Rendering of available retail block at 250 West 57th Street

When it's time to shop, many New Yorkers head straight to Union Square, Herald Square, 86th Street, or the area around Bloomingdale's. In the near future, savvy shoppers will want to add West 57th Street to that list.

Why West 57th Street? Because the stage is set for its retail transformation, says Joanne Podell, executive director of retail services at Cushman & Wakefield.

"All the right ingredients are there," she explains. "First, there is the proximity to the shops at Time Warner Center, which have been doing extremely well.

"Second, retailers - especially 'big box' retailers - tend to move together, and right now there is enough space available for the area to house several," she continues. "For example, there is a 55,233-square-foot, multi-level leasing opportunity at 250 West 57th Street*, along with several other attractive retail opportunities."

Among the many other factors underlying the retail transformation is the convenience of the area, which is serviced by the A, C, 1, 2, B and D subway lines along with numerous bus lines, Ms. Podell notes. Annual subway ridership alone at Columbus Circle/59th Street stations is a whopping 19.3 million - a particularly appealing statistic for the tenant of the retail block at 250 West 57th Street, which can enjoy its own dedicated store entrance directly across from the subway entrance at the lower selling area.

Furthermore, the neighborhood has become a 24/7/365 pedestrian traffic area with many new luxury residences either completed or under development. Notable examples include the Sheffield at 322 West 57th Street, the Plaza Residences at 1 Central Park South and the Helena at 601 West 57th Street, to name a few.

Also significant is the influx of high-caliber office tenants - including many prominent financial, public relations and media firms - that have leased space in the area in recent years. Such relocations were further encouraged by the positive publicity surrounding the openings of the Time Warner Center and the Hearst Tower.

"These sorts of office tenants may very well devote their lunch hours to shopping or visit stores after work," says Ms. Podell. "It's important to remember that these potential customers, along with the neighborhood residents, have money to spend. Top retailers would be well advised to take advantage of this market while there is still an opportunity to do so."

* For more details, please call Ms. Podell at 212-841-5972 or email her at Joanne.podell@cushwake.com.