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Category ArchiveMorton Williams

Morton Williams Taking Old Talbots Space on UES

Supermarket chain Morton Williams has signed a 30-year lease at 1251 Third Avenue on the Upper East Side for its 17th grocery store.

The family-owned supermarket company, which has been around since the 1950s, will occupy 13,000 square feet amassing the entire ground floor and lower level of the building between East 72nd and East 73rd Streets, owners of the supermarket confirmed to Commercial Observer. The space was formerly home to sportswear store Talbots, which vacated the space two years ago. The asking rent in the transaction was just under $2 million per year.

“We have a number of stores on the Upper East Side already, so we understand consumer needs and we are able to cater to them effectively,” Avi Kaner, a co-owner of Morton Williams, told CO. “This Third Avenue corridor is one we have been looking at for a while, because of its residential density.”

Morton Williams’ newest location at 1251 Third Avenue will be just a few blocks over from an existing store at 1331 First Avenue between East 71st and East 72nd Streets.

The company doesn’t appear to be concerned about the two stores cannibalizing each other.

This Third Avenue “location is ideally situated to provide services to customers coming from the west—from Park Avenue and Madison Avenue—as well as the North,” Kaner said. “We already have a store on 72nd [Street] and First  [Avenue], which caters to customers from the east.”

Construction has begun on the new supermarket, which is expected to open in October. The New York Post was first to report news of the deal.

Perry Rothenberg of Creative Leasing Concepts represented Morton Williams. Douglas Elliman’s Faith Hope Consolo handled the deal for the landlord, 203 East 72nd Street Corp. Consolo did not immediately return a request for comment.

Traditional supermarkets had been getting squeezed by specialty stores and ecommerce, as CO previously reported, but Morton Williams seems to be unaffected and is steadily growing.

Morton Williams currently has 12 supermarket locations in Manhattan, two in the Bronx and one in Jersey City, N.J. It also signed a 29,400-square-foot lease for space at One West End Avenue on the Upper West Side last December, as CO previously reported, for its 16th store. Construction is about to begin on that location.

Source: commercial

Top 10 Retail Leases of the Month: November

Mid-November to mid-December is almost always the Hanukkah/Christmas present retailers always crave, and so far this season hasn’t disappointed as far as their retail is concerned.

It was a good month for grocery stores and places for holiday shopping. The biggest lease was a 29,400-square-foot one for Morton Williams 1 West End Avenue. But it turns out it wasn’t the only grocery store that was active; Dumbo Market took 6,000 square feet at 66 Front Street in Dumbo, Brooklyn. And Westside Market took the old 8,000-square-foot Garden of Eden space at 170 West 23rd Street.

However, the big season stunner was the 19,000 square footer FAO Schwarz signed at 30 Rockefeller Plaza.

And in keeping with the places that are suited for holiday shopping, Levi’s took 17,000 square feet at 1535 Broadway and the athleisure brand Alo Yoga took 14,000 square feet at 96 Spring Street; the skatewear brand Vans took 8,753 square feet at 530 Fifth Avenue; The Shoe Box renewed their 3,600 square foot lease at 1277 Third Avenue; and J.C. Penney’s 2,800-square foot pop-up, Jacques Penne, opened at 446 Broadway.

But that doesn’t mean that there was nothing in the realm of food, beverage, experience or some kind of crossover. Kellogg’s signed on for a 5,000-square-foot permanent restaurant at 31 East 17th Street in Union Square.

See you next month!

Source: commercial

Morton Williams Plans Supermarket at One West End Avenue

Morton Williams is opening another store on the Upper West Side.

The 63-year-old grocery chain has leased 29,400 square feet on the ground floor and lower level of One West End Avenue, the first building in the five-tower Riverside Center development, The New York Post reported. Asking rent in the 25-year deal was $85 per square foot.

The store, set to open in 2018, will offer patio seating for shoppers, kosher merchandise and plenty of grab-and-go options, according to the Post.

The grocer will anchor a 43-story, 365-unit highrise between West 59th and West 60th Streets designed by Pelli Clarke Pelli. Thanks to the 421a tax exemption program, the project has 249 residential condominiums and 116 affordable rentals, with the rental and condo portions served by separate entrances. Available condo units in the building are priced from $1.5 million for a one-bedroom to $21 million for a four-bedroom, five-bath penthouse, according to StreetEasy.

Lee & Associates’ Brad Schwarz represented Morton Williams in the transaction, and Gary Alterman, Richard Gelber and Scott Zinovoy of RKF handled the deal on behalf of the landlords, Elad Group and Silverstein Properties.

“I think it would be a great amenity to the neighborhood, which I think is underserved for a high-level product like Morton Williams,” Schwarz told Commercial Observer. “I live in the area, and it’s a rapidly evolving area. With an additional 5,000 residential units coming online, I think this will be coming at the right time.”

Schwarz added that over the past year he’s worked on deals to bring Landmark Theatres and Greek restaurant Ousia to Durst Organization’s Via 57 West, which is two blocks from One West End. And across the street at 21 West End Avenue, he helped sign a recently-opened Soul Cycle.

Source: commercial