T.J. Maxx Signed Lease on Upper East Side
The retailer has secured a 28,837-square-foot space at 150 East 86th Street.
Updated on Oct. 9, 2026 in Commercial
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T.J. Maxx has signed a new lease for a large retail location in Manhattan's Upper East Side. The store will occupy the space previously held by H&M at 150 East 86th Street.
Why it matters
The deal represents a significant shift in the Upper East Side retail landscape as a major discount chain moves into a prominent space formerly occupied by a global apparel brand. It also highlights the continued high-value nature of retail real estate in the neighborhood.
The new lease covers 28,837 square feet, divided into 4,000 square feet on the ground floor and 25,000 square feet on the second floor. This property was purchased by Extell Development for $64 million in July 2025.
The players
T.J. Maxx
This off-price department store chain is a subsidiary of The TJX Companies and operates thousands of locations globally.
Extell Development
This full-service real estate developer is known for managing major high-end residential and commercial projects throughout New York City.
Richard Skulnik
He is a real estate professional with Ripco Real Estate who specializes in brokering significant commercial retail transactions.
Vornado Realty Trust
This publicly traded real estate investment trust focuses on owning and managing office and retail properties in major urban markets.
H&M
This multinational clothing retailer operates thousands of stores worldwide and is known for its fast-fashion business model.
The details
The lease agreement for 150 East 86th Street was brokered by Richard Skulnik of Ripco Real Estate. The store is expected to draw significant foot traffic to the building, which is owned by Extell Development.
Timeline
Extell Development bought the retail condo unit in July 2025.
Average retail rents in the area were $259 per square foot in the third quarter of 2026.
T.J. Maxx is scheduled to open the new location in late 2027.
Culture Shift
The entry of a major discounter into this prime corridor underscores a broader transition in urban retail as budget-conscious brands secure high-visibility spots previously held by traditional fashion retailers. This reflects a shift toward accessibility in even the most affluent neighborhoods.
Upper East Side shoppers can expect a new discount retail option to open in late 2027, potentially shifting the shopping demographic at 150 East 86th Street. Residents should anticipate construction activity at the site leading up to the store's opening date.
The takeaway
This lease underscores how premium Manhattan retail spaces are increasingly adapting to accommodate large-scale off-price brands. Consumers looking for affordable retail options should note that major changes to the 86th Street corridor are slated for completion by late 2027.
Further reading
For more on the local retail market, visit the Commercial section.
Source note: This article includes information reported by Commercial Observer.
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