Stephen B. Selbst, Partner

Stephen Selbst was quoted in New York Business Journal discussing the state of the retail market in the wake of Ralph Lauren’s decision to close its flagship New York City store. "People thought that, toward the end of last year, the shakeout wouldn't affect the higher market," Stephen commented. The belief was that weaker retailers would feel the brunt of this more directly while stores that catered to the upper end would be immune." Regarding the gap between what New York City landlords are asking and what retailers are willing to pay, Stephen added, “either landlords are going to have to moderate their asking price or they'll sit with a lot of vacant space."