48,000-SF Marshalls Replaces Toys 'R' Us

QUEENS, NY-Sholom & Zuckerbrot Realty LLC has negotiated a long-term 48,000-sf lease in Jamaica, Queens, for retail giant Marshalls, a division of TJX Corp., according to S&Z president Franklin Zuckerbrot. Marshalls is replacing Toys “R” Us at the location, 168-23 Jamaica Ave., which is within the former JW Mays Department store building.

A source close to the deal tells GlobeSt.com that the lease covers a 20-year period. The source also notes that the asking price was $35 per sf, but would not disclose the taking price or aggregate lease value.

“This is a major vote of confidence in the strength of the Downtown Jamaica commercial district,” notes Zuckerbrot, who arranged the lease with Doug Weinstein, managing director of S&Z. “From our initial presentation to the TJX Corp., it was clear that they understood the tremendous value of this location and the potential high sales volumes that can be generated within the boroughs of New York City.”

Over the years, S&Z has been very active in the Jamaica marketplace. This past year S&Z also represented the First Presbyterian Church and negotiated a 5,000-sf lease renewal with regional fashion retailer Danice Stores at 163-27 Jamaica Ave.

“Indeed, as the recent lease of Home Depot just across the street from the new Marshalls store in Jamaica demonstrates, the area is definitely on the upswing, and more and more major national retailers are taking a strong interest in this surging retail neighborhood,” Weinstein explains. In brokering the space for Marshalls, S&Z served as the exclusive leasing agent for the landlord, J.W. Mays Corp.