Amongst persistent news of a global slowdown in retail, H&M has inked a new 35,000-square-foot lease in the soon-to-be-connected buildings at 160-08, 160-16 and 161-2 Jamaica Avenue in Jamaica Hills, Queens.
The clothing retailer will occupy the first and second floors of the four-story development starting in early 2018. The asking rent was $100 per square foot, according to The New York Post, which first reported news of the deal. The duration of the lease was not immediately available.
Robert Gibson of JLL represented the tenant while Ralph Chera of Chera Realty Group represented the landlord, United American Land. Gibson did not respond to a request for comment via a spokesman, and nor did Chera.
The landlord, led by Albert Laboz, will combine the three buildings to create one 150,000-square-foot interconnected retail complex, CO has previously reported. United American Land bought 160-08 Jamaica Avenue in August 2012 and then the other two site in December 2014, according to public records.
Last August, Burlington Coat Factory signed its third Queens lease at the retail development. It will occupy 70,000 square feet on part of the second and the entire third and fourth floors of the building as of spring 2017.