East River Plaza signs 33,000 s/f lease with Marshalls

East River Plaza, a Blumenfeld Development Group (BDG) project, has just signed a lease with Marshalls, the national house wares and clothing retailer, which will be part of a 485,000 s/f retail development under construction on the east side of 116th St. off the FDR Drive, according to BDG principal David Blumenfeld.  When completed in the fall the retailer will occupy space on the fourth level of the center, Marshall's committing to 33,000 s/f of space. Other retailers committed to East River Plaza include Target, Home Depot, Best Buy, among others. Rounding out the 485,000 s/f project, the $480 million East River Plaza will be served by an adjacent multi-deck parking garage with room for approximately 1,248 parking spaces. Peter Ripka, of Ripco Real Estate Corp., New York, was the broker for Marshalls, the agreement reflecting the inherent economic strength of the East Harlem neighborhood and the City of New York. "Built on the grounds of the abandoned Washburn Wire factory, East River Plaza is expected to create over 2,000 new jobs for East Harlem, generate $35 to $40 million in new sales tax revenue, and introduce national brands to the community," said David Blumenfeld. "BDG remains proud of it work with the local Community Board (Community Board Number 11), City Hall, locally elected officials, the Borough Presidents Office, Positive Workforce, East Harlem Council for Community Improvement and local community organizations, to ensure that East Harlem residents and businesses participate in both the construction phase and the permanent jobs created at East River Plaza," he concluded.