Michaels Renews 32K-SF Chelsea Store on Ladies’ Mile
By Rebecca Baird-Remba August 18, 2022 5:15 pm
reprints
Arts and crafts mega-store Michaels has renewed the lease for its longtime Chelsea store in the Ladies’ Mile Historic District, landlord GFP Real Estate announced Thursday.
The retailer reupped its 32,000-square-foot space at 675 Avenue of the Americas, between West 21st and West 22nd streets, where it has in the former Adams Dry Goods department store building since 2014. Part of the outpost — which is behind a Trader Joe’s that occupies multiple storefronts overlooking Avenue of the Americas —. Includes the property’s unique interior courtyard, which is covered by a curved glass roof.
“Along with Trader Joe’s, Michaels has been a solid, long-term anchor at the building for many years,” said Jeffrey Gural, chairman and principal of GFP. “Michaels has seen incredible success at this location over the years driven by the area’s consistent, high level of foot traffic as the area remains a major shopping destination for home goods, furniture, art, food and fashion.”
Gural represented both the landlord and tenant in the transaction. GFP declined to provide asking rents or lease terms for the renewal.
Michaels operates 1,275 stores in 49 states and bills itself as the largest specialty retailer in North America for “curated arts and crafts componentry.”
Rebecca Baird-Remba can be reached at rbairdremba@commercialobserver.com.
