Home Depot may back out of a planned retail development on the Upper East Side of New York City, according to a story in the Daily News. Costco chairman Jeffrey Brotman told the newspaper that his company was “in talks” with Home Depot about subletting a 110,000-squre-foot space on FDR Drive between 116th and 119th Streets.
The Atlanta retailer signed a lease several years ago to occupy the ground level of a five-story project called East River Plaza. The second level will hold a Target store, and Best Buy will be the tenant for part of the third floor.
Originally scheduled to open in the fourth quarter of 2008, the 485,000-squre-foot shopping center, which sits on six acres, has stalled over financing issues. The new projected opening is October 2009.
Home Depot already has two locations in Manhattan.