Modell’s Sporting Goods signs 20,000 s/f at 845 Third; Steinman of Rudin is broker

845 Third Avenue - Manhattan, NY

Manhattan, NY The Rudin Family has signed a 10-year retail lease for New York-based athletic retailer Modell’s Sporting Goods at 845 Third Ave., a 21-story, 360,000 s/f class A property in the Midtown East district.

The new 20,000 s/ft lease encompasses the ground floor, second floor and basement level formerly occupied by Sports Authority on the corner of 51^st St. and Third Ave. Set to open in mid-November 2016, it will be the retailer’s 44^th location in the city and 159^th location in the Northeast.

“We are excited to add Modell’s, a great family-owned, New York-based retailer to our prestigious roster of retail tenants,” said Bill Rudin, co-vice chairman and CEO of Rudin Management Co., the operating arm of the Rudin Family holdings. “We are looking forward to the opening of the Modell’s flagship store in November, and it will be a welcome addition to the thriving Third Ave. corridor.”

Robert Steinman, vice president at Rudin Management, represented building ownership in-house. There were no outside brokers.

“We are so thrilled to be in such a marquee location for our flagship store in Manhattan,” said Mitchell Modell, CEO of Modell’s. “It is our first deal with the Rudins, and we are delighted to be part of their family.”

Built in 1963 by the Rudin Family, 845 Third Ave. occupies the easterly blockfront of Third Ave. between 51st and 52nd Sts. The property is currently 100% leased and Wired Certified Platinum, and is home to a prestigious roster of tenants, including K2 Intelligence, Kroll Bond Rating Agency, the Conference Board and SeniorBridge Family Companies.

Founded in 1889 by Morris Modell, the first Modell’s store was located on Cortlandt Street in lower Manhattan. Four generations of the Modell family have developed the family business into a chain of more than 150 stores throughout the Northeast, including New York, New Jersey, Pennsylvania, Connecticut, Rhode Island, Massachusetts, New Hampshire, Delaware, Maryland, Virginia and the District of Columbia.

Rudin Management Company, which serves as leasing and managing agent for 845 Third Ave., is a full service real estate organization managing the interests of the Rudin Family. Among its real estate holdings are 16 office buildings containing 10 million s/f of commercial space and 20 apartment buildings comprising over four million s/f.