COMMERCIAL
Big-box stores dominated NYC biggest retail deals in December
The Real Deal | Jan 3, 2020
COMMERCIAL
Big-box stores dominated NYC biggest retail deals in December
The Real Deal | Jan 3, 2020
Gyms and fitness clubs were once again conspicuously absent from the 10 largest retail leases made public in December. Instead, Best Buy narrowly beat out a new food hall for the top spot on the list.
December’s 10 biggest retail leases made public totaled 290,200 square feet, up 120,500 square feet from November’s total of 169,700 square feet. The total is also a considerable step up from that of the top 10 leases in December 2018, which totaled just 148,800 square feet.
Best Buy, 535 Fifth Avenue, Grand Central – 40,839 square feet
The electronics retailer signed a lease, moving across the street from its old location at Silverstein Properties’ 529 Fifth Avenue, where it will not be renewing its lease. Peter Ripka of RIPCO represented Best Buy. The retailer’s new landlord is the Moinian Group. The lease is for 10 years and has two five-year extension options. The the retailer will occupy the first, second mezzanine and basement levels of the building.