Williams Equities completes lease extension with Home Depot

Manhattan, NY Williams Equities has completed a long-term, 120,000 s/f extension with Home Depot at the ownership group’s 28 & 40 West 23^rd St. This transaction is the second retail lease of this size Home Depot has signed in the city in the last month. Both represent some of the largest retail leases in the borough over the last five years. 

The brokerage team of Michael Cohen, president; Andrew Roos, vice chairman; and Mac Roos, associate, all with Colliers International Tri-State, represented Williams Equities. Peter Ripka of Ripco Real Estate, represented Home Depot. 

The two-building, 561,000 s/f mixed-use property at 28 & 40 West 23^rd St. is owned and controlled by Williams Equities and located between Fifth and Sixth Aves. in the heart of the Flatiron District. Long-time retail anchor Home Depot occupies the ground floor, lower level, and mezzanine. 

“We are delighted to extend Home Depot at 23 & 40 West 23^rd St.,” said a Williams Equities spokesperson. “We envision this ongoing partnership as another step in further cementing the success of our Flatiron District property and helping revitalize New York City in a new period of shared prosperity.” 

“Home Depot has been a staple of this iconic Williams Equities’ property and is a valued asset to both the building and the neighborhood, and even in a challenging environment, continues to be an ideal occupant, for today and well into the future,” Roos said. “We are thrilled to extend the relationship.” 

Williams Equities added that while the retail market had already shown signs of distress—exacerbated because of the pandemic—the long-term Home Depot extension was a smart, strategic decision. 

“The new agreement is a mutual declaration of confidence between tenant and landlord,” Cohen said. “A commitment of this size and magnitude signals that the relationship is built on trust, the economics penciled out, and there’s a shared belief that consumers will continue to make Home Depot at 28 & 40 West 23^rd St. one of the busiest retail destinations in the city.” 

Williams Equities has made considerable capital improvements at the cast-iron property over the last several years, reinventing the asset into a state-of-the-art destination for digital, technology, and creative firms. Capital improvements included new lobbies on both the 22^nd and 23^rd St. sides and new cooling towers on the roof. 

Other tenants at the property include AT&T subsidiary Xandr and Estee Lauder brand Aramis.