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New York & Tri-State  + Retail  | 

Home Depot Signs Manhattan’s Largest Retail Lease in Years

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.

For comments, questions or concerns, please contact Paul Bubny

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About Paul Bubny

Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 16-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 7-10 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces. Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications. Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).

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