Home Depot plans to open new Upper East Side location

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]