Omni NY inks indoor playground chain to 33K sf lease in Jamaica
Children’s entertainment center joins Aldi, Taco Bell as tenants at 23-story mixed-use development
Kidz Klub is coming to Queens.
The children’s indoor playground chain signed a lease for 32,500 square feet at Omni New York’s recently completed mixed-use development known as Archer Green at 92-23 168th Street in Jamaica.
Kidz Klub, which currently has three locations in Connecticut malls, will pay $25 per square foot on its 20-year lease.
“Their intent is to really expand their footprint in this area,” said Greg Parassio, managing partner at Booth Capital, who represented both Omni and Kidz Klub in the deal. “They thought that the Jamaica Ave retail corridor offered them an ideal location to plant their New York flagship.”
Kidz Klub is taking over nearly half of the approximately 70,000 square feet of retail space at the development, joining an 18,000-square-foot Aldi supermarket and a 2,500-square-foot Taco Bell. The 400,000 square feet of residential space above includes 387 apartments, all of which are designated as affordable.
“We primarily leased this [project] through the depths of the pandemic,” Parassio said. “But the groups that we were targeting were relatively recession proof [and] pandemic proof.”
The development officially opened in December. In addition to retail and residential space, it includes a parking garage designed to accommodate 130 vehicles and a 16,000-square-foot community center. The project broke ground in October 2018 after Omni received a $170 million debt package from the city’s Economic Development Corporation.
Located on what was once an underutilized parking garage managed by the New York Police Department, Archer Green is the first major project completed under the Jamaica NOW Action Plan, a $153 million initiative which aims to revitalize the neighborhood through strategic investments.