Hobby Lobby is headed for Manhattan — and already making a bang in the borough’s retail leasing market.
The craft retailer is opening its second New York City location in Tribeca with one of the largest Manhattan leases so far this year, according to JLL leasing data. Crain’s reported the brand will be moving into a 70,700-square-foot space at 270 Greenwich Street.
The conservative faith-based retail chain has more than two dozen stores throughout New York state. It opened its first city location in March, two years after taking 42,000 square feet at the Staten Island Mall.
The chain’s newest store will occupy the base of a 35-story luxury building between Murray and Warren streets. There is also a Whole Foods on the ground floor of the property. A Barnes & Noble store in the building closed earlier this year.
The listed broker for the deal is Sam Martorella of Ripco Real Estate.
The deal is a boost to the city’s retail market, where the average asking rent is up and availability is down, according to JLL data reported by Crain’s. However, rent prices are still below pre-pandemic levels.
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Availability rates are lowest on formerly key corridors Madison Avenue and the lower portion of Fifth Avenue. There was an increase in vacancies on the upper part of Fifth Avenue.
News of the Hobby Lobby deal comes shortly after another sizeable retail expansion this year. Ikea’s largest franchiser, Ingka Investments, inked a deal with Gary Barnett’s Extell Development to purchase 80,000 square feet at its new 570 Fifth Avenue tower.
— Christina Previte