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Manolo Blahnik in NYC, with Ariel Schuster

Episode #: 032
Manolo Blahnik in NYC, with Ariel Schuster

Guest: Ariel Schuster
Topics: Manolo Blahnik,


Chris Ressa 0:02
This is retail retold the story of how that store ended up in your neighborhood. I’m your host, Chris Ressa. And I invite you to join my conversation with some of the retail industry’s biggest influencers. This podcast is brought to you by DLC management.

I’d like to thank one of our sponsors, retail openings and In today’s dynamic retail landscape, tracking openings and closings before they take place has never been more important. Having this intelligence is an undeniable competitive advantage, retail openings and also known as Rock Tracks, future openings and future closings, comprehensive, accurate and reliable the rock is your crystal ball and the key to making well informed decisions with confidence in today’s evolving retail climate.

Welcome to retail retold. Today we have Ariel Schuster. Ariel is a commercial real estate and a retail expert in New York City. I am excited for you to hear his insights on commercial real estate in particular on retail real estate in New York, both pre and post pandemic. But before we go there, I

wanted to talk about a topic I was talking to my brother in law actually about the other day. And I gave him a story when I was wrestling and

stories from my sophomore year in college. And it’s it’s a lesson I learned on the mat that I take with me

in business world today. And when I was a sophomore I was I had a really, really good record I was having a great year. And this is a sophomore in college at Rutgers. And I had to take top three in my conference to make it to the big dance the NCAA tournament for the equivalent of the March Madness NCAA tournament. I had been training for a long time for this opportunity. And I was in the quarterfinals. And I was wrestling this opponent from Cornell. And I was winning, I got the I scored early, and I was dominating the very beginning of the match. And that midway through the match, I started clock watching and was just trying to run out the clock. You know, that kind of gave my opponents some confidence. And it started, you know, thinking to himself that he could come back and that he could win the match. And i i Let someone in the match that shouldn’t have been the match with me. And I lost, I ended up losing that match five, four. Because I was running for the hills, I tried to close it out, I tried to let the clock run out. And I didn’t keep on offense. I didn’t keep scoring. I didn’t keep attacking and then keep going. And I think that’s, you know, one of the punch lines that I would give people some advice on as you move through the pandemic is to the best defense is a good offense and to keep pushing through and stay on offense. And then the minute you try to just you know, wait it out, watch the clock, close your eyes and wait for it to be over. That’s when things creep up on you and you let and you let your guard down and things start to happen that you didn’t want to happen. So my advice, keep on offense, keep pushing through.

Don’t close your eyes and wait for it to be over. That I hope everyone enjoys the show. I think it’s a good one. It’s you know, really on topic, given everything going on with the pandemic. That’s everyone said.

Welcome to retail retold everyone today we have Ariel Schuster, Ariel’s a broker in Manhattan for new mark and he has been in the industry for 20 years. And so I’m excited to have his commercial real estate expertise on the show and his New York City expertise on the show. Welcome to the show area.

Ariel Schuster 4:50
Thank you, Chris. Great to be on.

Ressa 4:52
So why don’t you tell us a little bit about what you do you know, pre COVID-19 What was uh, what were you wearing? going on, what were the stuff? What do you typically do? What’s your business like and all that good stuff?

