Home Depot signs lease for Bed Bath & Beyond’s UES store

The home improvement store will take 120K sf on East 61st Street

New York /
Nov.November 02, 2020 09:45 AM
Home Depot CEO Craig Menear and 410 East 61st Street (Photos via Home Depot; Google Maps)

Home Depot CEO Craig Menear and 410 East 61st Street (Photos via Home Depot; Google Maps)

It’s official: Home Depot is moving to the Upper East Side.

The home improvement chain has signed a lease to take over a 120,000-square-foot location at 410 East 61st Street, which is currently leased to Bed Bath & Beyond, CNBC reported.

Rumors of the move have been swirling in recent months. Home Depot currently operates two locations in Manhattan: One at Vornado Realty Trust’s 731 Lexington Avenue in Midtown, and the other at 40 West 23rd Street in the Flatiron District. The Midtown location is expected to close after the move to the new Upper East Side location, according to CNBC.

Home Depot will be paying roughly double the amount that Bed Bath & Beyond was paying in rent, a person familiar with the deal told CNBC.

Bed Bath & Beyond’s lease for the 61st Street store expires in 2021, and the company has announced it would close the location by December as part of its plans to shutter about 200 stores nationwide.

Jeff Mooallem, president and CEO of real estate company Gazit Horizon, which owns the 61st Street property, told CNBC that the firm signed the lease with Home Depot in April.

“The biggest hang-up in the deal was neither party knew what it would cost to retrofit this.… Both of us needed to do some due diligence to see if the deal was even achievable from a structural standpoint,” Mooallem told CNBC.

“The reports of retail’s death in New York City have been greatly exaggerated,” he added.

[CNBC] — Akiko Matsuda


Related Articles

arrow_forward_ios
 Robert Morse, executive chairman of Bridge Investment Group, one of the major Opportunity Zone investors focusing on real estate.  (Bridge, Stanford)

Opportunity Zone investments got a boost in 2020

Opportunity Zone investments got a boost in 2020
333 Johnson Avenue with Royalton Capital’s Jin Lee, Sciame Construction's Frank Sciame and Normandy Real Estate Partners' Finn Wentworth (Royalton Capital, Sciame, Normandy)

Normandy sued by former partners for hiding Netflix deal

Normandy sued by former partners for hiding Netflix deal
Fabric co-founder, CEO Elram Goren (Getty, Elram Goren via LinkedIn)

Startup wants to bring “micro-warehouses” to vacant retail

Startup wants to bring “micro-warehouses” to vacant retail
Security around Trump Tower to be reduced after 45th POTUS leaves office. (Getty, The Trump Organization)

Fifth Avenue will look different after Trump leaves office

Fifth Avenue will look different after Trump leaves office
(Getty, iStock)

Booster shot: NYC real estate sees salvation in vaccine

Booster shot: NYC real estate sees salvation in vaccine
Before the pandemic, national tenants paid 94 percent of rent. (Getty)

Retail rent collections rebound to 90%

Retail rent collections rebound to 90%
Cindat Capital Management CEO Greg Peng and Hersha Hospitality Trust CEO Jay Shah with 51 Nassau Street (Google Maps)

7 Manhattan hotels head to auction block

7 Manhattan hotels head to auction block
As companies leave Silicon Valley, Austin, Texas is becoming a top destination. (Getty)

Silicon Valley exodus: Where’d everyone go?

Silicon Valley exodus: Where’d everyone go?
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...