East River Plaza Best Buy could be replaced by Manhattan first-timer

TRD New York /
Apr.April 18, 2012 02:30 PM

The 50,000-square-foot space in East River Plaza that Best Buy is vacating would be perfect for first time entrants into Manhattan’s retail sector, according to brokers who spoke with Real Estate Weekly. Best Buy announced this week the Harlem store would be one of 50 nationwide closings, and the only one in New York City.

The big-box electronics purveyor has five other large Manhattan stores and four in the boroughs. It also operates three smaller, Best Buy Mobile outposts in New York City.

With its location away from main thoroughfares, its 1,248-car garage and its big-box neighbors, the East River Plaza “mirrors a suburban center,” according to Robin Abrams, executive vice president of commercial brokerage Lansco. As a result, the Best Buy vacancy might be unattractive to established Manhattan retailers, but could be appealing to traditional suburban chains. “It would be a little less scary and less outside their prototypical norm,” Abrams said.

Blumenfeld Development Group, which co-owns the center with Forest City Ratner, said potential replacement retailers are already vying for the space.

Though Best Buy has made no announcements regarding its remaining Manhattan stores, brokers say the company’s prime locations would by highly coveted and would quickly draw a new tenant should Best Buy vacate them, too. But that seems unlikely, as history shows failed chains, like Virgin Records, have waited until the very end to shut their profitable Manhattan outposts. [REW]


Related Articles

arrow_forward_ios

For mall owners like Simon, Brookfield and Vornado, Forever 21 bankruptcy signals more trouble ahead

10 Madison Square West (Credit: StreetEasy, iStock)

Lawsuit: Pet Smart’s animal excrement is stinking up this $11K-a-month apartment

Clockwise from top left: 312 West 34th Street, 61 North 9th Street, 639 Classon Avenue, and One Fulton Square (Credit: Google Maps)

These were the top 10 NYC retail leases in July

The worst stocks you can buy? Retail. And for many, it isn’t getting better.

US landlords say Topshop owner is freezing them out amid bankruptcy

Bringing the band back together: Eddie Lampert to buy Sears Hometown and Outlet Stores

Bumble’s going brick-and-mortar

Meet the hedge fund that’s buying Barnes & Noble’s 627 stores

arrow_forward_ios