Raymour & Flanigan has committed to 5,000 square feet atground level and 25,000 square feet on 1961 Broadway's secondfloor, according to a release from Cushman & Wakefield RetailServices, which arranged the deal on behalf of landlord MillenniumPartners. The New York Post reported that asking rent was$100 per square foot for the second level and $300 per square footfor ground floor space; a C&W spokeswoman did not confirm thepublished report by deadline. When Circuit City took over the49,000-square-foot space formerly occupied by Tower Records in2007, the ground-floor rent was $350 per square foot, according topublished reports.

"This deal represents a positive development in an otherwisechallenging market place," says Gene Spiegelman, EVP with C&WRetail Services, in a release. "As this is the third large retaillease completed in Manhattan in the last two months, it's clearthat creative and savvy retailers like Raymour & Flanigan areadeptly expanding their footprint throughout the city, during atime 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 a40,000-square-foot spaceleft vacant by another chain-store bankruptcy: 3035 CropseyAve. in Brooklyn. Including the new 1961 Broadway location, Raymour& Flanigan now has nine stores in the city, including three inManhattan.

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Paul Bubny

Paul Bubny is managing editor of Real Estate Forum and GlobeSt.com. He has been reporting on business since 1988 and on commercial real estate since 2007. He is based at ALM Real Estate Media Group's offices in New York City.