Schuster 5:05
Sure. Well, I think like many retail brokers, I stumbled into the industry. You know, I was a senior at Tulane with a job on Wall Street. And a family friend took me to ICSC for as a college graduation gift. And I fell in love with industry right away. So after traveling to Europe, for a year I came back, started a small company called Lascaux, which is, I think, now defunct 1999. And then after six months, went over to join RKf, where I had been for 18 years, and that company was really a great place to learn, learn the business, cut my teeth, and had a great run there, you know, about two and a half years ago, we decided to sell the company and then join new mark. So that’s been really a great experience. It’s been really eye opening. It’s really expanded how we think about real estate. And we went from being totally blindfolded into or blinded into just focusing on retail now we’re thinking about fulfillment, interaction between retailers and office, financing loan sales, which is now a bigger topic in our conversation. So it’s been part of being part of too much of an awesome, you know, my day to day is pretty straightforward. I do 50% On my business’s landlord rep. So I do a lot of work for SL, green and Grenada. I mean, it’s a green in Brookfield and Extell, over the years, have had some clients for 20 plus years, and my entire career for with one landlord. And then I represent about 25 retailers ranging from William Sonoma, to GAAP to pretty much a Manolo Blahnik. So it’s really all over the place. And I really, I think 90 plus percent of my business is in New York City. But I do do some national work. And, you know, doing both the retail rep and landlord rep is really helpful, because that allows me to see it from both sides, how they view things, and certainly, during COVID, that’s been instrumental, what I do day to day, but you know, I run it to about 20 people out of our office in midtown Manhattan, and I love what I do.

Ressa 7:31
Awesome. So you know, New York and New York is, is going through it right now, obviously, making headline news every day tough stuff. And

you can find any headline that you want to find, you can find that you’re going to see some D urbanization, because people are gonna get want to get out of close quarters, you can find that New York is always strong and will find a way in the resilience of New York, we’ll find a way. And so, you know, walk us through a little bit. What’s your what was the state of retail in New York going into this? And where do you think it? You know, what is the areal take on where it shakes out a little bit as we come out of this? And what are what are landlords and retailers thinking about the city right now.

Schuster 8:29
So then New York is unique in the context of the whole country. And, you know, speaking to the people in Boston, in Chicago, and LA and Miami, New York had this tremendous rise in rents, you know, after the Oh 809 financial meltdown. New York recovered really quickly, and there was 10% increases from Oh, nine to 16. So rents got, I mean, they just flew up. And that didn’t happen. Other markets. Starting 16. In the cracks were clear. And over the past 24 months, rents have come down. In some some market has dramatically. Pre COVID we still were having these discussions with both landlords and retailers. And we pointed out that the rents were still higher than they were in Oh, nine. So there was still more rent compression happening. And the reality is that parts of New York City are over retail. I mean, there’s parts of New York City that have too many stores. And that’s not dissimilar to the rest of the country where you have a multi beam on see malls. And, you know, what we were seeing is, I think of COVID is fast tracking, a lot of things that would have happened anyway, you know, we’re seeing the restaurant is excellent. You know, the restaurant sector, which we should spend a few minutes on later on, you know, many of those restaurant operators, were really struggling in this just fasten their minds many of the retailers who have not spent money and invested in technology They were struggling and, you know, their demise is going to be fast track. You know, rents that were going to come down further in the next five years are coming down faster now. And you know, the deal structure is changing drastically. When transactions start up, and they’re starting to in the last two, three weeks, we’re starting to see some green shoots, starting to see some deals moving. They definitely are definitely different than they were. Last year.

Ressa 10:31
Good perspective. You read headline news, and over the past few years, and they talk about, you know, the the vacancy in Manhattan. And I would always say, actually, that the misleading thing is that tenants don’t want to be in New York, that’s that’s not the issue that tenant demand is strong. But it’s a big ask issue. And if the right if it was extreme, and the rents came down, 50%, there’d be 100% occupancy in Manhattan? Is it a was it? Is it a bid ask issue, meaning that it’s just a price issue? Or is there also a demand issue, which I said there wasn’t where, you know, tons of tenants across the world want to be in New York, it’s just a price issue.

Schuster 11:22
You know, we certainly are lucky to work in New York City, because it’s often the first stop for any international retailer. So there, and when we look at our agencies, and we start doing outreach, you know, we make lists of hundreds of brands, whether they’re in Europe or Asia, they’re still not in New York. So there is still a tremendous amount of people who have not entered. So in from my perspective, there’s almost unlimited demand. But you’re right, the rents were just, we’re too high for a lot of them. And, you know, we are, you know, the positive in me, is thinking about credible trends that I think are going to help New York City, one being the fact that there’s still a lot the been struggling over the years, and now that rents have dropped, it may be their opportunity. I also think that the fast tracking demise of department stores isn’t have a very positive impact on urban urban markets around the country, but specifically in New York, I think, as these brands and you know, what we do is we catalog everybody selling a Neiman and they’re really selling sacks, and everyone’s at Barney’s. And for a lot of these companies, they were doing the majority of their US business on wholesale, and those brands now need to keep selling things in the US and I think that’s going to lead to to more stores opening that historically would have just continued to be in department stores.

