Syms bankruptcy opens up prime Manhattan spots

[FarCenter]

Good news for shoppers looking to load up on large blocks of retail space in Manhattan: Several prime sites are about to open up. Syms Corp., and its Filene's Basement affiliate, filed for Chapter 11 bankruptcy protection Wednesday morning. The company plans to liquidate the business over the holiday season, after having received no “viable bids” from anyone interested in operating the business.

Secaucus, N.J.-based Syms bought Filene's Basement in a bankruptcy auction two years ago. It operates 46 stores around the country, including three in Manhattan. Last year the chain signed a lease for a lavish, 34,000-square-foot spot at 530 Fifth Ave., where ground-floor asking rents are at least $400 a square foot. The store quietly abandoned those plans earlier this year. Along with the Fifth Avenue site, which is now up for grabs in a building under new ownership, leased sites in Union Square and the Upper West Side will also hit the market. The fate of Syms' property at 42 Trinity Place downtown, which the company owns, is unclear. According to Ron Friedman, a partner at accounting firm Marcum, a lot of owned real estate properties may go to paying back creditors.



Read more: http://www.crainsnewyork.com/article/20111102/REAL_ESTATE/111109973