In the largest retail lease (by both size and total rent) executed in Manhattan in the past several years, The Home Depot will relocate its Upper East Side flagship to 410 East 61st Street, taking more than 120,000 square feet over four floors.
Relocating from 731 Lexington Avenue, the home improvement giant will replace Bed Bath & Beyond when its current lease expires, said Gazit Horizons Inc., a subsidiary of Gazit-Globe, an Israel-based retail real estate owner, developer and manager.
“The reports of retail’s death in New York City have been greatly exaggerated,” said Jeff Mooallem, president and CEO of Gazit Horizons. “The execution of this lease, at the peak of the COVID-19 pandemic, is an important sign of confidence in New York City and a major accomplishment for all parties involved. The property garnered strong interest from a number of tenants at sizable rent increases from the current tenant, even as New York was shutting down. We are exceptionally fortunate to welcome an international retailer with an A credit rating.”
Construction is expected to begin later in 2021, with tenant projected to move in the next few years. Both the landlord and tenant were represented by Peter Ripka of Ripco Real Estate.