Ressa 12:43
That is a great insight that there’s all these brands that are selling in department stores that don’t have a brick and mortar presence and or another channel to sell them other than online and so they’re going to have to open up stores that’s a that probably will help other parts of the country to not just New York it’s a really good insight actually. Any any any brands come to mind that you’re think of that like Man, these guys should have a store. They don’t have one yet. They’re in these department stores. And you can see them happening having a store.

Schuster 13:15
We got me after eight and a half weeks trapped in the house. I have a good summer ahead. But I’ll give you a good example. I mean, our team last or because two years now took a brand called Delvaux has been in Barney’s with a huge position in Barney’s and moved into Fifth Avenue. And the thought process was let’s get ahead of potential morning demise. Let’s have our own storefront. So you know, we’re we’re certainly seeing that

Ressa 13:46
interesting. Yeah, that’s, that’s really interesting. That’s really good perspective. The are the are the days gone, where someone would open up a flagship as a loss leader in Manhattan and write it off as a marketing expense? Or Does that still happen? You know, I used to hear all the stories that someone opened a store in Manhattan, the four walls it does crazy sales volume, but the rents are so high the four wall EBIT is negative but they write it off as a marketing expense. Does that still happen? or less?

Schuster 14:19
It’s certainly less and I think for brokers We’ve certainly enjoyed those flagships but I think there’s certainly gonna be less but you can also argue and I always put a positive spin on things you can argue that if your store with 300 us locations, the one in Manhattan is or the five in Manhattan are important but not crucial. And I think the My view is there’s only those three store chains are going to become 25 or 50. And therefore the New York City store is gonna become even more important. And the reality is is another part has been fast tracked is the shift to online and when you when you are relying More and more online. Having a showroom or flagship in urban big cities is important. So I think you’ll see less mega high rent flagships. But I do still think that the concept of a showroom where the four wall may not actually be profitable, will continue.

Ressa 15:22
Got it interesting. The, you hear some crazy stories about stores that lose money, and they just call it marketing instead of a rent expense. So I think everyone’s always wondering if that if that still happens. So that’s, that’s great insight there. The so you mentioned we should we should talk about restaurants? What? what’s your what’s your thought on the food and beverage world right now?

Schuster 15:48
Yes, it’s funny, because when I love food, it’s my passion in life. And, and when I started the business, my plan was to be a restaurant broker. And I very quickly learned that that industry is it’s very difficult to make money. It’s all key money deals. And but I love it, and I love her food I enjoyed, so I do represent quite a few QSR is pretty much a copper grill, PF Changs. You know, so I’m very much involved in that world. But in the full line restaurant, you know, the past two years, as wages have gone up drastically in New York, you know, we’ve heard that as a really issue for for these restaurants. And it’s been a drastic change in their, the cost of operating their business. So restaurants are already struggling. There’s clearly a flight to quality in the, in the QSR world. And the tenants that are technologically advanced, are just in a bad position, I mean, sweet green and Cava Chipotle, the ones that are able to have app driven business, we’re really putting a dent in in that whole QSR sector. And then a lot of the restaurants were just, they’re just struggling. And I think, you know, I listened to a fascinating webinar, but the new mark posted about three restaurant tours in Boston and, and they said, their workers are better off during this time on unemployment, they’re making more money on unemployment. And as long as it continues, with unemployment being extended, they don’t want to bring them back. They don’t want to bring the back risk their health. So, you know, even if things come back, again, I’m an optimist, there is going to be a long run up on restaurants, I mean, operationally, it’s gonna be half the tables. You know, everybody is hearing about all these great things people are doing in terms of delivery and pickup and curbside cocktails, and grocery. And I think those are all great. But these restaurant tours were very clear, those are not paying the bills, you know, these restaurants make their money. You know, it actually is fascinating. One of the guys was put up his performer last year’s numbers. And this was performed by and he went through what his liquor business was, what the six to eight business was, and he went really went through it. And if these restaurants are not fully operational, or full dining rooms, and full bar, you know, it’s just the economics just don’t work. Yeah. Yeah, as a lover of New Orleans had to go to lay and lay down a tunnel is, you know, Katrina wiped out that whole industry. And five years later, there was more restaurants than before Katrina. So my hope is, as rents reset, as deal structures change. And we should talk about that a little bit. I think a whole new wave of restaurants are going to come in and do things a little bit differently. And that’s obviously all dependent on when people can go back to restaurants. And that’s, of course, the $64,000. Question

