Big retail leases drop, despite Target’s Union Square deal

Ten biggest transactions totaled 132K sf, down 49 percent from a year ago

Feb.February 03, 2020 05:00 PM
Clockwise from top left: 475 Clermont Avenue, 10 Union Square East, 225 47th Street and 132 West 125th Street (Credit: Google Maps)

Clockwise from top left: 475 Clermont Avenue, 10 Union Square East, 225 47th Street and 132 West 125th Street (Credit: Google Maps)

Target led the list of New York City’s largest retail leases in January, signing a deal for a Union Square location. A fitness center secured the third spot on the list, which was otherwise dominated by retailers and restaurants.

The 10 biggest January retail leases made public totaled 132,000 square feet, down 55 percent from December’s total and 49 percent from the 10 largest in January 2019.

1) Target, 10 Union Square East, Gramercy — 32,579 square feet
Target has been inking relatively small leases throughout the city. Most recently, the big-box retailer signed a 15-year lease in Union Square. The building’s ownership was represented in-house by Fred Posniak and Thomas Durels of Empire State Realty Trust, while Richard Skulnik of Ripco Real Estate represented Target in the new lease.

2) Jimmy Jazz, 132 West 125th Street, Central Harlem — 28,000 square feet
Jason Pennington and Jessica Hedrington of RIPCO Real Estate represented the landlord, 132 W 125 Co., in its deal with the streetwear retailer.

3) Fitness Factory Health Club, 475 Clermont Avenue, Fort Greene — 18,000 square feet
The New Jersey-based fitness club signed a 10-year lease, becoming the luxury residential development’s first tenant. Jason Pennington, Andrew Clemens, Benjamin Weiner and Jessica Hedrington of RIPCO Real Estate represented the landlord, RXR Realty.

4) 20/20 Night Club, 225 47th Street, Sunset Park — 13,000 square feet
The night club signed a lease for the entire second floor of the property at $19 per square foot. Julio Reyes of Reyes & Elsamad Real Estate Group represented both the tenant and the landlord, DIB Management.

5) Nusr-Et, 412 West 15th Street, Chelsea — 12,176 square feet
The steakhouse chain, owned by one Nusret “Salt Bae” Gökçe, inked a lease. Thomas Citron of Colliers International represented the tenant while Karen Bellantoni, Pierce Thompson and Caleb Petersen of Newmark Knight Frank represented the landlords, Rockpoint Group and Highgate Holdings, who are once again looking to sell the development.

6) Kitopi, 116 West Houston Street, Greenwich Village — 7,500 square feet
The delivery-only “ghost kitchen” founded in Dubai inked a 10-year lease. The space will serve as a kitchen for preparing and storing food, not for dining. Tarik Bouzourene and Aziz Kabbaj of Reshape represented the tenant while Peter Braus and Gregg Gropper of Lee & Associates NYC represented the landlord, Y&H Realty Corporation.

7) Northwell Health, 31-57 31st Street, Astoria — 5,293 square feet
Glenn Isaacson of Cushman & Wakefield represented the healthcare provider while Andrew Clemens and Chris Walther of RIPCO Real Estate represented the landlord, 31-57 31st ST LLC.

8) Desigual, 605 Fifth Avenue, Plaza District — 5,200 square feet
The Barcelona-based fashion retailer signed a three-year lease to replace Sunglass Hut, which is moving across the street. Jason Greenstone, Michael O’Neill and Taylor Reynolds of Cushman & Wakefield represented the tenant while Roy Dervich of Breakwater Holdings represented the landlord, Optimum Properties.

9) Audemars Piguet, 52 Gansevoort Street, West Village — 5,171 square feet
The watchmaker secured space on the second floor of the property. Dan Harroch of Thor Retail Advisors represented the tenant while Joel Isaacs of Isaacs and Company represented the landlords, Aurora Capital Associates and William E Gottlieb Real Estate.

10) Richemont, 30 East 57th Street, Plaza District — 5,100 square feet
The jewelry brand signed a lease. Amira Yunis, Anthony Stanford and Elliot Ferris of CBRE represented the landlord, Norsel Realties.

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