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Deals & Dealmakers

First Lowe’s branch in Manhattan opens

Madison Capital announced the new Lowe’s Companies, Inc. premier location in Manhattan’s Upper West Side has opened to the general public. The retailer leased Madison Capital’s 32,400-square-foot property at 2008 Broadway (W 68th Street & Broadway) in Q4 2014, marking the retailer’s first expansion into the Manhattan market in its 69-year history, and serving as a model for future urban stores across the nation.

Driven by the extensive volume of sales produced by New Yorkers through its online store and regional locations, Lowe’s, a nationwide leader in hardware and home improvement products, collaborated with Madison Capital to secure a foothold in Manhattan’s Upper West Side.

A leader in repositioning superior urban retail and mixed-use assets in dynamic locations, Madison Capital worked closely with Lowe’s internal team to develop and execute a new strategy for the urban market, intended to simplify the shopping experience and fulfill the specialty needs of New York City customers.

“Madison Capital is pleased to partner with Lowe’s to bring the first Lowe’s store to Manhattan and develop their first urban retail prototype store nationally,” said Jill Grabel Kirby who spearheaded the deal at Madison Capital. “The Upper West Side store will attract foot traffic from neighborhood locals and serve surrounding construction professionals, filling a market void in the area.”

The new location offers a curated inventory to serve city dwellers, geared to maximize living space in New York City apartments. This approach allowed Madison Capital and Lowe’s to effectively optimize the available retail space and build out the location at approximately one third the size of the retailer’s typical suburban big-box stores.

“Attracting a high-quality tenant to the retail space was essential for this property. Madison Capital’s expertise and hands-on approach, combined with Lowe’s commitment to pursuing innovative business strategies and creating singular shopping experiences for urban customers, enabled the partnership to run smoothly from the store’s conception through build-out and opening,” said Joe Jacobson of Madison Capital.

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