Vornado Realty Trust has hired a new executive to lead retail leasing for its Manhattan portfolio. Elisa Young began her role as Executive Vice President of Vornado's retail division on Monday. In this capacity, she will be responsible for the leasing of 2.3 million square feet of street-level retail space across Vornado's 40 buildings in Manhattan.
Young joins from Brookfield Properties, where she served as Senior Vice President of Leasing, responsible for leasing 9 million square feet of retail space in Brookfield's New York properties, including Manhattan West, Brookfield Place, and One New York Plaza. Prior to that, she spent over ten years at The Related Companies. Her experience includes leasing prime retail space for major developments such as Hudson Yards and The Shops at Columbus Circle.
Strategic Realignment in Retail
Young's appointment comes at a time when Manhattan retail rents are showing signs of recovery after the declines during the pandemic. Vornado, a significant player in the New York real estate market, is leveraging this appointment to strengthen the positioning of its retail spaces. The company emphasised the importance of Ms Young's extensive experience in leasing high-quality retail space for achieving Vornado's strategic objectives in a changing market environment.
Glen Weiss, Chief Operating Officer at Vornado, commented on the appointment, stating that Vornado was delighted to welcome an executive of Young's calibre to their team. He added that her proven track record in leasing retail space across the greater New York area is expected to significantly enhance Vornado's retail portfolio.
Market Dynamics and Competition
The Manhattan retail market continues to be characterised by dynamic competition. Although space availability remains high in certain locations, attractive properties with a strategic orientation are still in demand. The challenge lies in attracting innovative concepts and prime brands to increase footfall and secure long-term leases. Elisa Young's expertise in this segment is considered crucial for the future performance of Vornado's retail assets.
