Leases  ·  Retail

Starbucks Opening New Upper West Side Location

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Starbucks is upping its presence in the Upper West Side with a 2,061-square-foot lease at 2360 Broadway, Commercial Observer has learned.

The coffee giant will move into the Extell Development-owned building at the northwest corner of Broadway and West 86th Street at an unknown date, according to the Newmark (NMRK) brokers, who did not disclose the asking rent or the length of the lease.

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CBRE (CBRE) data for the first quarter of 2023 placed average retail asking rents in Manhattan at $638 per square foot.

“With the welcoming of Starbucks to 2360 Broadway, ownership is looking forward to building a long-term relationship with the tenant,” Newmark’s Ross Kaplan, who represented Extell with Jason Pruger and Harrison Abramowitz along with Extell’s Aaron Cukier, said in a statement. “At the epicenter of the neighborhood’s highly trafficked intersection, the outpost presents a tremendous opportunity to reposition the location for the brand.”

David Firestein and Jenna Heidenberg of SCG Retail brokered the deal for Starbucks along with in-house representation for Starbucks through store development manager John Epifanio. Firestein did not immediately respond to a request for comment.

The spot marks about the ninth location in the neighborhood for Starbucks,which shuttered nearly 40 around the city during the pandemic while opening 20 amid a focus on traditional stores and cafes.

Mark Hallum can be reached at mhallum@commercialobserver.com.