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Deals & Dealmakers

Michaels Renews 32K-SF Lease at 675 Avenue of the Americas

GFP Real Estate, LLC is pleased to announce that specialty arts and crafts retailer Michaels has signed a lease renewal for 32,000 square feet on the ground floor of 675 Avenue of the Americas in Chelsea. 

Jeffrey Gural, chairman and principal of GFP Real Estate, represented the tenant and the landlord in the direct lease transaction.  

“Along with Trader Joe’s, Michaels has been a solid, long-term anchor at the building for many years,” said Jeffrey Gural, chairman and principal of GFP Real Estate, LLC.  “Michaels has seen incredible success at this location over the years driven by the area’s consistent, high level of foot traffic as the area remains a major shopping destination for home goods, furniture, art, food and fashion.” 

A tenant of 675 Avenue of the Americas since 2014, Michaels operates 1,275 stores in 49 states and Canada and remains the largest specialty retailer in North America “providing the best assortment of curated arts and crafts componentry.” 

Originally built in 1901 to house the Adams Dry Goods department store, 675 Avenue of the Americas spans an entire city block on the west side of 6th Ave between 21st Street and 22nd Street. The property features expansive, 50,000-square-foot open floor plates, 13’ exposed ceilings and 10’ oversized operable windows. The building features a 24/7 attended lobby; a tenant rooftop amenity space; and modern high-speed elevators, mechanical systems, and a new HVAC system. 

675 Avenue of the Americas is ideally located just five blocks north of Union Square Park and one avenue west of Madison Square Park, providing unparalleled ease of access to all areas of New York City.  The building is also a short distance from Gramercy Park, one of the most desirable residential neighborhoods in New York City and is in the heart of what has become known as New York City’s Silicon Alley.  

The area, once known as Ladies’ Mile, was a prime shopping district at the end of the 19th century. The district contains mostly multi-story store and loft buildings which have become a magnet for tech and media companies. These creative companies are attracted to the district’s unconventional building stock, with its open layouts and high ceilings, which hold great appeal for companies that rely on open floor plans. 

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