X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

NEW YORK CITY-Six months after the bankrupt Circuit City chain vacated the space, Raymour & Flanigan has signed a lease to open its first store on Manhattan’s Upper West Side at 1961 Broadway. The 30,000-square-foot deal is the second New York City expansion move by the furniture retailer this year.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.