PetSmart to Open New Store in NYC
- Apr 25, 2017
PetSmart is expanding its New York footprint by opening a third store in the city, in the heart of Manhattan’s NoMad neighborhood. The retailer leased a 16,280-square-foot space at the ground floor of 10 Madison Square West, a new luxury condominium. The tenant is expected to move in this fall.
RKF Vice Chairman Ariel Schuster and Vice President Brian Segall, together with Metro Commercial’s Tom Londres and Brian Goodwin acted on behalf of the tenant. Savanna, the landlord at the time of the lease, was represented by Senior Vice President Amy Zhen and Vice President Hilary Sievers, both with JLL.
“PetSmart has played a huge role in the multi-billion dollar pet-related retail industry, and this space enables them to make a significant impact in the NYC market,” Schuster said in prepared remarks. “With its excellent day and night traffic from residents, lots of pet owners utilizing the dog park at Madison Square Park, office workers and visitors, and its close proximity to transportation and numerous nearby hotels, restaurants and office buildings, 10 Madison Square West was the perfect fit,” he added.
The property’s retail unit, totaling 20,605 square feet, changed hands for a reported $97.5 million just last week, PropertyShark data shows. The buyer is an affiliate of Fortune 100 financial organization TIAA. Private equity firm Savanna bought it for $56.5 million back in 2014 from the redeveloper who converted the 1915 building into a 123-unit luxury condominium.
According to PropertyShark, the 281,140-square-foot development features 24 floors with one-, two-, three-, four- and five-bedroom apartments and contains a retail component. Other amenities include a spacious residents’ club with pool, state-of-the-art fitness center with spa, a private courtyard garden, storage units and on-site management. Located in the Flatiron neighborhood at 1107 Broadway, once known as the International Toy Center, the building is steps away from Madison Square Park, Fifth Avenue, hotels, retailers, banks and clubs. Also, the subway is just one block away.
Image courtesy of The Witkoff Group