Ressa 18:59
is, so on the value side, I actually had James Walker on the podcast who’s the the, the top guy that for real estate at Nathan’s hot dogs in New York. Right. And so he before he came on to promote it, promoted a little bit, which was, he just he just did a deal with or they did a deal with a ghost Kitchen in New York City so that they could start delivering at scale through New York Metro, and, you know, they signed that deal. Right before COVID. He was on the show as COVID started in early March. So I’m interested to see how that’s working out for them because they just inked the ghost kitchen deal and I’m probably fairly certain they you know, that’s probably prop them through this a little bit. You know, I haven’t had Nathan’s lately but yeah,

Schuster 20:00
But ghosts can ghost kitchens are, I think a term that is thrown around as the solution to everything. And I think just like food halls came in, and it was an over peripheral peripheral nation version of those, I think ghost kitchens, they’re very hard to operate. And we’ve dealt with quite a few operators to come in. And the ones who do it, well do it very well. We’re working with one group that’s looking at this as an opportunity they’re going in, they own their own brands, and they’re going to be there, they’re going to be opening up quite a few of these front facing and ghost kitchens with their own brands, but the ones who are bringing in third party, it’s logistically challenging and drivers. Just yesterday or two days ago, New York State announced they’re passing a cap on on third party fees, that it’s very complicated. And getting getting it right is complicated. And I think the companies that can control their own process are the ones are gonna succeed. One of our clients is PF Changs really great people. The company sold last year, and then the mandate was to think through the next what is what is the restaurants really forward. So we just, we signed for leases in Manhattan, we’re helping them all around the country for there to go concept. And really, it’s no seating, very technology driven, we’ve been very good about locating then kind of on the edge of residential and an office and they’re going to be relying less on the Senate and dining and more on quick app, go downstairs, pick it up, deliver. And that’s going to complement their full line stores for like restaurants. So it’s, I really do believe that it’s the the retailers and restaurants that have the capital to invest and be thoughtful moving forward, are gonna make it and and the ones that just don’t have the money to change the direction of the ship are gonna are gonna have a tough time coming out of this thing.

Ressa 22:06
Yeah, that’s for sure. Right? You need, you’re gonna need capital invest in order to pivot through this and, you know, serve the demand of the new consumer, for sure. And so those that do will probably reap the rewards of that, and those that don’t have that capital are going to need to find it, you know, they’re going to need to find it. So. So you mentioned deal structure, I’m sure between Oh, nine and 16 deals structures were different than p pre recession and then 16 till early 20. They were one way and then how do you see them going forward?

Schuster 22:44
You know, it’s tricky to to discuss his we are dealing with a lot of within the lease negotiations without renegotiations, and that’s, you know, a Pandora’s box of issues. And you know, we’re dealing with our landlords are calling us and saying, which I do. And, again, we have to open up the loan docs. And you know, if it’s a CMBS, you have nobody to talk to you, you’re talking to some special servicer that doesn’t want to answer your calls. And so, understanding that part of the business is very important for retail brokers.

