Union square

Petco will open a new location in Union Square

44 Union Square in Manhattan with Petco CEO Ron Couglin (Eden, Janine and Jim via Flickr, Petco)

UPDATE February 3, 2022, 6:44 p.m.: Off the leash at 860 Broadway, Petco pranced through Union Square for its next outlet.

The pet chain is leasing 30,000 square feet at 44 Union Square in Reading International, the former headquarters of Tammany Hall on the northeast corner of the park, the Commercial Observer reported. Petco will occupy three of the seven floors of the 73,000 square foot building which has been renovated in recent years to include a glass domed roof.

Sources said The real deal that Petco will vacate 860 Broadway, which is a block west, next year to move to 44 Union Square, where city records show second-floor use has shifted from office to retail business.

The precise terms of the lease are unclear. The Observer, however, reported that the asking rents were $450 per square foot on the ground floor of the building, $125 per square foot on the second floor and $100 per square foot on the lower level. Jeffrey Roseman of Newmark represented the owner, while Petco was represented by RIPCO.

“Signing this long-term lease with a retailer with strong credit is an important milestone for our development of 44 Union Square and a testament to New York City’s resilience and Union Square’s opportunity as a a key and vibrant location for tenants,” Margaret Cotter of Reading International said in a statement that did not identify the tenant.

“What’s out of the park has something to do with pets,” said Joseph Aquino, president of retail brokerage Jaacres, who was not involved in the transaction. “Everyone went to the rescue during the pandemic and adopted dogs and cats and now they need places like Petco.”

In 2017, Reading – the parent company of theater chain Reading Cinemas – secured $57.5 million in construction funding to redevelop the building, which had operated as a theater and performing arts center ever since. the 1980s, for offices and retail. Bank of Ozarks provided a $50 million loan, while Lionheart Strategic Management, a subsidiary of Fisher Brothers, provided $7.5 million in mezzanine financing to help expand the 23,000 square foot building.

Reading bought the property in 2001 for $7.7 million. It also owns the Orpheum and Minetta Lane theaters as well as Cinema 123 by Angelika on the Upper East Side.

The former home of the infamous Democratic Party machine, Tammany Hall has a fascinating history. It opened in 1929 and was the site of a speech by the then Governor. Franklin D. Roosevelt, who warned against corporate mergers putting too much money in the hands of elites.

In 1943, Tammany sold the headquarters to Local 91 of the International Ladies Garment Workers Union, which reopened it as Roosevelt Auditorium. In 1984 it became the Off-Broadway Roundabout Theater. A decade later it was renamed the Union Square Theatre.

The building was granted landmark status in 2013. Two years later, however, the New York Film Academy moved out, causing the theater to close.

Lois Weiss contributed to this story.

[CO] —Holden Walter-Warner