Big-box stores dominated NYC biggest retail deals in December
Last month’s top 10 leases made public totaled 290K sf
Gyms and fitness clubs were once again conspicuously absent from the 10 largest retail leases made public in December. Instead, Best Buy narrowly beat out a new food hall for the top spot on the list.
December’s 10 biggest retail leases made public totaled 290,200 square feet, up 120,500 square feet from November’s total of 169,700 square feet. The total is also a considerable step up from that of the top 10 leases in December 2018, which totaled just 148,800 square feet.
1. Best Buy, 535 Fifth Avenue, Grand Central – 40,839 square feet
The electronics retailer signed a lease, moving across the street from its old location at Silverstein Properties’ 529 Fifth Avenue, where it will not be renewing its lease. Peter Ripka of RIPCO represented Best Buy. The retailer’s new landlord is the Moinian Group. The lease is for 10 years and has two five-year extension options. The the retailer will occupy the first, second mezzanine and basement levels of the building.
2. Citizens, 5 Manhattan West, Hudson Yards – 40,000 square feet
C3 (Creating Culinary Communities) signed a lease for a massive food hall including multiple full service restaurants and bars. The Manhattan West megaproject’s owner is Brookfield Property Partners. The food hall, dubbed “Citizens,” will be joining the likes of Peloton and Whole Foods.
3. RAD Entertainment Group, 1515 Broadway, Times Square – 39,436 square feet
The entertainment group signed a 20-year lease to replace the Playstation theater. Ariel Schuster, Ross Berkowitz and Jared Robins of Newmark Knight Frank represented the landlord, SL Green Realty, which announced the lease as part of press release detailing 1.2 million square feet of leases across the fourth quarter of 2019.
4. Target, 3-50 Saint Nicholas Avenue, Ridgewood – 33,000 square feet
The retail giant inked a lease for space in the new Ridgewood development. The building’s landlord is AB Capstone.
5. Target, 233 West 42nd Street, Times Square – 32,942 square feet
For its second appearance on this list, Target signed a 15-year lease for a small-format store in the heart of Times Square. The property is currently in redevelopment but the store is expected to open in 2022. Patrick Smith, Erin Grace, Corey Zolcinski and Matt Ogle of JLL represented the building’s landlord, Tishman Speyer. Richard Skulnik of Ripco Real Estate represented Target.
6. M&M’s World, 1600 Broadway, Times Square – 30,000 square feet
In the first of two massive Times Square renewals, M&M’s World signed on to keep its massive flagship space for another 15 years. Amenities at the famous candy store include a “wall of chocolate” and a printer for making personalized M&Ms. The building’s landlord is Sherwood Equities.
7. Olive Garden, 2 Times Square, Times Square – 20,000 square feet
For the second massive Times Square renewal for landlord Sherwood Equities, the Italian restaurant chain also signed on for another 15 years. The building’s landlord is also Sherwood Equities.
8. Yard House, 10 Times Square, Times Square – 19,000 square feet
In yet another Times Square lease, fast-casual pub chain Yard House inked a lease for a new location. RIPCO Real Estate represented the tenant while JLL represented the landlord, L.H. Charney Associates.
9. Riad Nasr & Lee Hanson, 45 Rockefeller Plaza, Plaza District – 18,000 square feet
The restaurateurs behind Frenchette signed a lease for a new project, replacing longtime tenant Brasserie Ruhlmann. It would be the duo’s third NYC restaurant. The building’s landlord is Tishman Speyer.
10. Trader Joe’s, 22-43 Jackson Avenue, Long Island City – 17,000 square feet
According to multiple brokers who work in the area, the popular market has signed a new lease in Long Island City. The building is being developed by Circle F Capital. The store would represent Trader Joe’s fourteenth location in NYC, and its second in Queens.