Nike Scores 17K-SF Lease for New Factory Store at Empire Outlets
Nike has signed a 17,000-square-foot lease at the North Shore waterfront project across from the St. George Ferry Terminal, which is under construction. The store will occupy a ground-floor space when it opens in November 2017 after the complex is finished. The asking rent in the 10-year deal was not immediately clear. The average asking rent for space at the mall is $125 per square foot, a source told Commercial Observer.
“The resounding global recognition that Nike has will only give our visitors another reason to visit,” Joseph Ferrara, a principal at Empire Outlets’ developer BFC Partners, said in prepared remarks. “Empire Outlets and New York Wheel will have in market representation in every country throughout the world and at the top of every visitor’s agenda is shopping.”
James Prendamano of Casandra Properties and Andrew Boyle of EWB Realty represented BFC Partners in the deal, while Nike did not have a broker in the transaction. Mr. Prendamano did not immediately return a call for comment.
The transaction was first reported by SILive.com. The news site noted that roughly 50 percent of the 340,000-square-foot mall, which will include a 190-room hotel, a 1,250-space parking garage, and a 40,000-square-foot food hall, has already been leased. There will be 40 or 50 dining options at the property, including a Mighty Quinn’s Barbecue chain, as CO previously reported.
With additional reporting provided by Lauren Elkies Schram.