Top Ten Leases of the Month: August
Burlington (once known as Burlington Coat Factory) and Marshall’s signed the biggest and the third biggest leases last month, respectively, in the South Bronx. Burlington took a 55,000-square-foot lease and Marshall’s a hefty 25,000 square feet at 2948 Third Avenue.
The second biggest lease since last month’s Retail Details was the 35,000-square-foot popup at 1466 Broadway that brought Toys “R” Us back to Times Square. (See not only our video about the new store, but this unsettling story about the toy company’s precarious financial position and the dire effect it can have on $3.6 billion in commercial mortgage-backed securities.)
A pleasant surprise was that Sparks steakhouse, which had been facing a 100 percent rent hike and many feared would close, wound up cutting a deal for a mere 40 percent increase with the Durst Organization for the legendary 22,924-square-foot space at 210 East 46th Street. (It was outside of Sparks where Gambino crime family boss Paul Castellano was gunned down with Thomas Bilotti in 1985.)
While it might be true that traditional supermarkets seem to be on the way out and specialized markets are on the way in, Ocean Hill, Brooklyn got a roomy new 17,721-square-foot C-Town at 442 Saratoga Avenue, which will anchor a new 135-unit development.
And there was other leasing news that went against the grain: despite the fact that Gap Inc. announced some chilling plans earlier this month to close some 200 Gap and Banana Republic locations around the country, New York’s 15,942-square-foot Gap at Durst’s 655 Third Avenue just renewed its lease. (The good news for Gap Inc.: Old Navy and Athleta are doing well enough that the company is opening an additional 270 locations.)
Gap wasn’t the only clothier signing leases and Toys “R” Us wasn’t the only one signing in Times Square: Champs Sport, a division of Foot Locker, took 12,101 square feet at 1441 Broadway.
Sunset Park also got in on the action: Mitchell Gold + Bob Williams, the luxury home furnishings retailer, took 10,000 square feet for its “first factory outlet store” in Industry City.
And speaking of firsts, the 25-year-old Los Angeles art gallery, Regen Projects, nabbed a 5,800-square-foot lease for its first New York gallery at The Wannamaker, a seven-story residential building at 60 Lispenard Street in Tribeca.
Gowanus, Brooklyn, saw yet another fitness outfit—Gowanus CrossFit—take 4,600 square feet at 519-529 Third Avenue (there’s also a Brooklyn Boulders, Brooklyn Aikikai and Court 16, not to mention Gotham Archery and Brooklyn Fencing Center also have space in the nabe.)