Specialty arts and crafts retailer Michaels has signed a lease renewal for 32,000 square feet on the ground floor of 675 Avenue of the Americas in Chelsea.
Jeffrey Gural, chairman and principal of GFP Real Estate, represented the tenant and the landlord in the direct lease transaction. Terms were not disclosed.
“Along with Trader Joe’s, Michaels has been a solid, long-term anchor at the building for many years,” Gural said. “Michaels has seen incredible success at this location over the years driven by the area’s consistent, high level of foot traffic as the area remains a major shopping destination for home goods, furniture, art, food and fashion.”
A tenant of 675 Avenue of the Americas since 2014, Michaels operates 1,275 stores in 49 states and Canada. Originally built in 1901 to house the Adams Dry Goods department store, 675 Avenue of the Americas spans an entire city block on the west side of 6th Ave between 21st Street and 22nd Street. The property features expansive, 50,000-square-foot open floor plates, 13-foot exposed ceilings and 10-foot oversized operable windows. The building features a 24/7 attended lobby; a tenant rooftop amenity space; and modern high-speed elevators, mechanical systems, and a new HVAC system.
