Home Depot Taking East 61st Street Space in Largest Manhattan Retail Lease of 2020
Home Depot plans to lease more than 120,000 square feet at Gazit Horizons‘ 410 East 61st Street on the Upper East Side. The home improvement retailer will fill the space that Bed Bath & Beyond plans to vacate when its current lease expires in 2021. The home goods retailer is closing several dozen stores nationwide, including another one down on West 23rd Street in Chelsea.

The 20-year Home Depot deal at 410 East 61st is the largest retail lease in size and rent in Manhattan in the past several years, according to Gazit’s parent, Gazit-Globe. The retailer will exit a space at Vornado Realty Trust‘s 731 Lexington Avenue, and move into the East 61st Street space in the next few years, Gazit-Globe said. (It’s unclear what might fill that 731 Lex space, though Target is reportedly looking.)

RSK: You have to realize that Home Depot is just that....one large warehouse. People can shop there but it is also a last mile fulfillment center for them…..right in downtown NYC.

- - Volume: 8 - WEEK: 45 Date: 11/3/2020 9:24:28 AM -