NEW YORK, NY – ABS Partners Real Estate has secured a 20-year pre-development lease at One East Harlem, a one-acre, mixed-use development located at 201 E. 125th Street in Manhattan. The leased space consists of 45,885 square feet in East Harlem, which will be dedicated to Food Bazaar, a large format grocery store. Located on the corner of 125th Street and 3rd Avenue, Food Bazaar will span two floors with a designated parking area on the lower level for customers and staff.
Food Bazaar has over 20 locations in the Tri-State area, most of which are located in the boroughs. The grocery store chain is widely devoted to community involvement, and aims to personalize its offerings to each neighborhood.
ABS Partners seeks to bring the full-service grocer to the development rich area of Harlem. The firm hopes to spur further economic development in the area, as well as fill a void left by the closing of a local Pathmark in 2015. Food Bazaar is expected to take occupancy in late 2021, with a targeted opening in 2022.
Upon completion, the One East Harlem development will offer 65,000 square feet of retail space and 404 units of housing. The project was initially prompted by the East 125th Street Development, a revitalization plan created to provide affordable housing, quality jobs and a space for retail, arts and culture.
Developers recently broke ground in April on the mixed-use project. Collective developers of the project include The Richman Group Development Corporation, Bridges Development Group, Monadnock Development LLC, Hope Community Development Inc. and El Barrio Operation Fightback.
Mark Tergesen and Joe Italiaander of ABS Partners represented Food Bazaar in the deal. Ripco Real Estate and Michael Berfield of Bridges Development Group represented the landlord.
ABS Partners Real Estate is a New York City-based real estate firm that creates client ownership opportunities. The firm focuses on providing add-value services in leasing, investment sales, property management, construction management and advisory.
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Ingrid Tunberg
Ingrid Tunberg sits on the editorial team as a coordinator and reporter for Real Estate Forum and GlobeSt.com. She is responsible for writing stories, assisting with industry awards and marketing nomination events. Previously, Ingrid worked as a copywriter across various industries throughout New York City and Chicago.
