Lowe’s Opens First Manhattan Store on UWS Today
By Lauren Elkies Schram August 17, 2015 12:52 pm
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Lowe’s Home Improvement is debuting its urban prototype store on the Upper West Side today, Commercial Observer has learned.
The rival to Home Depot has opened in Madison Capital’s entire 32,400-square-foot retail space at 2008 Broadway between between West 68th and 69th Streets this week, the landlord announced via CO. The selling space is 22,000 square feet on the ground floor. The rest of the square footage is split between the basement for storage and the mezzanine level for mechanical equipment.
This marks the retailers first expansion into the Manhattan market in its 69-year history, and the new home improvement store’s merchandise is more tailored to city dwellers. This smaller scale Manhattan store is focusing on core home improvement “occasions” including storage, organization, remodeling, paint and appliances, according to Joe Jacobson of Madison Capital.
The location, which is below the 28-story Zeckendorf-developed luxury building, The Copley Condominium & Club, is approximately one third the size of the retailer’s typical suburban big-box store.
“Madison Capital is pleased to partner with Lowe’s to bring the first Lowe’s store to Manhattan and develop their first urban retail prototype store nationally,” Jill Grabel Kirby, who spearheaded the deal at Madison Capital, said in prepared remarks. “The Upper West Side store will attract foot traffic from neighborhood locals and serve surrounding construction professionals, filling a market void in the area.”
The 10-year lease was signed in the fourth quarter of last year. Madison Capital declined to cite the asking rent.
Also last year, Lowe’s signed a lease for 36,000 square feet at 635-641 Avenue of the Americas between West 19th and West 20th Streets, as CO previously reported.
