October 29, 2020
Gazit-Globe subsidiary Gazit Horizons has entered into a new lease agreement with The Home Depot at Gazit’s property at 410 E. 61st St. on Manhattan’s Upper East Side. At 120,000-plus square feet, it’s Manhattan’s largest retail lease by both size and total rent in the past several years.
The lease is for a 20-year base term at the property, located at the corner of First Avenue and 61st Street. The Home Depot will replace Bed Bath & Beyond when its current lease expires in 2021.
“The reports of retail’s death in New York City have been greatly exaggerated,” said Jeff Mooallem, president & 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.”
Landlord and tenant both were represented by Peter Ripka of Ripco Real Estate.
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