Friday, January 29, 2010
Left: New spot on Lex. Right: Shelves are stocked.
The old Petco, corner of 86th and Lex.
Opening tomorrow at 9am, a brand new Petco on Lexington Avenue between 86th Street and 87th site of the former Barnes and Noble. The game of retailer musical chairs continues as Petco leaves its current digs across the street at 147 East 86th Street (corner of Lex). Barnes and Noble has consolidated the store on Lex and the store that was on 86th between 2nd and 3rd into its new mega-store on 86th between 3rd and Lex in the fortress otherwise known as The Lucida. But, what of the newly vacant Petco on 86th and Lex? Despite a rumor of a "clothing store" going into the space, the 12,000 square foot store (plus 3,000 sf of basement storage) is on the market with Ripco Real Estate for lease until the end of 2012. The term of that lease is awfully peculiar. After all, who would take a lease less than 3 years and renovate the space (which really does smell like a zoo) only to move out shortly thereafter? Smells like a prime development spot to me! A check of the zoning reveals that the Petco site is using less than 30% of it's available FAR and could be built to 42,000sf as-of-right.