Food Halls’ Fate
Commercial Observer
Connecting and informing industry leaders of trends and individuals defining the global commercial real estate landscape
A once-celebrated food hall in New York City closed abruptly this winter. The turnabout likely signals the end of the trend of new food halls opening in the largest U.S. city and perhaps nationally. Find out why. Also for today: Meet Starwood Capital’s new president, who might look familiar from his time at asset management hegemon Blackstone.
— Tom Acitelli, Deputy Editor
New York's Hunger for New Food Halls Has Likely Peaked
The demise of a once-teeming Lower East Side food hall has startled New York developers and restaurateurs, raising questions of whether a model for 21st century dining has a future in the city. Essex Crossing’s owners announced in early February they would pull the plug on the Market Line on April 1 after months of dwindling customers and paltry sales. Many of the 30 vendors in the 150,000-square-foot food court below 115 Delancey Street have already shuttered and moved out of their stalls. Other tenants in Essex Crossing, including city-operated Essex Market vendors and the James Beard Award-winning restaurant Dhamaka, are expected to stay put. The development team, a joint venture of Taconic Investment Partners, L+M Development Partners and BFC Partners, has been mum about what will fill the basement floor of their 1.65 million-square-foot, mixed-use complex.
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Starwood Capital Group Hires Blackstone’s Jonathan Pollack as President
Starwood Capital Group has a new president, Commercial Observer has learned. Jonathan Pollack, global head of Blackstone Real Estate Credit and head of the firm’s structured finance group, has left his position at Blackstone for the lofty role. And one thing is for certain, Starwood Chairman Barry Sternlicht just hooked a big fish. Pollack joined Blackstone in 2015 and was responsible for originating loans and investing in real estate securities on behalf of funds, real estate investment trusts and insurance capital. Previously, Pollack was global head of commercial real estate at Deutsche Bank, where he spent 16 years working in both London and New York City.
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