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East River Plaza reaches 100% leasing milestone

Underscores project's economic success for the city and the community

NEW YORK, March 3, 2014 /PRNewswire/ -- Marking a milestone that continues to create economic growth for East Harlem, the owners of East River Plaza today announced that the retail complex at 116th Street and the FDR Drive is now 100% leased following the signing of a long-term agreement for 14,500 square feet of space by Planet Fitness and the inking of a 15-year lease by Mt. Sinai Hospital for a community oriented dialysis center, also for 14,500 square feet of space.  

They join other tenants within the five story, half a million square foot complex that includes Target, Costco, PetSmart, Aldi, GameStop, Burlington Coat Factory, Old Navy, Bob's Discount Furniture and Marshalls, among others.

East River Plaza is co-owned by Blumenfeld Development Group, Ltd. (BDG), www.bdg.net a full-service real estate development firm with core strengths in large-scale retail and commercial office space, and Forest City Ratner Companies (FCRC), one of New York City's largest developers over the last decade, who and is currently the most active retail developer in the five boroughs.

BDG vice president David Blumenfeld stated, "These two lease signings reflect the success of our shared vision of reinventing what had been an abandoned industrial factory into a vibrant commercial center that has created thousands of new jobs, generated millions of dollars in tax revenue and provided a unique and exciting retail experience."

Bruce C. Ratner, chairman and CEO of Forest City Ratner Companies said, "East River Plaza represents the best of public-private partnerships in action…offering a much needed boost to the economy of New York City while providing new shopping opportunities for East Harlem residents and all New Yorkers."

Prior to the first tenant moving into East River Plaza in 2009, BDG and FCRC worked closely with the leadership of public agencies including the Upper Manhattan Empowerment Zone, Empire State Development Corporation and the New York City Economic Development Corporation to turn what had been a former Brownfield site into a great new shopping destination for all New Yorkers.

"With these two leases creating a 100% leased retail complex, we have proven that the vision and hard work of so many people has fulfilled the promise of creating an economic renaissance this proud community deserved," concluded Blumenfeld.

SOURCE Blumenfeld Development Group

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