RKF Secures Forman Mills, Staples and Rite Aid for The Related Companies in the Bronx
01/10/2006
01/10/2006
Retailers take 76,645 square feet at The Related Companies' mixed-use development in The Hub retail market
NEW YORK, NY — The Related Companies (Related), one of the most active developers in the country, recently secured Forman Mills, Staples and Rite Aid for its new two-level, 170,000-square-foot mixed-use development, which occupies the city block at Third Avenue between 154th and 156th Streets in The Hub retail market in the Bronx, New York. Robert K. Futterman & Associates, LLC (RKF), the nation's leading independent real estate firm specializing in retail leasing and investment sales, represented Related in these transactions.
The 42,400-square-foot Forman Mills, the 16,245-square-foot Rite Aid and the 18,000-square-foot Staples Office Superstore will all occupy the Ground Floor on Third Avenue. The New York City Department of Finance will occupy 76,000 square feet on the building's Second Floor. This office will serve as the Department of Finance's "Bronx Business Center" and is expected to receive 500 to 1,000 visitors per day and employ more than 200 individuals. RKF is currently marketing the remaining 15,000 square feet of space located on the Ground Floor with Third Avenue frontage, which can be divided for retail tenants.
The new $50 million development, in the heart of one of New York City's most sought-after retail corridors, will feature 521 linear feet of retail frontage and a 270-car parking garage. Construction of the new development will commence in early 2006 and is expected to be complete in the summer of 2007.
As exclusive retail leasing agents, Barry Fishbach and David Rosenberg, Executive Vice Presidents of RKF represented the developer, Glenn Goldstein, Executive Vice President of Related Retail Corporation, one of The Related Companies.
"The Related Companies is very excited to shortly commence construction and is very grateful for the committed support from Mayor Bloomberg, Borough President Carrion and City Councilwoman Arroyo in helping to foster this long-awaited project by the community," said Mr. Goldstein.
"Related and RKF are extremely pleased with the addition of Forman Mills, Staples and Rite Aid to one of the busiest retail districts in New York City," said Mr. Fishbach. "Without doubt, their addition to The Hub will draw tenants to the remaining 15,000 square feet of available retail space."
This will be the first store in New York City for Forman Mills and a new expansion for Rite Aid. "These leases show commitments by retailers to the Bronx and the continued demand created by the ongoing residential development throughout the southern portion of the Bronx," said David Rosenberg, Executive Vice President of RKF.
Retailers that are interested in leasing a portion of the remaining space should contact RKF.
The country’s leading independent real estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates LLC (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $4 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Las Vegas, Los Angeles and San Francisco.
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NEW YORK, NY — The Related Companies (Related), one of the most active developers in the country, recently secured Forman Mills, Staples and Rite Aid for its new two-level, 170,000-square-foot mixed-use development, which occupies the city block at Third Avenue between 154th and 156th Streets in The Hub retail market in the Bronx, New York. Robert K. Futterman & Associates, LLC (RKF), the nation's leading independent real estate firm specializing in retail leasing and investment sales, represented Related in these transactions.
The 42,400-square-foot Forman Mills, the 16,245-square-foot Rite Aid and the 18,000-square-foot Staples Office Superstore will all occupy the Ground Floor on Third Avenue. The New York City Department of Finance will occupy 76,000 square feet on the building's Second Floor. This office will serve as the Department of Finance's "Bronx Business Center" and is expected to receive 500 to 1,000 visitors per day and employ more than 200 individuals. RKF is currently marketing the remaining 15,000 square feet of space located on the Ground Floor with Third Avenue frontage, which can be divided for retail tenants.
The new $50 million development, in the heart of one of New York City's most sought-after retail corridors, will feature 521 linear feet of retail frontage and a 270-car parking garage. Construction of the new development will commence in early 2006 and is expected to be complete in the summer of 2007.
As exclusive retail leasing agents, Barry Fishbach and David Rosenberg, Executive Vice Presidents of RKF represented the developer, Glenn Goldstein, Executive Vice President of Related Retail Corporation, one of The Related Companies.
"The Related Companies is very excited to shortly commence construction and is very grateful for the committed support from Mayor Bloomberg, Borough President Carrion and City Councilwoman Arroyo in helping to foster this long-awaited project by the community," said Mr. Goldstein.
"Related and RKF are extremely pleased with the addition of Forman Mills, Staples and Rite Aid to one of the busiest retail districts in New York City," said Mr. Fishbach. "Without doubt, their addition to The Hub will draw tenants to the remaining 15,000 square feet of available retail space."
This will be the first store in New York City for Forman Mills and a new expansion for Rite Aid. "These leases show commitments by retailers to the Bronx and the continued demand created by the ongoing residential development throughout the southern portion of the Bronx," said David Rosenberg, Executive Vice President of RKF.
Retailers that are interested in leasing a portion of the remaining space should contact RKF.
The country’s leading independent real estate firm specializing in retail leasing and investment sales, Robert K. Futterman & Associates LLC (RKF) serves a broad spectrum of domestic and global clients in services ranging from national tenant and owner representation to advisory, consulting and disposition. With over $4 billion in aggregate real estate transactions to its credit, RKF has been responsible for identifying scores of real estate opportunities throughout the United States for leading American and international chains, retailers, developers and institutional clients. RKF is headquartered in New York with offices in Las Vegas, Los Angeles and San Francisco.
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