Manhattan, NY According to The Blumenfeld Development Group, (BDG) Marshall’s department store has extended its lease with East River Plaza for another 10 years, active from 2021 to 2031.
The retailer occupies 34,000 s/f in the East Harlem complex and has been an original tenant of the space since East River Plaza opened its doors to the public in 2009.
In addition to Marshall’s, East River Plaza houses such national brands as: Costco, Target, Burlington Coat Factory, Aldi, Bob’s Discount Furniture, Planet Fitness, Applebee’s and more.
“We are thrilled that Marshall’s, one of our original tenants, will be with us for another 10 years at East River Plaza. They have been a great partner from the very beginning and we know they will continue to serve our community well,” said David Blumenfeld, vice president, BDG.
East River Plaza and its tenants have taken extreme safety precautions and 10 retail tenants, including Marshall’s are now open, all adhering to CDC guidelines regarding COVID-19.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,