Ressa 23:16
Yeah. So for us during COVID, you know, for us, it’s pretty simple. We’ve been, you know, working and, you know, under understanding and empathetic to the scenario, and trying to work with everybody. And if you’re willing to come to an agreement, potentially work through some things that are challenging for the landlord on the lease end. And maybe there’s some room for negotiation, as it relates to where we are today. So I think the challenge comes as if it’s just hey, landlord, give me free rent and don’t do anything in return. I think that’s a challenge. Landlords are understanding, but there has to be like a, Hey, this is a challenge for me as a tenant right now, I’m not ringing the register. And the landlord saying, Okay, well, here’s a challenge for me, as we look through the crisis, and what’s going to happen to me, if we can work on this can, you know, maybe I can help you here with some deferment or something?

Schuster 24:23
Yeah, and I think it was, it’s, our industry has always been about relationships. And it sounds overly cliche, but it’s absolutely true. You know, the conversations I’m having are very different when we, you know, we reach out to landlords on the tenants behalf, you know, in March, like Mark was saying, this is a situation with April rent, and inversely as a landlord agent, when we communicate, even just getting on the phone as opposed to emailing or setting something up. I mean, doesn’t we’re all going to be in this industry for a long time. And people are going to remember how we all treat each other. I mean, the outcome may be the same at the end of the day and maybe the same result. But, and that’s also going to flow the lenders. I mean, the owners that are, you know, when we advise them, most of the owners are reaching their lenders early and having a conversation are going to be treated differently than the ones who just don’t send in the mortgage payment. And when they go back to borrow money, three years from now, it’s gonna be very different. So there’s a human situation, and actually, I empathize a lot with our retailers. At this point, they’re my friends. And it’s a it’s a very difficult position for them, because they are put in a position to really hammered hammer out these things that they know it’s not the landlord fault. And, you know, so it’s actually very trying on people right now, this whole thing is trying to

Ressa 25:48
totally. So let’s pivot a minute, let’s go. You know, back in time, I don’t know how far we’re going. Do you have a story about a store that opened in Manhattan that you would want to share with the audience?

Schuster 26:05
Yeah, well, I think one that hasn’t opened yet, but I’m really excited about is, you know, one thing that I pride myself is the diversity of my business. I do like to say I can do everything and really about two, four or five years ago, we started, I decided just I really wanted to focus on luxury. So we were really successful. Leasing up a few projects on Madison Avenue and struggling about 10 deals on NASS. And then, about a year and a half ago, I got introduced to Manolo Blahnik, which had just that point, bought back the rights to their US business, and the really the nicest people, real pleasure to work with. And, you know, we had a very extensive search, we spend a lot of time having discussions with them about, you know, Madison, we told them, all that’s happening, and so meatpacking as a consideration, but we’re always focused on Madison Avenue. And, you know, we signed a lease for them for the retail, office and showroom, and 717. Nice. And I think it was a really great deal because the family that owned is owned forever. They love the brand. The building is architecturally stunning. And I think, obviously, there’s delay in them getting open, but I think that store will be great for Madison. I mean, I think it really validates Madison is as the as the luxury Street. Look, mess has had its ups and downs. So I think that was last couple of years, one of my my favorite deals.

Ressa 27:37
And how did you? How long have they been a client of yours?

Schuster 27:42
Yeah, they became a client, right as they ride out as they took back control of the US. So you know, the relationship came through a lawyer that I’ve known over the years, and the company, they interviewed a few brokers, we were, I think we were, they were impressed by our knowledge of the street. And we kind of get off right away.

Ressa 28:06
Got it. And so you get connected through a lawyer, they get controlled the US and my understanding they sell women, they sell women’s shoes, right? And men’s and men’s and men’s. Okay. You guys start talking? And do they come to you and say, I want to be on Madison Avenue, or they come to you and say, we need to open a store in New York. We’re not sure how big it is. We need your help. We, you know, where do we go?

