine to their brands, opening multiple flagships in multiple locations. Not only that, but they were willing to pay exorbitant sums of money to showcase their merchandise in luxury corridors.

Still, flagship stores aren’t dead. Many retailers like Nike and Levi are embracing new versions that beckon shoppers with less merchandise and more high-tech experiences.”

Once a Shrine to a Retailer’s Brand, ‘Flagships’ Lose Luster

Published in: ABC News

Published: August, 1, 2019

Joseph Aquino, who runs his namesake real estate services firm, says the days of the shop-til-you drop mentality on Madison Avenue popularized by the HBO popular series of the 1990s “Sex in the City” are over.

‘She was 45 and now she is 65… She isn’t shopping like she was 45’ Aquino said. “We are in the phase where a lot of younger shoppers don’t want to go the high street. They sit around and buy online and that’s what we are fighting against.

Tommy Hilfiger, which also closed its other U.S. flagships on the swank Collins Avenue in Miami, will be testing smaller shops with online interaction in the U.S. that could be more like pop-ups.”

Flagship Stores Re-Invented, Retailers Look for Novel Solutions

Published in: Stamford Advocate

Published: August, 1, 2019

“The concept of a flagship store is more than a century old and used to be limited to retailers’ biggest store — one in their first or most prominent location. But in the last 20 years, a flagship store frenzy took hold and retailers from Gap to H&M looked at them as a must-have shrine to their brands, opening multiple flagships in multiple locations. Not only that but they were willing to pay exorbitant sums of money to showcase their merchandise in luxury corridors. Rents have swelled so much, however, that many retailers can no longer justify the high price, especially as more shoppers shift their spending online and physical stores lose foot traffic.”

Say Goodbye to Flagships, and Hello to New Retail

Published in: This is Money UK

Published: August, 1, 2019

“But many analysts believe they haven’t fallen far enough. In fact, commercial rents in 45 out of the 60 cities including New York, Los Angeles and Miami, are higher than in 2009 when the economy was in a recession, according to data from CBRE, a commercial real estate service firm. In the case of Barneys New York’s Madison Avenue store, the landlord there reportedly raised its rent to $30 million from $16 million earlier this year. A Barneys spokeswoman declined to comment. Still, flagship stores aren’t dead. Many retailers like Nike and Levi are embracing new versions that beckon shoppers with less merchandise and more high-tech experiences.

JAACRES: The New York City Commercial Real Estate Market is Evolving, and We Must Evolve With It.

Published in: New York Real Estate Journal

Published: July 30, 2019

“The overall commercial real estate picture in the New York metro area might look daunting to some investors and developers. We’re on a down cycle in 2019, following a recovery that lasted nearly a decade.

Retail has been great for New York for generations—“We’re under-retailed” has been a constant complaint—but today’s brick-and-mortar retailers have to change as the demographics change, and as technology evolves. Spending at non-store retailers, including online vendors such Amazon, rose 1.7% last month, according to the U.S. Department of Commerce..”