Seattle-based Washington Mutual Inc., known as WaMu, has signed its second Manhattan lease, a 10-year agreement for 5,219 sf at 2139 Broadway. Located on the northwest corner of West 75th Street, the storefront previously housed bankrupt Harrison, NJ-based housewares retailer Lechters, and includes ground floor and basement space.
Garrick-Aug Worldwide Ltd.'s Faith Hope Consolo, Joseph Aquino and Ferne Glanzrock have the exclusive agency for the Caran Properties Inc. building. The WaMu lease has two renewal options, which would bring the maximum term to 25 years. While the value of the transaction was not disclosed, asking rents for retail space in the building are $225 per sf.
Consolo tells GlobeSt.com the property was hotly sought after. "A lot of banks and a lot of retailers wanted it," she says. "This is a great part of the city to live in and a great place to shop as well. Now, it's also going to be a great place to bank." WaMu, which recently bought up Dime Savings for $5.2 billion, reportedly plans to open 20 Manhattan branches. The Broadway location is the bank's second lease here, the first being a deal for 3,500 sf at Seventh Avenue and 37th Street that was previously occupied by Mexican-themed chain restaurant Tequilaville. Consolo and Aquino represented building owner George Comfort & Sons in that deal, arranging a 10-year lease for $125 per sf. WaMu has consistently refused to comment on its Manhattan leasing plans and did not return phone calls.
In a separate transaction, Long Island-based North Fork Bank will open a new branch at 424 Madison Ave. Terms of the lease were not disclosed, but a source close to the deal confirms for GlobeSt.com that GVA Williams senior director Douglas Grabiner and executive managing director Alexander P. Jinishian, who represented the building owner, closed the deal last week.
While it's not clear how much of the available retail space North Fork will occupy on the southwest corner of Madison Avenue and 49th Street, the space vacated by Church's shoes after 70 years includes 3,352 sf on the ground floor, a 1,531-sf basement, 1,707 sf on the mezzanine and 4,130 sf on the optional second level. Speaking to GlobeSt.com in October, Grabiner said the asking price for ground-floor space in the building is $250 per sf. The property's owner of record is Kamm Ranch Co. Inc. Caran Properties Inc. has the management contract for the 16-story building. Grabiner and Jinishian were unavailable for comment, as were North Fork representatives.
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