Schuster 28:34
Yeah, I mean, it was it was kind of all that, you know, we had we sat down for a nice coffee and talked about what we’re knowing the market. You know, they they’re based in London, so that they know New York, you know, that they they know well, and they kind of asked for our opinion, but what we’re seeing out there and we walked through what is happening in mass and what is happening. Fifth, there has been a change in Soho over the last three to five years. And you would not even into the conversation five years ago, but it was a conversation, in our opinion was that. So it’s great. It’s not the same wait for the brand. So we really got to focus on Madison Avenue. And then, you know, the process was getting the decision tree was do you do a store and then do a showroom within the store? Do you do separate office because they’re gonna have a big office. And, you know, the beauty of 770 Madison’s they can do everything under one roof. So they have the majority of the building. And the challenge is really getting a store that that allows them to do everything they want on the retail and office component was was the kind of gravy

Ressa 29:46
and so how big was this? Just under 10,000 feet total, including the office part. Yeah, yeah, but multistoried

Schuster 29:55
Yeah, it’s 3300 square foot on the ground and it It’s a little complex to the portions of Florida, but it’s about 10,000 feet tall.

Ressa 30:04
And for those who don’t know, Manhattan is there are their different rent structures per floor.

Schuster 30:11
Right, so so the the rule that we use as the second floor or lower level are worth a quarter to a third of the ground floor. And that’s derived from what we’ve heard from retailers over the years said they do in sales. There is New Yorkers, and I think it’s the same for everyone, New Yorkers tend to like to prefer to go upstairs and downstairs, you know, center, certainly of our retailers will not sell a basement, I do a lot of work for CVS, and we do two level stores in Manhattan. But they’re granted second, they’re not granted lower. So that’s the sentiment from retailers that they prefer to go up for sell for selling space.

Ressa 30:51
Got it interesting. And one of the things interesting about New York is all the unique different neighborhoods, and you said that, you know, Soho might not have been right for the brand right now. And so what does that mean?

Schuster 31:06
For their customer, which is, you know, Soho is, is young and cutting edge. And you know, this people, a lot of people who do stores do something different, right. And if Manola really, this was a pure, this was a pure play store. And they know that customer, they’re looking to replicate what they just did in Paris. And for them, it was just an addict, traditional brand. And their customer really is the upper Eastside customer. So they felt strong about it. And they felt that, you know, they’re not going to do 10 stores in Manhattan, this is the right store for them. But yeah, I mean, neighborhoods are, as I did the gap and Old Navy, flagships in Times Square, and for them, the mentality there was, you know, we’re opening all around the world, Japan went through Mexico, for them, you know, they bought they had prisons on in 34th Street, which is similar gap has had a store in Times Square on the outskirts for years. You know, for them, the decision was time squared, gave them something, you know, for a lot of brands, so gives them something that gives them validity, and I actually am very bullish on so long term, I think as rents reset, both SOHO and Madison are going to come back at the new basis.

Ressa 32:25
Awesome. All right. Well, that’s a interesting story. I you know, one of the pieces I find interesting, you mentioned relationships, and a lawyer, you know, brought you a client.

Schuster 32:36
Yeah, I mean, I, you know, I, my team hates me, because I hammer, Hammer, networking, you know, I for my young guys, I actually print out a networking log where I have breakfast, lunch, dinner, and, you know, I push different ways of doing it. And I’m, I know that the people who are successful in our industry are the ones who, who network, I mean, the people I looked up to, when I started in the business all explained to me, it’s the long game. And I’m, you know, after 20 years, it’s clear to me that the way to get new businesses, most often through networking, deficient networking is meeting or speaking to somebody you’re not actively working on a deal with. So it’s not taking a clap lunch, it’s meeting with a lawyer or a mortgage broker, or somebody in construction that knows which retailers are expanding. So it can be very, it’s not because I was at the steak dinners, it could be SoulCycle, we walk in the park, it could be a charity event. So that’s, I think, extremely important. The retail brokers I’ve looked up to over the years, they’ve been successful. And when I was a perfect example of that, yeah,

