Primark has signed a 78,760-square-foot lease with Vornado Realty Belief at 150 West thirty fourth St., within the Penn District. The deal marks the Eire-based vogue retailer’s first Manhattan retailer.
At the moment occupied by Outdated Navy, Primark will transfer to the situation in 2025, with opening slated for 2026, Girls’s Put on Every day reported.
Vornado bought the asset for $322 million again in 2015, based on CommercialEdge data. Final 12 months, the three-story retail middle turned topic to a $75 million mortgage offered by Morgan Stanley Financial institution, the identical supply reveals.
Situated at 150 West thirty fourth St., the constructing is inside strolling distance of Penn Station. The property is subsequent to a number of different Vornado areas, including to the corporate’s excessive road retail portfolio within the district.
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Vornado lately introduced that its 52 percent-owned road retail three way partnership agreed to promote a portion of Uniqlo’s U.S. flagship retailer at 666 Fifth Ave., in Midtown Manhattan, for $350 million. The Japanese clothes retailer plans to buy 17,295 sq. toes of its 90,732-square-foot retailer. In the meantime, Vornado’s three way partnership will retain possession of the remaining 23,832 sq. toes.
Excessive demand in Manhattan
Manhattan’s retail market remained resilient within the second quarter of this 12 months, pushed by ongoing leasing actions and tenant expansions, alongside a restricted provide in prime areas.
The supply fee remained unchanged from the earlier quarter at 14.1 %—marking the bottom degree in 9 years—based on a Cushman & Wakefield report. As a result of restricted availability and excessive demand in prime Manhattan retail areas, asking rents rose for the seventh straight quarter, growing 8.1 % year-over-year.
