By Dana Rubinstein

June 30, 2008 | 4:19 p.m

Master mall builder Forest City Ratner and Blumenfeld Development Group have snagged another discount retailer for East River Plaza, the 485,000-square-foot suburban-style mall being developed in East Harlem along the FDR Drive, between 116th and 119th streets.

Marshalls, the discount housewares and clothing store, has committed to taking 33,000 square feet in the mall, according to a press release issued today. It will be the first Marshalls in East Harlem.

A recent article in The New York Times said the mall is slated to open in October 2009.

Some highlights of the $480 million project include an estimated 2,000 jobs (that is, of course, the developer's estimate); a multi-level 1,248-space parking lot; a Target; a Best Buy; and possibly a Home Depot. According to The Times, Home Depot is considering subleasing its space to Costco or BJ's.

Even better, according to The Times, the mall's facade "will be wrapped in a steel mesh American flag ... designed by a Pritzker Prize-winning architect Kevin Roche."

The full release is below:

 

East River Plaza, a Blumenfeld Development Group ("BDG") project, http://www.bdg.net/ has just signed a lease with Marshalls, the national house wares and clothing retailer, which will be part of a 485,000 square retail development under construction on the east side of 116th Street off the FDR Drive, according to BDG principal David Blumenfeld.

When completed in the Fall of the retailer will occupy space on the fourth level of the center, Marshall’s committing to 33,000 square feet of space. Other retailers committed to East River Plaza include Target, Home Depot, Best Buy, among others.

Rounding out the 485,000 square foot project, the $480 million East River Plaza will be served by an adjacent multi-deck parking garage with room for approximately 1248 parking spaces.

Peter Ripka, of Ripco Real Estate Corporation, New York, was the broker for Marshalls, the agreement reflecting the inherent economic strength of the East Harlem neighborhood and the City of New York.

“Built on the grounds of the abandoned Washburn Wire factory, East River Plaza is expected to create over 2,000 new jobs for East Harlem, generate $35 to $40 million in new sales tax revenue, and introduce national brands to the community,” stated David Blumenfeld.

“BDG remains proud of it work with the local Community Board (Community Board Number 11), City Hall, locally elected officials, the Borough Presidents Office, Positive Workforce, East Harlem Council for Community Improvement and local community organizations, to ensure that East Harlem residents and businesses participate in both the construction phase and the permanent jobs created at East River Plaza,” he concluded.