One of the lessons gleaned from Retail Apocalypse 2017/2018 is that the smart retailers are thinking efficiently. The sprawling retail outfits of yesteryear are dead. Long live the small, compact lease!
At least that was the message we got from the top two leases of the last month. Food Bazaar Supermarket took an astonishing 80,000 square feet in the Bronx Terminal Market, which will make it the largest supermarket in the borough. And this narrowly ekes out Old Navy which reaffirmed their love of Herald Square by renewing their 78,000-square-foot lease at Vornado‘s 144-150 West 34th Street.
Even the “small format” Target that’s being rolled out at 1865 Broadway doesn’t seem so small. It’s a good 35,601 square feet! And CVS nabbed 13,266 square feet at One Soho Square. But, naturally, not all of the marquee names that inked deals last month did so at +10K square feet, like Verizon which settled for a more modest 2,000 square feet at 770 Lexington Avenue.
Not all of the biggest leases of the month were brand names like Target or Old Navy; Zero Bond, a private club helmed by restaurateur Scott Sartiano, is taking over the old Brooks Brothers‘ space at 0 Bond Street in Noho. And it was a good month for restaurants with Madison Chophouse taking 10,000 square feet at 3 East 54th Street, Yorkville’s Don Pedro’s seizing 5,000 square feet of the old Kefi space at 505 Columbus Avenue and Native Bread and Pastry is moving its baking operations to Brooklyn — specifically, they’re taking 2,663 square feet at 315 Meserole Street.
Native Bread wasn’t the only operation signing leases in Brooklyn last month; Women with Voices, a nonprofit that collects wigs for cancer patients and offers seminars on women’s health took 2,800 square feet at Thor‘s 535 Atlantic Avenue.