Three new leases signed at 280 Broadway

Real Estate Weekly, Feb 6, 2002

Modells, Chase Bank and Duane Reade have signed leases for prime retail space at 280 Broadway at the corner of Chambers Street in downtown Manhattan, according to Howard I. Gilbert, senior managing director at Robert K. Futterman & Associates, who represented the landlord, Blackacre Capital Management, in the transactions.

Leading sporting goods chain Modells, which has been located at 280 Broadway for more than seventy years, renewed its lease for 16,000 SF of retail space facing Chambers Street. Chase Bank signed a new lease for 2,000 SF of ground level space and 9,000 SF of second floor space for a new branch location scheduled to open this year. Duane Reade, a top pharmacy chain, also signed a new lease for 5,000 SF of ground level space and 5,000 SF of below ground space for a new store expected to open in early 2002.

"Located at the edge of City Hall Park, 280 Broadway provides an ideal retail location," said Gilbert. "These companies are committed to New York and lower Manhattan and will benefit from the area's concentration of office tenants and developing residential population."

Having recently undergone a complete renovation, the seven-story landmark building, which will house the New York City Department of Buildings, currently has 1,100 SF of ground floor space and 25,000 SF of second floor space available for lease.