At an event attended by nearly 150 members and guests, the Real Estate Board of New York (REBNY) on Wednesday evening honoured the most influential retail deals concluded in New York City over the past year. REBNY evaluated retail sales, leasing, and development transactions, regardless of their size and complexity, from large apparel manufacturer leases to luxury hotel redevelopments. The committee presented three awards.
James Whelan, REBNY President, stated that the diversity of this year's projects reflected the dynamism of New York's retail market. He added: “We are proud to acknowledge the professionals behind these deals, and grateful for all the nominees, judges and sponsors who make this competition such an important part of REBNY’s retail community.”
Awards for Innovative Transactions
The award for the “Most Ingenious Retail Deal of the Year” was presented to Sean Moran, Patrick O’Rourke, Catherine Merck and Steven Soutendijk of Cushman & Wakefield. In April, they were responsible for the 15,345 square foot lease for apparel retailer Urban Outfitters at 575 Fifth Avenue, a building owned by Sovereign Partners and HudsonPoint Capital. This deal facilitated the relocation of the store from 521 Fifth Avenue to the new location at the corner of East 47th Street. The C&W team also integrated a former L’Oreal cafeteria in the basement, measuring 12,574 square feet, into the 2,771 square foot ground floor retail space. The asking retail rent at 575 Fifth Avenue was $3 million per year, or approximately $625 per square foot for the ground floor and $100 per square foot for the basement.
Sean Moran commented in a statement that winning one of the prestigious REBNY Retail Deal of the Year Awards for the third consecutive time was an incredible honour and underscored the team's hard work and dedication. He emphasised that this reflected the trust clients continued to place in them and the strong partnerships built together.
The award for the “Most Impactful Retail Deal of the Year” went to Jeffrey Roseman and Drew Weiss of Newmark. In March 2025, they secured the 12,000 square foot flagship lease for Swiss luxury watchmaker Audemars Piguet at 785 Fifth Avenue. The asking rent for this space amounted to $4.8 million per year. 785 Fifth Avenue, also known as Parc Cinq, also houses several co-ops inhabited by celebrities.
Retail Development of the Year and Iconic Renovations
Jeffrey Kleiner, Chief Operating Officer and Strategic Counsel for Dajia US, the US investment platform of Dajia Insurance Group, was recognised as the winner of the “Retail Development/Project of the Year” category. Kleiner spearheaded the redevelopment of the Waldorf Astoria New York Hotel, a $2 billion project that reduced the number of hotel rooms from over 1,400 to 375 and added 372 private residences to the property at 301 Park Avenue. Further innovations to the hotel property include a new spa, a fully restored grand ballroom, and new culinary concepts from Executive Chef Patrick Schaeffer. The Chinese government-controlled Dajia had offered the Waldorf Astoria for sale in February, just months after the completion of the multi-billion dollar renovation. The property was last sold in 2014 for $1.95 billion.
Preston Cannon of CBRE, Co-Chair of the REBNY Retail Committee, stated that the deals and work recognised this year underscored the continued strength and evolution of retail across New York City. He added: “Whether it's the introduction of a new flagship store, the repositioning of a prominent Fifth Avenue location, or the reimagining of an iconic property, these winners reflect the creativity and conviction behind some of the city's most remarkable retail activity.”
