T.J. Maxx Signed Lease on Upper East Side Retail Space
The retailer will replace H&M at 150 East 86th Street by late 2027.
Updated on Oct. 9, 2026 in Commercial
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T.J. Maxx has signed a lease for a 28,837-square-foot retail space at 150 East 86th Street in Manhattan. The store is scheduled to open in late 2027 in a location formerly occupied by H&M.
Why it matters
The lease marks a significant turnover for the retail unit, which Extell Development acquired for $64 million in July 2025. This deal secures a new anchor tenant for the property within a neighborhood that saw average retail rents hit $259 per square foot in the third quarter of 2026.
The new lease covers 28,837 square feet, consisting of 4,000 square feet on the ground floor and 25,000 square feet on the second floor. This development follows a third quarter of 2026 where average retail rents in the Upper East Side were $259 per square foot.
The players
T.J. Maxx
An off-price retailer known for selling apparel and home goods at discounted prices.
Extell Development
A major real estate investment and development firm that owns and manages commercial and residential properties.
Vornado Realty Trust
A real estate investment trust that owns, manages, and develops office and retail properties.
Ripco Real Estate
A commercial real estate services firm specializing in retail leasing and brokerage.
The details
The retail unit at 150 East 86th Street is currently owned by Extell Development, which purchased the space in July 2025. Richard Skulnik of Ripco Real Estate brokered the agreement to install T.J. Maxx as the successor tenant to H&M. The multi-level configuration will allow the retailer to utilize the large ground-floor footprint while maintaining a significant presence on the second floor.
Timeline
July 2025: Extell Development purchased the retail condominium.
Q3 2026: Average Upper East Side retail rents were $259 per square foot.
Late 2027: T.J. Maxx is projected to open the new location.
Money Landscape
The new lease sits within the context of Manhattan's competitive commercial rental market. This agreement aligns with broader leasing activity observed in the area, following a third quarter of 2026 where rents averaged $259 per square foot.
The transition of this retail space indicates a shift in the local shopping landscape for Upper East Side households. Residents should note that the new store is not expected to open until late 2027.
The takeaway
Commercial real estate turnover reflects changing anchor tenants in high-traffic urban corridors. Households can track local retail developments as indicators of neighborhood amenity changes and future shopping accessibility.
Further reading
For more information on market trends, visit Commercial.
Source note: This article includes information reported by Commercial Observer.
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