Raymour & Flanigan has committed to 5,000 square feet at ground level and 25,000 square feet on 1961 Broadway's second floor, according to a release from Cushman & Wakefield Retail Services, which arranged the deal on behalf of landlord Millennium Partners. The New York Post reported that asking rent was $100 per square foot for the second level and $300 per square foot for ground floor space; a C&W spokeswoman did not confirm the published report by deadline. When Circuit City took over the 49,000-square-foot space formerly occupied by Tower Records in 2007, the ground-floor rent was $350 per square foot, according to published reports.

"This deal represents a positive development in an otherwise challenging market place," says Gene Spiegelman, EVP with C&W Retail Services, in a release. "As this is the third large retail lease completed in Manhattan in the last two months, it's clear that creative and savvy retailers like Raymour & Flanigan are adeptly expanding their footprint throughout the city, during a time that represents a historical buy-in opportunity."

In late March, GlobeSt.com reported that the furniture retailer, said to be the fifth fastest-growing in the US, took over a 40,000-square-foot space left vacant by another chain-store bankruptcy: 3035 Cropsey Ave. in Brooklyn. Including the new 1961 Broadway location, Raymour & Flanigan now has nine stores in the city, including three in Manhattan.

The retail space at 1961 Broadway is contained within the base of a 32-story mixed-use building which also includes the Phillips Club, a luxury fractional club and extended stay hotel; and 200 condominium apartments. Additional retail tenants there include Zara, Pottery Barn and Gourmet Garage. The latter opened last month in the space vacated by Balducci's.