Lincoln Market to Open 36K-SF Grocery Store at Silverstein’s River Place
By Isabelle Durso December 9, 2024 11:54 am
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Grocery store Lincoln Market will open its largest outpost yet at Silverstein Properties’ River Place in Hell’s Kitchen.
The grocery chain, known for its presence in central Brooklyn, has signed a 20-year lease for a new 35,809-square-foot store at 660 West 42nd Street, according to tenant broker Katz & Associates. Asking rent was $60 per square foot.
Lincoln’s deal at the bottom of Silverstein’s 921-unit rental tower represents the grocer’s ninth location in New York City, following its recent openings at 501 Avenue of the Americas in Greenwich Village and 21-31 31st Street in Astoria, Queens.
Its new store on the corner of 42nd Street and 12th Avenue is slated to open in late 2025, Katz said.
“We’re excited to bring our high-quality products to another New York City neighborhood,” a spokesperson for Lincoln said in a statement. “The size and location of this store are perfectly suited to the great mix of organic and conventional items we will provide to the residents of River Place and beyond.”
Katz’s Scott Sher brokered the deal for the tenant, while Cushman & Wakefield (CWK)’s Sean Moran, Steven Soutendijk, Alan Schmerzler, Michael O’Neill and Taylor Reynolds represented the landlord.
Silverstein, which built the 41-story River Place in 2000, refinanced the property with a $230 million mortgage loan from Wells Fargo in 2014, as Commercial Observer previously reported. The rental tower features a courtyard, roof deck, gym and a glass-enclosed pool.
“We are thrilled to welcome Lincoln Market as a new service provider for our tenants,” Joseph Artusa, senior vice president of leasing at Silverstein, said in a statement. “Their decision to join our property highlights the ongoing growth and success of the neighborhood.”
Lincoln’s new store at the property will be “among the largest street-level grocery stores in Manhattan,” Katz said. The grocer is also looking to expand further into the outer boroughs and in New Jersey, according to the brokerage.
“Working with Lincoln Market and helping them grow is exciting,” Sher said in a statement. “It’s great to see the deal for this new, larger-format store in a great location come to fruition.”
Moran also told CO the new lease “represents a meaningful step towards greater convenience and accessibility for local residents.”
Isabelle Durso can be reached at idurso@commercialobserver.com.
