Food Bazaar Supermarket is moving to Inwood after signing a 37,000-square-foot lease at 375 West 207th Street, Commercial Observer has learned.
The grocery store signed a 25-year lease for space at the foot of the 611-unit residential building being constructed by Maddd Equities and Joy Construction, according to JLL (JLL), which represented both sides in the deal.
JLL said Food Bazaar will occupy the space in early 2025, almost a year after construction is expected to wrap up on the project, named Sherman Creek North Cove.
JLL did not disclose the asking rent in the building, located in the Sherman Creek section of Inwood, but prime retail space in Manhattan saw average retail asking rents of $633 per square foot in the third quarter, according to a recent report from CBRE.
“As Sherman Creek evolves from a primarily commercial district to a dynamic community of new residential and mixed-use properties, open park space and waterfront access, Food Bazaar will fill the void for a full-service neighborhood supermarket providing fresh food options,” Eli Weiss, principal of Joy Construction, said in a statement. “[Sherman Creek North Cove] will bring much-needed high-quality workforce housing, tenant amenities and community recreation space to the area.”
Hilary Sievers of JLL represented the landlord in the transaction while Erin Grace, also of JLL, handled the deal on behalf of Food Bazaar.
Food Bazaar’s founders started the company in northern Manhattan in 1988 and its parent company, Bogopa Service Corporation, operates about 30 locations throughout the region.
Mark Hallum can be reached at email@example.com.