Manhattan retail leasing

For the first time in five years, a global fashion brand signed the most valuable retail lease in Manhattan. Hermès of Paris is paying an estimated $16 million in annual rent for its sprawling new Madison Avenue flagship. The deal, announced in February 2019, was a boon for the retail corridor, which has mostly seen declining rents since the recession.

Since 2014, mass-appeal or non-clothing tenants have topped The Real Deal’s list of priciest Manhattan leases. Last year, it was McDonald’s, and the year before, Hyundai Genesis.

Altogether, the 10 most valuable retail leases of 2019 accounted for $69 million in annual rent. It’s an increase from $62 million in 2018, and industry experts say it indicates stabilization in the retail leasing market. Still, those figures are far below the peak in 2015, when the top 10 deals totaled $150 million. TRD

Who Leased the Most Retail in Manhattan

RankFirmSq. Ft. LeasedNo. of Deals
1Newmark Knight Frank1.1M264
3Cushman & Wakefield706505132
5Winick Realty Group368942118
6RIPCO Real Estate36628570
7Kassin Sabbagh Realty280238153
8SCG Retail26986248
9Meridian Retail Leasing16940086
10Lee & Associates NYC16375041
11Isaacs and Company11313736
12Dartmouth Company912329
13ABS Partners Real Estate7570921
14Judson Realty7096412
15Douglas Elliman7066533
Source: First published in the December 2019 issue of The Real Deal. TRD analysis of Manhattan and Brooklyn retail leasing deals that were completed or made public between Oct. 1, 2018, and Sept. 30, 2019. Data was pulled from public sources and from deals submitted by firms. Pop-up leases of one year or less were excluded. Deals and totals were shared with firms for confirmation. Not all firms participated, and some firms only provided a partial list of their deals.

Most Valuable Manhattan Retail Leases of 2019

RankAddresstenantEst. RentSq. Ft.Tenant AgentLandlordLandlord Agent
1706 Madison AvenueHermès of Paris$16M40000CBREJudson RealtyJudson Realty
2535 Fifth AvenueBest Buy$8.3M40839RIPCO
Real Estate
Moinian GroupN/A
3767 Fifth AvenueChristian Dior$8M11847Robin Zendell & AssociatesBoston PropertiesCushman
& Wakefield, Colliers International
4 (tie)1466 BroadwayJD Sports$7M36396Newmark Knight FrankInvesco, Crown AcquisitionsRIPCO Real Estate
4 (tie)592 Fifth AvenueLululemon Athletica$7M20000Newmark Knight FrankUnited Overseas BankCBRE
62 Herald SquareUlta Beauty$6.7M12040Colliers
SL Green RealtyNewmark Knight Frank
763 Madison AvenueWhole Foods Market$4.8M10000SCG RetailGeorge Comfort
& Sons, Jamestown, Loeb Partners
George Comfort
& Sons, Jamestown, Loeb Partners
8267 West 42nd StreetTarget$4M32942RIPCO
Real Estate
Tishman RealtyJLL
928 Liberty StreetLegends Hospitality$3.7M35000Legends
Fosun InternationalNewmark Knight Frank
10161 Fifth AvenueHarry Potter Exhibit$3.6M20409Warner
Cushman & WakefieldShefa Land Corp.
Source: First published in December 2019 on Analysis of deals submitted and industry sources. All deals were vetted with brokerages and landlords. Most declined to comment.