Astoria’s Steinway Tower has inked H Mart as its new ground-floor retail anchor this week, locking in reported rents of $90 per square foot—shattering past neighborhood highs.

This week, Korean supermarket chain H Mart finalized a 12-year lease for 22,000 square feet at 31-19 Steinway St, the glassy new Steinway Tower developed by Silverline Realty. According to CBRE broker Rafael Torres, the deal closed at $90 per square foot, a number Steinway Street hasn’t seen outside of phone shops since the pre-pandemic peak.

Rents along Astoria’s Steinway Street corridor have jumped nearly 40% in the past eighteen months, according to figures from Cushman & Wakefield. The $90-per-foot lease surpasses last summer’s record $74-per-foot paid by the sneaker chain at 34th Avenue. H Mart, which already operates in Flushing and Koreatown, will anchor the Tower’s retail component on the street level, with signage slated to go up by July 15.

Longtime Astoria business owner Maria Kotsaris of Lefkos Pirgos Bakery, two blocks north, says, “We haven’t seen a market like this since Amazon almost came here.” Steinway Tower replaced the former Modell’s Sporting Goods, which shuttered in 2020. The new development includes 105 rental apartments above the commercial podium, and the retail lease was a key win for Silverline, whose principal, David Swerdlow, called H Mart a “game-changer for Steinway.”

H Mart’s arrival is already sparking interest from other national brands, according to Torres. “We’re getting calls from specialty fitness, pet, and bubble tea chains, all citing H Mart as their anchor-of-choice,” he said. Astoria BID director Nia Collins expects increased foot traffic to ripple up to 30th Avenue and across to Broadway, potentially pushing rents even higher.

Frequently Asked Questions

Where exactly is Steinway Tower and when will H Mart open?

Steinway Tower is located at 31-19 Steinway Street in Astoria, near the corner of 32nd Avenue. H Mart is expected to begin buildout in late June, with a target opening in early fall 2024. Signage is being installed in July, marking the brand’s first store in western Queens.

How do current retail rents compare to previous years in Astoria?

Retail rents on Steinway Street hovered around $58-$68 per square foot from 2021-2022. The new H Mart deal at $90/SF marks a nearly 40% increase, reflecting renewed demand for flagship retail spaces in Astoria post-pandemic.

What impact will H Mart have on the Steinway Street retail corridor?

Local officials and brokers expect increased foot traffic and renewed interest from national retailers. Comparable openings in Flushing and Bayside have led to higher rents and new restaurant and service sector tenants within one year of opening.

Frequently Asked Questions

Where is Steinway Tower located and when will H Mart open?

Steinway Tower is at 31-19 Steinway Street in Astoria, near 32nd Avenue. H Mart is expected to open in early fall 2024, with signage up by July 15.

How much did H Mart agree to pay in rent at Steinway Tower?

H Mart signed a 12-year lease at $90 per square foot for 22,000 square feet at Steinway Tower.

How have retail rents on Steinway Street changed recently?

Retail rents on Steinway Street have jumped nearly 40% in the past eighteen months, rising from $65 per square foot last year to $90 per square foot with the H Mart deal.

What business previously occupied the Steinway Tower retail space?

The Steinway Tower retail space was previously occupied by Modell’s Sporting Goods, which closed in 2020.

What impact is H Mart expected to have on the Steinway Street retail corridor?

H Mart’s arrival is expected to increase foot traffic and attract more national retailers to the area, potentially pushing rents even higher.

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