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UWS Circuit City Goes to Furniture Chain

NEW YORK CITY-In its second expansion move in the city this year, Raymour & Flanigan has leased 30,000 square feet at Millennium Partners' 1961 Broadway.

By Paul Bubny | Updated on August 05, 2009

NEW YORK CITY-Six months after the bankrupt Circuit City chain vacated the space, Raymour & Flanigan has signed a lease to open its first store on Manhattan’s Upper West Side at 1961 Broadway. The 30,000-square-foot deal is the second New York City expansion move by the furniture retailer this year.

Raymour & Flanigan has committed to 5,000 square feet at ground level and 25,000 square feet on 1961 Broadway’s second floor, according to a release from Cushman & Wakefield Retail Services, which arranged the deal on behalf of landlord Millennium Partners. The New York Post reported that asking rent was $100 per square foot for the second level and $300 per square foot for ground floor space; a C&W spokeswoman did not confirm the published report by deadline. When Circuit City took over the 49,000-square-foot space formerly occupied by Tower Records in 2007, the ground-floor rent was $350 per square foot, according to published reports.

“This deal represents a positive development in an otherwise challenging market place,” says Gene Spiegelman, EVP with C&W Retail Services, in a release. “As this is the third large retail lease completed in Manhattan in the last two months, it’s clear that creative and savvy retailers like Raymour & Flanigan are adeptly expanding their footprint throughout the city, during a time that represents a historical buy-in opportunity.”

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