P.C. Richard to open 20K sf Harlem store

City recently proposed redeveloping electronics retailer's Union Street location
November 24, 2015 10:41AM

Just weeks after the city announced plans to redevelop the land below P.C. Richard’s Union Square store, the company signed a lease for a new 20,000-square-foot space in Harlem.

The electronics and appliance retail chain, with 20 stores in New York City, will open its new store at 309 West 125th Street, in the first quarter of 2016.

Asking rent was $1.5 million annually at the two-story building, which currently holds a Rite Aid, the New York Observer reported.

Eric Meyer of Colliers International and David Berke of Cushman & Wakefield represented the landlord, Michell Mekel’s Mitchell Enterprises, in the transaction. P.C. Richard was represented by its own brokers.

Earlier this month, the city’s Economic Development Corporation called for proposals to redevelop 124 East 14th Street in Union Square, where the retailer has operated store for 19 years. P.C. Richard’s lease there will expire in February of 2016. [NYO]Ariel Stulberg