GlobeSt.com
By Betsy Kim | April 17, 2019 at 03:27 PM

The store’s 25,000-square-foot lease is a “slam-dunk” with its new concept in retail, says Craig Deitelzweig, CEO of Marx Realty which owns and manages the property.

NEW YORK CITY—Foot Locker is expanding its size in Washington Heights, Manhattan as well the idea of shopping for shoes. The company is opening a new concept “Power Store” at 605 W. 181st St. It signed a 10-year deal with Marx Realty to lease the 25,000-square-foot building as the sole tenant. The asking rent was $180 per square foot.

Foot Locker is stepping up its game, moving from its approximately 7,000-square-foot space at 621 W. 181st St. just up the street. The new “Power Store” more than triples the store’s size. It will offer a barber shop, sneaker cleaning, gaming zones, event space and an area where customers can “make their own shoes” and create limited edition sneakers with customized designs. The store will open in the fall of 2019.

Craig Deitelzweig, president and CEO of Marx Realty, is known for repositioning and adding value to assets. With one of the most recognizable athletic footwear and apparel retailers as a new tenant, the space is a prime example of real estate leveraging experiential retail. It’s one of the evolving brick-and-mortar stores, drawing customers through the doors with services they can’t get online.

“Foot Locker’s new store will enjoy a larger footprint in one of Manhattan’s most vibrant up-and-coming neighborhoods and will be a slam-dunk for the company’s new concept, which has been successfully implemented around the world,” says Deitelzweig.

The company has opened other “Power Stores” in London, Hong Kong and Detroit. It plans to continue to branch out with similar stores in other US cities including Los Angeles and Philadelphia.

Marx Realty points to the foot traffic on 181st Street, and how nearby businesses carrying everyday products help foster the right environment for an immersive retail experience. Retail businesses in the area include Capital Bank, Blink Fitness, Game Stop, and T-Mobile, and multiple dining and entertainment spots. The location also enjoys convenient access to public transportation connecting with both the Bronx and lower Manhattan.

In this transaction, a Marx Realty team led by Henry Henderson managed the marketing and leasing of the property for the owner landlord. Evan Shuckman from RIPCO represented Foot Locker.

View the Full Article