Here are Manhattan’s priciest retail leases of 2020

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This year’s most lucrative retail leases look different from the usual Manhattan fare.

Generally an apparel or beauty store appears at the top of the list. Or, like last year, a luxury retailer.

But this year, decidedly unsexy big-box operators dominated the charts.

And though many retailers were wary of expansion, some were bullish. Target, for example. The big-box retailer had four of the 10 most valuable retail leases this year, ranked by annual rent.

“While the transaction volume was down significantly in 2020, the deals that were done, they all have a common thread, and that is spaces that were leased were of the highest quality,” said Richard Skulnik of RIPCO, who represented Target in the deals. “I would say there was a flight to quality during 2020 for transactions that were completed.”

A few expensive leases continued to be signed on the luxury streets, with one on Madison Avenue and two on Fifth Avenue.

There were also a fair number of renewals with major price tags. Bed Bath & Beyond renewed its lease at 620 Sixth Avenue for $6.9 million per year. Home Depot renewed at 40 West 23rd Street for $9 million annually. And Chanel stayed at 139 Spring Street for $3.6 million.

Still, this year’s top deal fell far below the whopping $16 million Hermès of Paris paid for 12 months at 706 Madison Avenue.

Here are the 10 most valuable retail leases of the year, according to data from PincusCo.



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