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The City Council is taking retail landlords to task, ramping up reporting requirements for vacant storefronts across the five boroughs. Some were already busy refilling their spaces in the final weeks of summer.
Including renewals, the city’s 10 largest retail leases signed in August combined for 202,000 square feet, up from July’s total of 175,000. Six of the deals were in Manhattan, while the remaining four were in Brooklyn.
Jeffrey Gural’s GFP Real Estate landed two of the top three deals on the list, including the month’s largest at 675 Sixth Avenue in Chelsea, where the landlord renewed national retailer Michaels’ 32,000-square-foot lease. The arts and crafts chain has been in the space since 2014.
The second-biggest deal was at the Chetrit Group’s 427 Broadway in Soho, where former Las Vegas nightclub owner Robert Frey signed a 10-year, 30,000-square foot lease, plus an additional five-year option.
Frey, backed by venture capital firm Merida Holding, has high ambitions for the retail space, where he plans to open a cannabis museum. It will also include rotating art exhibits and a top-floor event space.
Third on the ranking was another GFP deal, this time for a parking garage at 310 West 39th Street in the Garment District. LAZ Parking signed a 10-year deal for the 27,000-square-foot space. Newmark’s Brian Ezratty represented both sides of the deal along with GFP’s Allen Gurevich on the landlord's side.
The fourth largest deal was the first outside Manhattan. Grocery chain Lidl continued its expansion across NYC, this time in Park Slope.
Lidl will become the anchor tenant at William Macklowe and Senlac Ridge Partners’ 120 Fifth Avenue, where it will take 25,000 square feet upon the building’s completion in 2024. RIPCO Real Estate’s Alex Beard, Jason Pennington and Ben Weiner represented the landlord while Kenneth Schuckman of Schuckman Realty represented the tenant.
The development site, blocks from Barclays Center and Atlantic Terminal, is one of the largest in Park Slope, and Macklowe and Senlac Ridge plan 180 apartments and 67,000-square-feet of retail there. The project showed up again at ninth on the list, with CVS Pharmacy taking 10,000 square feet.
Rounding out the top five was Wohio Holdings’ 16 East 34th Street in Midtown, a block east of the Empire State Building. Luggage retailer Tumi took 20,000 square feet at the 22-story building, where it will open a showroom and also maintain office space.
Newmark’s Matthew Leon, Stephen Gordon and Nathan Kropp represented the landlord while Cushman & Wakefield’s Jonathan Serko, Jonathan Schindler and Barry Garfinkle took care of the tenant.
Note: Top retail leases and deal sheet data is manually collected from The Real Deal and third-party sources. It is not a comprehensive list. Please contact tips@therealdeal.com to notify of any missing deals.