Big retail leases continue to drop, despite Trader Joe’s deal

Ten biggest transactions in February totaled 116K sf, down 38 percent from a year ago

TRD New York /
Mar.March 04, 2020 08:00 AM
From the top: 415 East 59th Street, 25 Kent Avenue in Williamsburg, 691 Fulton Street in Fort Greene and 1702 Kings Highway in Midwood (Credit: Google Maps and twentyfivekent)

From the top: 415 East 59th Street, 25 Kent Avenue in Williamsburg, 691 Fulton Street in Fort Greene and 1702 Kings Highway in Midwood (Credit: Google Maps and twentyfivekent)

The leasing of large retail spaces in New York City is still slowing, based on the 10 largest leases made public last month. Trader Joe’s secured the top spot, with mainstays such as gyms and restaurants filling out the rest of the list.

The 10 biggest February retail leases made public totaled 114,000 square feet, down 14 percent from January’s total and 39 percent from the 10 largest in February 2019.

1) Trader Joe’s | 415 East 59th Street | Upper East Side — 50,000 square feet
The supermarket signed a lease for space under the Ed Koch Queensboro bridge, formerly occupied by a Food Emporium. New York City itself owns the space. Art supplies seller Michaels initially applied to take over the space, but the plan fell through.

2) Crunch Fitness | 691 Fulton Street | Fort Greene — 13,000 square feet
The gym renewed the lease for its flagship location. M.C. O’Brien represented the landlord, MyLaw Realty.

3) Randolph Beer | 25 Kent Avenue | Williamsburg — 12,228 square feet
The brewpub signed a lease for its second location in Williamsburg. It will feature games such as shuffleboard and skeeball. Lee & Associates NYC represented the landlords, Rubenstein Partners and Heritage Equity Partners.

4) Telco Department Stores | 1702 Kings Highway | Midwood — 11,500 square feet
The department store inked a long-term deal. M.C. O’Brien represented the tenant and the landlord, Famaly Realty.

5) Taco Bell | 707 Lexington Avenue | Plaza District — 6,615 square feet
The fast-food chain continues to expand across the city, signing another 15-year lease for its Taco Bell Cantina concept. Joseph Isa and Louis Franco of Isa Realty Group represented the tenant and the landlord, Friedland Properties.

6) DAXI Restaurant | 417 Lafayette Street | East Village — 6,000 square feet
The Chinese restaurant signed a lease for its second city location. Abby Chen of Oxford Property Group represented the tenant while David Park and Bo Chae of MTY Group represented the landlord, The Sylvia Wald and Po Kim Art Gallery.

7) Hydra Studios | 120 Wall Street | Financial District — 4,220 square feet
The wellness chain signed a 10-year lease for a new flagship. Jamie Weiner of Manhattes Group represented the tenant while Harlan Strader III of Silverstein Properties represented the landlord in-house.

8) The Strand | 450 Columbus Avenue | Upper West Side — 4,000 square feet
The famous bookstore inked a lease for space formerly occupied by Book Culture, which shuttered in January amid fraud allegations. The building’s landlord is Endicott Apartment.

9) Pure OBGYN | 32 West 20th Street | Flatiron — 3,860 square feet
Ioannis Kourtis of INK Real Estate Partners represented the tenant on this 20-year deal while Jeffrey Roseman of Newmark Knight Frank represented the landlord, Cornerstone Management Systems.

10) Ladybug Daycare | 138 Union Street | Cobble Hill — 2,800 square feet
The daycare center signed a 10-year lease for its fifth location. Avi Akiva and Rafael Neiman of Tri State Commercial Realty represented the tenant while Avi Akiva of Tri State Commercial Realty represented the landlord, Garry Knopov.


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