Home Depot plans to open new Upper East Side location
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New York / Staff
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410 East 61st Street (Credit: The Real Deal)
Home Depot has signed a 20-year, 120,000 SF lease at Gazit Horizons‘ 410 East 61st Street on the Upper East Side, CNBC reported. The home improvement retailer will fill the space that Bed Bath & Beyond plans to vacate when its current lease expires in 2021.
Worth Noting: Home Depot will vacate its current location at Vornado Realty Trust‘s 731 Lexington Avenue, and move into the East 61st Street location in the next few years, CO noted.
Heard on the Street: Gazit’s Jeff Mooallem invoking his inner Mark Twain: “The reports of retail’s death in New York City have been greatly exaggerated. 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.” Bed Bath & Beyond plans to vacate 200 of its stores in the next two years. [CNBC+CO]