Ressa 33:52
I would actually characterize it, you know, it feels like a little bit of a lost art. And I would characterize, you know, with the with the advent of social media, it feels like people try to network socially and not as much over the steak dinners anymore, or the soul cycles even. And I would say it’s forget about brokerage or commercial real estate or it’s just good business. No matter what business to be, you’re in for anybody out there who’s in you know, I love the way you put it, you know, doing something with someone you’re not working on a deal with, I think it’s just good business from a business perspective, to be constantly networking creates opportunities.

Schuster 34:38
And the reality is it’s it sounds easier than it is definitely challenges and you can’t just, you know, people’s personalities are all different. And, you know, the challenges. You know, I remember my first ICSC, one of the guys I looked up to such as you’re having dinner, and they said, Well, I don’t have any money or any clients. So but He really forced me to 21 to host dinner and I cobbled together the people in industry and took them out, you know, but I remember that. And I always think about the young brokers and what they’re going through. And it’s it’s easy to say, hey, go out there and network, but it’s hard. But I, the reality is the people that they’re dealing with are going to be the ones calling the shots in a few years. And relationships are super important. The form early. And like I said, I think the people on my team probably hate me for talking about over and over and over, but it is a very important part of our business.

Ressa 35:34
Awesome, well, listen, good story. Thanks for the perspective on New York real estate. Really, really interesting and insightful. And I want to pivot to the last part of the show retail wisdom. I got three questions for you. You’re ready for the questions. I’m ready. All right. One best piece of commercial real estate advice.

Schuster 36:01
Think long term. Don’t focus on short term, short term transactions and commissions and focus on the long term.

Ressa 36:12
sage advice sage advice? All right. Second question. Extinct retailer you wish would come back from the dead.

Schuster 36:21
You know I kind of miss Woolworth just because when I was a kid, I lived in Israel and moved to the US when I was 10. And they had baseball cards and to me that was just like the most amazing store. So I think sentimentally probably that one

Ressa 36:35
awesome that’s not what someone said before. So very cool. Good store. Definitely miss that store. That’s a great one.

Schuster 36:43
Great Real Estate by the way you can you can tell a Woolworth old Woolworths in the borough’s you drive around the boroughs and architecture, you always know. It’s well worth it. You can probably figure out well, you know who your landlord is.

Ressa 36:54
Yeah, totally. It’s a great point. All right, last question area, which is I’m gonna give a retail product, you’re gonna give the retail price and this one’s going to be fun. So right now you’re in CI L. And I spend a lot of time in the summer and Avalon. And my father in law introduced me to a down and dirty fish shack that is incredible. Called dock. Mike’s in CIO. And they have a dark mics. The fresh Old Bay crab balls that are amazing. They sell them on their takeout menu right now. You could order them tonight in a quantity of 10. What do the fresh Old Bay crab balls retail for? And Doc Mike’s Mike’s fresh fried starters.

Schuster 37:49
So before I answer that question is Dr. Mike’s reopen three weeks ago. Every Friday. It’s every Friday, they call me Mario. And I say Ariel, and they said, Mary Oh, so now I just said Mary Oh, I believe. And it was 100 clams. It’s amazing. But I believe that would be 3299

Ressa 38:15
according to their right now and so less than 99 for 10. So they’ve been you’ve been overtaking

Schuster 38:23
Okay, well I haven’t ordered those but it’s great and Marie’s just open also so we’re we’ve been cooking a lot so usually the fresh stuff here

Ressa 38:32
that they call you Maori. Oh, that’s Yeah, that’s amazing. Well, listen, this has been awesome. Really. Thanks for coming on. When things settle down. I don’t know that. I want to go for a walk in the park with you. But maybe, maybe we’ll grab that steak dinner.

Schuster 38:52
I’ll be I’ll be very excited to have some steak dinner some wine at the martinis are back.

Ressa 39:03
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