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Garage parks itself atop Manhattan’s largest retail leases of 2023
Durst Organization, Trump, Essex Crossing team among landlords represented
Parking garages, gyms, educational facilities and a movie theater dominated the retail rankings in Manhattan this year, as typical ground-floor commerce made up fewer than half of the top ten deals in the borough.
Tenants signed dozens of leases with 10,000 or more square feet, as asking rents in the borough’s retail corridors rose in the first three quarters of the year, according to CBRE.
The two biggest deals of the year spanned more than 50,000 square feet each, but both were modest renewals or downsizes at the same space. The largest new lease was for a 45,000-square-foot climbing gym at the Essex Crossing development on the Lower East Side.
A pair of brokers from JLL – Erin Grace and Hilary Sievers – made two appearances on the list, as did Newmark’s Ariel Schuster.
Below are Manhattan’s top 10 retail leases of 2023, ranked by square footage. All data is through November:
1. Icon Parking Systems | Upper East Side | 56,000 square feet
Macquarie Asset Management parked itself at the top of Manhattan’s retail lease rankings with the renewal of Icon Parking Systems for its 56,000-square-foot garage at 200 East 66th Street. The parking garage operator has been at the space for 15 years, according to the Commercial Observer, but it’s unclear how long its lease renewal runs.
Newmark’s Brian Ezratty brokered the deal on behalf of the landlord. It’s unclear who represented Icon.
2. The King’s College | Financial District | 52,542 square feet
The Christian liberal arts school decided to stay put at 52 Broadway with a 12-year renewal, according to the Commercial Observer. The school would’ve had the year’s largest lease in the borough this year if it renewed all of its space, but it decided to slim down its campus from 71,000 square feet.
Jack Resnick & Sons and Ruben Companies own the property, but it is leased in its entirety to the United Federal of Teachers, which acts as a sublandlord. Cushman & Wakefield represented the tenant.
3. Vital Climbing Gym | Lower East Side | 45,000 square feet
The Lower East Side’s Essex Crossing was home to the largest new lease of 2023. Vital Climbing Gym took three floors at 182 Broome Street, a building on the eastern end of the megadevelopment, spearheaded by Taconic Partners, L+M Development, BFC Partners, Prusik Group and Goldman Sachs Asset Management’s Urban Investment Group.
A CBRE team led by Michael Kadosh and Lon Rubackin represented both sides of the deal.
4. Complete Playground | Financial District | 40,000 square feet
It’s more play than work for Tribeca Associates’ new tenant at 30 Broad Street, a nonprofit family activity center that signed a 15-year lease. Complete Playground, which replaces New York Sports Club, is an indoor playground with gymnastics, dance and rock climbing among other youth-oriented programs.
Asking rent was $250 per square foot for 3,500 square feet on the ground floor and $60 per square foot for the rest of the space. Colliers’ David Tricarico and Jake Horowitz arranged the deal for Tribeca.
5. Food Bazaar Supermarket | Inwood | 37,000 square feet
The supermarket will sit at the base of a 611-unit development by Maddd Equities and Joy Construction. The development, 375 West 207th Street, is a mixed-use property with 60,000 square feet planned as commercial space. Food Bazaar’s lease is for 25 years, according to the Commercial Observer.
The supermarket won’t start stocking shelves until 2025. JLL’s Hilary Sievers represented the landlord. The brokerage’s Erin Grace represented Food Bazaar.
6. Louis Vuitton | Plaza District | 36,000 square feet
Louis Vuitton planted its flag for a new flagship location at 6 East 57th Street, where the tenant’s fame is rivaled only by that of its landlord, the Trump Organization. The luxury fashion brand arrives after a game of musical chairs run by its parent conglomerate, LVMH, which previously housed Tiffany’s at the site.
The five-year retail lease reportedly cost LVMH $20 million, according to the New York Post. It’s unclear who arranged the lease on either side, though LVMH has an exclusive retail broker, Robin Zendell.
7. Crate & Barrel | Flatiron | 35,000 square feet
Crate & Barrel packed up its sofas and spatulas, shipping them from 611 Broadway to its relocated flagship at the Winter Organization’s 881 Broadway in the Flatiron District. The 10-year lease represents a slight decline in space for the furniture and home decor retailer, which previously occupied 40,000 square feet.
Asking rent was around the neighborhood’s $300 per month average, according to the Commercial Observer. Newmark’s Ariel Schuster brokered the deal for the landlord, alongside Jackie Totolo and Michael Paster. CBRE’s Kristen Crossman and David LaPierre represented Crate & Barrel.
8. P.C. Richard & Son | Upper West Side | 30,000 square feet
P.C. Richard & Son set its sights south of its longtime location at 2372 Broadway, inking a deal to relocate its Upper West Side showroom to 2220 Broadway, formerly occupied by shoe seller DSW, which vacated the space in February 2022. The relocated P.C. Richard is expected to open in the middle of 2024, according to the Commercial Observer.
Newmark’s Ariel Schuster and Mitch Heifetz represented the landlord, the Zabar family. JLL’s Erin Grace and Hilary Sievers operated on behalf of P.C. Richard.
9. TMPL | Garment District | 26,000 square feet
TMPL’s latest tentpole location in Manhattan — its sixth — is at George Comfort & Sons’ 200 Madison Avenue. The luxury fitness chain leased 26,000 square feet on the ground floor and basement of the building, paying $100 per square foot for the ground-level space, the New York Post reported.
The 750,000-square-foot property is in the midst of a $20 million update to its lobby, entrance and amenities. The landlord was represented in-house by CEO Peter Duncan, Matt Coudert and Andrew Conrad. A team of Cushman & Wakefield brokers arranged the deal for TMPL: Neil Seth, Kenji Ota, Kathryn Cruz and Jennifer Konefsky.
10. Look Dine-in Cinemas | Hell’s Kitchen | 25,000 square feet
If another Barbenheimer lands in theaters, the Durst Organization will be ready. The landlord brought in Look Dine-in Cinemas to 625 West 57th Street for the company’s first New York City location. The 15-year lease provides a replacement to another movie theater, Landmark at 57 West, which closed in 2020.
Durst was represented in-house by Ashlea Aaron, Eric Engelhardt and Karen Rose, according to the Commercial Observer. Ripco Real Estate’s Emily Simmonds and Beth Rosen represented Look.