Primark to Open First Manhattan Store
Primark has signed a 78,760-square-foot lease with Vornado Realty Trust at 150 West 34th St., in the Penn District. The deal marks the Ireland-based fashion retailer’s first Manhattan store.
Currently occupied by Old Navy, Primark will move to the location in 2025, with opening slated for 2026, Women’s Wear Daily reported.
Vornado purchased the asset for $322 million back in 2015, according to CommercialEdge information. Last year, the three-story retail center became subject to a $75 million loan provided by Morgan Stanley Bank, the same source shows.
Located at 150 West 34th St., the building is within walking distance of Penn Station. The property is next to several other Vornado locations, adding to the company’s high street retail portfolio in the district.
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Vornado recently announced that its 52 percent-owned street retail joint venture agreed to sell a portion of Uniqlo’s U.S. flagship store at 666 Fifth Ave., in Midtown Manhattan, for $350 million. The Japanese clothing retailer plans to purchase 17,295 square feet of its 90,732-square-foot store. Meanwhile, Vornado’s joint venture will retain ownership of the remaining 23,832 square feet.
High demand in Manhattan
Manhattan’s retail market remained resilient in the second quarter of this year, driven by ongoing leasing activities and tenant expansions, alongside a limited supply in prime areas.
The availability rate remained unchanged from the previous quarter at 14.1 percent—marking the lowest level in nine years—according to a Cushman & Wakefield report. Due to limited availability and high demand in prime Manhattan retail areas, asking rents rose for the seventh straight quarter, increasing 8.1 percent year-over-year.
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