Home Depot continues to make a major commitment to the city, completing a long-term extension of its 120,000-square-foot location at Williams Equities’ 28 & 40 West 23rd Street.
This transaction is the second retail lease of this size Home Depot has signed in New York City in the last month; the home improvement giant will begin construction on a four-level,120,000-square-foot location on the Upper East Side in 2021. Both represent the largest Manhattan retail leases over the last five years.
The two-building, 561,000-sf mixed-use property at 28 & 40 West 23rd Street is owned and controlled by Williams Equities and located between Fifth and Sixth Avenues in the heart of the Flatiron District. Long-time retail anchor Home Depot occupies the ground floor, lower level, and mezzanine. The brokerage team of Michael T. Cohen, president; Andrew Roos, vice chairman, and Mac Roos, associate of Colliers International Tri-State, represented Williams Equities in the transaction. Peter Ripka of Ripco Real Estate represented Home Depot.
“Home Depot has been a staple of this iconic Williams Equities’ property and is a valued asset to both the building and the neighborhood, and even in a challenging environment, continues to be an ideal occupant, for today and well into the future,” Roos said. “We are thrilled to extend the relationship.”
Williams Equities has made considerable capital improvements at the cast-iron property over the last several years, including new lobbies on both the 22nd and 23rd Street sides and new cooling towers on the roof.
Other tenants at the property include AT&T subsidiary Xandr and Estee Lauder brand Aramis.
