P.C. Richard Moving UWS Outpost to Former DSW Space at West 79th and Broadway
By Nicholas Rizzi July 10, 2023 3:20 pm
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Electronics and appliance retailer P.C. Richard & Son will leave its longtime Upper West Side home to take over shoe seller DSW’s former 30,000-square-foot storefront just down the street, Commercial Observer has learned.
P.C. Richard signed a long-term lease for the space at 2220 Broadway to relocate seven blocks south from 2372 Broadway, where it has operated a showroom for nearly two decades, according to a source with knowledge of the deal.
The source declined to provide the exact length of the lease or the asking rent, but the average asking retail rent in the neighborhood was $277 per square foot in the first quarter of the year, according to a Cushman & Wakefield report.
Located on the corner of Broadway and West 79th Street, the two-story 2220 Broadway — owned by the Zabar family — has sat vacant since February 2022 when discount shoe seller DSW left the property after nearly a decade, Crain’s New York Business reported.
Before DSW, the space was home to the former department store chain Filene’s Basement, which closed in 2011, according to Crain’s. P.C. Richard plans to relocate to its new home in mid-2024, according to JLL (JLL)’s Erin Grace, who brokered the deal for P.C. Richard with Hilary Sievers.
”P.C. Richard & Son is excited to continue to serve the customers of the Upper West Side for many years to come,” Grace said in a statement.
P.C. Richard is one of the country’s largest family-owned chain of appliance and electronic stores. The company’s website lists six showrooms in both Queens and Brookly, four in Manhattan, two in the Bronx and one in Staten Island, plus others in Long Island, New Jersey, Connecticut and Pennsylvania.
Newmark (NMRK)’s Ariel Schuster and Mitch Heifetz represented the landlord in the deal. A spokesperson for Newmark declined to comment.
Update: This story has been updated to correct that P.C. Richard is expected to open in mid-2024.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
