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Deals & Dealmakers

True Value moves into Midtown East

Avison Young announced the closing of a 3,463 s/f long-term retail lease at 815 Second Avenue in Midtown East.

The lease comprises 1,807 s/f on the ground floor and 1,656 s/f on the mezzanine for Midtown Hardware, a retailer-owned hardware store member of the True Value cooperative, which extends to over 4,400 retail locations across the United States.

An Avison Young team consisting of Principal and Tri-State president Arthur Mirante, Martin Cottingham, Jonathan Krivine and Matthew Pynn represented the building’s owner, The Domestic and Foreign Mission Society of the Protestant Episcopal Church. The tenant was represented by Patrick Smith, Don Cafero and Amy Zhen of JLL.

Midtown Hardware is relocating from the Teacher’s Insurance Building at 730 Third Avenue. In the new location, the retailer will design and build a staircase to connect the ground floor to the mezzanine.
“The Midtown East neighborhood continues to grow both as a residential and commercial community,” said Mirante.

“We are thrilled to continue collaborating in what has been a very successful relationship with the Church and are particularly proud of brokering a deal that shows retailers are opting for long-term leases, against the trend of dry use retailers going for the shorter term.”

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