New York Metropolitan Area Retail Leasing Market Report – March 2025
The retail leasing market in the New York metropolitan area exhibited robust activity in March 2025, with significant transactions across various sectors.
Notable Transactions:
- Barney Brown’s Expansion in Penn District: The sandwich shop Barney Brown signed a 10-year lease for a space in the Penn District, aiming to capitalize on the area’s high foot traffic.
- Naya’s New Location at 827 Third Avenue: Fast-casual Mediterranean restaurant Naya secured a 15-year lease for a 1,530-square-foot space at 827 Third Avenue, owned by The Durst Organization. The asking rent was $200 per square foot.
- Chubby Group’s Greenwich Village Venture: Chubby Group leased a 5,200-square-foot space at 809 Broadway in Manhattan for 15 years, indicating confidence in the Greenwich Village market.
- Audemars Piguet’s Fifth Avenue Flagship: Luxury watchmaker Audemars Piguet signed a lease for nearly 12,000 square feet at the corner of Fifth Avenue and East 60th Street, marking a significant addition to the area’s high-end retail offerings.
Emerging Trends:
- Luxury Retail Resurgence: The opening of stores like Printemps at One Wall Street is anticipated to boost the Financial District’s retail landscape, potentially attracting more high-end retailers to the area.
- Outlet Malls Gaining Popularity: Developments like Belmont Park Village on Long Island highlight the growing consumer demand for discounted luxury goods, with shoppers seeking high-end brands at reduced prices.
Long Island Retail Leasing Activity:
March 2025 witnessed notable retail leasing transactions in Long Island, reflecting the area’s vibrant commercial real estate landscape:
- Uncle Giuseppe’s Marketplace in Bohemia: Uncle Giuseppe’s signed a long-term lease for approximately 39,000 square feet at Sayville Plaza, occupying the former Babies R Us space. The supermarket is expected to open in November 2025. Long Island Business News
- Brownstones Coffee in West Islip: Brownstones Coffee leased a 4,554-square-foot freestanding restaurant building at 425 Union Blvd., joining 7-Eleven as anchors of the new 19,757-square-foot retail center. The café opened earlier this month. Long Island Business News
- T-Mobile in Huntington Station: T-Mobile leased 5,000 square feet of retail space at 301 Walt Whitman Road, relocating from 283 Walt Whitman Road. The new store, adjacent to Barnes & Noble, is expected to open by June. Long Island Business News
- Quickway Japanese Hibachi in Farmingdale: Quickway Japanese Hibachi announced a long-term lease for a 2,500-square-foot space at 909 Broadhollow Road in the Republic Plaza Shopping Center, marking its first Long Island location. Long Island Business+1Long Island Business News+1
These transactions underscore the ongoing demand and growth in the Long Island retail market, with diverse businesses expanding their footprint in the region.
Overall, March 2025 showcased a dynamic retail leasing environment in the New York metropolitan area, characterized by strategic expansions and a resurgence in luxury retail ventures.