Traditionally, retailers have been hesitant to expand into inner communities of New York City and particularly to those communities outside Manhattan based on an assortment of concerns about the viability of retail business in those sections of the city. However, recent changes in the demographics of those communities and studies conducted by entities including local community development corporations have eroded those concerns, and therefore the viability of inner city development for retailers outside the classic sections of Manhattan is now quite considerable.

Earlier this year, Arent Fox collaborated with Crain’s New York Business to host a roundtable discussion of the unique challenges and significant opportunities facing retailers, developers, lenders, and community development corporations seeking to attract retail business development in the outer boroughs of New York City and Upper Manhattan. The event brought together for the first time Robert K. Steel, Deputy Mayor For Economic Development of New York City; Kenneth Adams, CEO & President of Empire State Development Corporation; the CEOs of each Community Development Corporation in New York City; and a diverse group of leading developers, lenders, and retailers.

Prior to the event, Arent Fox attorneys David Dubrow, Darrell Gay, Lino Solis, and Joe Sarcinella met with each constituency group to understand their perspective and learn more about the key issues and challenges facing each of them. The roundtable discussion was held at Arent Fox’s New York office on June 22, 2011. Following the event, David Dubrow and Darrell Gay authored a white paper summarizing the key issues touched upon by the various stakeholders during the discussion and analyzing the recommendations of the panel.

To download the full report, please click here.