The Real Deal New York

These were the top 10 NYC retail leases
in February

By Lucas McGill | March 04, 2019 08:00AM

Clockwise from left: Hermès’ current location at 691 Madison Avenue and 706 Madison Avenue, 87 Kent Avenue, 1385 Broadway, and the Alamo Drafthouse at 445 Albee Square West in Brooklyn

Gyms (and athletic wear retailers) once again dominated the retail leasing scene last month in New York City, securing four of the top 10 biggest deals. The rest of the list mostly comprised of restaurants.

Taken together, February’s top 10 retail leasing deals totaled less than January’s in terms of square footage.

The 10 biggest retail lease deals signed last month totaled 188,100 square feet, down 41,600 square feet from January’s total of 229,700 square feet. The largest retail lease in February was inked in the Upper East Side. In February of 2018, however, the top 10 retail leases only totaled 108,200 square feet, 79,900 square feet less than last month’s top 10.

1) Hermès of Paris, 706 Madison Avenue, Upper East Side – 40,000 square feet

The luxury retailer inked a lease for 40,000 square feet of space at 706 Madison Avenue for a new flagship location. The new space will be designed by Paris-based architecture firm RDAI. The building’s landlord is Friedland Properties.

2) Brooklyn Boulders, 87 Kent Avenue, Williamsburg – 30,598 square feet

The rock climbing gym signed a lease for 30,598 square feet of space at 87 Kent Avenue. The lease represents the 10-year old gym’s second Brooklyn location. Diana Boutross, Ian Lerner and Abie Dwek of Cushman & Wakefield represented the landlords, Jay Weitzman and Michael Weitzman.

3) Crunch, 1385 Broadway, Garment District – 27,450 square feet

The gym renewed its 7-year lease for 27,450 square feet of space at 1385 Broadway. Karen Gold, Crunch’s real estate director, represented the tenant in house while Brian Neugeboren and Nicole Goetz of Savitt Partners represented the landlord, B. Bros. Broadway Realty.

4) Alamo Drafthouse, 445 Albee Square West, Brooklyn Heights – 25,000 square feet

The theater inked a lease to expand its lease by 25,000 square feet (and 400 seats) at 445 Albee Square West. The building’s landlord is Acadia Realty Trust. Alamo Drafthouse is also set to open a new 10-screen multiplex in the Financial District.

5) Lululemon Athletica, 592 Fifth Avenue, Plaza District – 20,000 square feet

The athletic wear brand signed a 10-year lease for 20,000 square feet of space at 592 Fifth Avenue, relocating from 597 Fifth. Jeremy Ezra of RKF represented the tenant while Michael Kadosh and Lon Rubackin of CBRE represented the landlord, United Overseas Bank.

6) Equinox, 30 East 85th Street, Upper East Side – 14,000 square feet

The gym inked a lease for 14,000 square feet of space at 30 East 85th Street. Manhattan Skyline Management represented the landlord in house.

7) American Eagle Outfitters, Empire Outlets, St. George – 11,031 square feet

The apparel store inked a 10-year lease for 11,031 square feet of space at Empire Outlets, BFC Partners’ Staten Island mall which is still in development. The lease adds to a long list of clothing retailers already signing up for space at the development. James Prendamano of Casandra Properties represented BFC Partners.

8) Atto, 120 East 39th Street, Murray Hill – 8,000 square feet

The Italian-American restaurant signed a 15-year lease for 8,000 square feet of space at the Tuscany Hotel at 120 East 39th Street. The lease will include a 4,000-square foot roof deck. James Famularo of Meridian Capital Group represented both the tenant and the landlord, St Giles Hotels.

9) Nusr-Et Burger, 220 Park Avenue South, Flatiron – 6,000 square feet

Nusret Gökçe (commonly known as Salt Bae) signed a lease for 6,000 square feet of space at 220 Park Avenue South for his new, burger-centric restaurant. Eric Gelber and Jordan Kaplan of CBRE represented the tenant while Lon Rubackin and Michael Kadosh of CBRE represented the landlord, BDN NY Management. The chef also has a steakhouse at 60 West 53rd Street.

10) (tie) CityMD, 1243 Fulton Street, Bedford-Stuyvesant – 6,000 square feet

The clinic signed a 10-year lease for 6,000 square feet of space at 1243 Fulton Street. Benjamin Birnbaum of Newmark Knight Frank represented the tenant while Josh Augenbaum of Augenbaum Realty represented the landlord, Bawabeh Brother #2.