The Real Deal New York

The 10 biggest retail leases of September

By Ashley McHugh-Chiappone | October 05, 2017 09:00AM

Clockwise from top left: 655 Third Avenue, 11 Times Square and 210 East 46th Street

The retail leasing summer slowdown in New York City has continued into the fall.

The 10 biggest retail lease deals made public last month totaled 157,392 square feet, down 27,761 square feet from last month’s total of 185,153 square feet. The largest retail lease in September was for an entertainment space in Times Square.

1) Parques Reunidos, 11 Times Square, Midtown – 45,000 square feet

The Madrid-based entertainment center developer inked a 15-year lease for 45,000 square feet of retail space at 11 Times Square. This location will boast 13 attractions. Robert K. Futterman, Joshua Strauss and Scott Zinovoy of RKF represented the tenant and landlord, SJP Properties.

2) Sparks Steak House, 210 East 46th Street, Midtown East – 22,924 square feet

The famous steakhouse renewed its lease for 15 years for just under 23,000 square feet at 210 East 46th Street. Sparks was made famous after mafia boss Paul Castellano and an associate were shot down in front of the establishment. Tom Bow and Ashley Gee represented the landlord, the Durst Organization, in-house.

3) The Gap, 655 Third Avenue, Murray Hill – 15,942 square feet

The apparel chain renewed its lease for just under 16,000 square feet of retail space at 655 Third Avenue. The asking rent at the 30-story building was $250 per square foot. The Gap has occupied space in the building since 1992. Ariel Schuster and Justin Fantasia of RKF represented the tenant. The landlord of the building is the Durst Organization.

4) Muji, 127 East 59th Street, Lenox Hill – 13,000 square feet

The Japanese clothing and home goods chain signed a lease for 13,000 square feet of retail space at 127 East 59th Street. Michael O’Neill and Jason Greenstone of Cushman & Wakefield represented the tenant, while Jeffrey Roseman and Drew Weiss of Newmark Knight Frank represented the landlord, Benenson Capital Partners.

5) Knickerbocker Social, 240 West 52nd Street, Midtown – 12,776 square feet

The organization signed a triple-net lease for 12,776 square feet at 240 West 52nd Street with plans to open a beer hall. The asking rent was reportedly $55,000 per month.Victor Menkin of Menkin Realty Services represented both the tenant and landlord in the transaction.

6) Frame, 345 Fifth Avenue, Midtown South – 12,000 square feet

The food hall inked a 15-year lease for 12,000 square feet of retail space at the 16-story building. The asking rent was $400 per square foot. Siderow Commercial Group represented the tenant, while Faith Hope Consolo and Corey Shuster of Douglas Elliman Real Estate represented the landlord, Regency Enterprises Partners LLC.

7) TsuruTonTan, 64 West 48th Street, Midtown – 10,000 square feet

The Udon noodle eatery signed a 15-year lease for 10,000 square feet of retail space at 64 West 48th Street. Howard Gilbert of ABS Partners Real Estate represented the tenant, while Mark Utreras, Nevin Danzinger and Jeffrey Roseman of Newmark Knight Frank represented the landlord, Muss Development.

8) Bluebird, 10 Columbus Circle, Lincoln Square – 10,000 square feet

The classic British eatery inked a lease for 10,000 square feet of retail space at 10 Columbus Circle. The restaurant will encompass part of the 3rd floor of the building. Kevin Stuessi of Related Companies represented the landlord in-house.

9) Muses 35 Bar, 248 West 35th Street, Midtown South – 8,000 square feet

The karaoke bar signed a lease for 8,000 square feet of retail space at 248 West 35th Street. Richard Smith of Winick Realty Group represented the tenant. Albert Manopla of Kassin Sabbagh Realty represented the landlord, 248 West 35th Street LLC.

10) Weisman Enterprises, 2375 Flatbush Avenue, Flatlands – 7,750 square feet

The home improvement retailer inked a lease for 7,750 square feet at 2375 Flatbush Avenue. This is the company’s fourth location. M.C. O’Brien represented the tenant and the landlord, Maris Management.

CORRECTION: An earlier version identified Michael Boris as the tenant for deal #6 and RKF as RFK Realty in deal #1.

September's top 10 retail leases in New York City
RankAddressSq. Ft.NeighborhoodTenantTenant representativeLandlordLandlord representativeEst. ppfTerm
111 Times Square45,000 sfMidtownParques ReunidosRKF's Robert K. Futterman, Joshua Strauss, Scott ZinovoySJP PropertiesRKF's Robert K. Futterman, Joshua Strauss, Scott Zinovoy
2210 East 46th Street22,924 sfMidtown EastSparks Steak HouseDurst OrganizationDurst Organization's Tom Bow, Ashley Gee15-years
3655 Third Avenue15,942 sfMurray HillThe GapRKF's Ariel Schuster, Justin FantasiaDurst Organization$250/sqft
4127 East 59th Street13,000 sfLenox HillMujiCushman & Wakefield's Michael O'Neill, Jason GreenstoneBenenson Capital PartnersNewmark Knight Frank's Jeffrey Roseman, Drew Weiss
5240 West 52nd Street12,776 sfMidtownKnickerbocker SocialMenkin Realty Services' Victor MenkinMenkin Realty Services' Victor Menkin
6345 Fifth Avenue12,000 sfMidtown SouthFrameSiderow Commercial GroupRegency Enterprises Partners LLCDouglas Elliman Real Estate's Faith Hope Consolo, Corey Shuster$400/sqft15-years
764 West 48th Street10,000 sfMidtownTsuruTonTanABS Partners Real Estate's Howard GilbertMuss DevelopmentNewmark Knight Frank's Mark Utreras, Nevin Danzinger, Jeffrey Roseman15-years
810 Columbus Circle10,000 sfLincoln SquareBluebirdRelated CompaniesRelated Companies' Kevin Stuessi
9248 West 35th Street8,000 sfMidtown SouthMuses 35 BarWinick Realty Group's Richard Smith248 West 35th Street LLCKassin Sabbagh Realty's Albert Manopla
102375 Flatbush Avenue7,750 sfFlatlandsWeisman EnterprisesM.C. O'BrienMaris ManagementM.C. O'Brien
Source: The Real Deal reasearch of news reports and submitted deals published or received last month.