T.J. Maxx To Open In Soho Next Year: Report

SOHO, NY — The discount retailer T.J. Maxx signed a lease for a massive 18,000-square-foot space in Soho, the Commercial Observer reported.

T.J. Maxx is set to move into the storefront space at 483 Broadway in Soho, which currently houses the Broadway Market Co., a collection of artists and retailers that share the space. The store will likely open in 2018.

The retailer will take up 9,000 square feet on the ground floor of the building plus another 9,000 square feet in the basement, a source told the Commercial Observer. T.J. Maxx signed the lease for 15 years; the full rental price is unclear. Patch was not immediately able to contact T.J. Maxx representatives or the building's landlords for comment.

T.J. Maxx's entrance into the Soho shopping district is a sign of the spiraling real estate prices in the area. Numerous storefronts in the neighborhood have been left vacant because the rental prices are so high. Increasingly, only massive retailers like T.J. Maxx can afford to pay the price.

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