Wien & Malkin's retail condo at 10 Union
Square East occupies the entire 58,000-
square-foot ground floor of Zeckendorf Towers.

Best Buy has chosen 10 Union Square East, owned by Wien & Malkin investors, for one of its first two Manhattan outlets devoted to cell phones and other mobile communications products.

The huge Minneapolis-based electronics retailer has signed a 10-year lease to occupy prime space at the superbly situated retail condo, at Park Avenue South and East 14th Street, on the busy southeastern corner of Union Square. The lease calls for $325 per square foot, which represents a substantial increase over the former rent paid for that space.

In addition to the Best Buy transaction, LM Restaurant Group LLC has signed a lease to occupy a 4,500-square-foot space at 10 Union Square East, on the corner of Irving Place and East 15th Street, where it will open a restaurant this fall.

Best Buy, which recently entered into a joint-venture deal with the U.K.'s Carphone Warehouse Group, Plc. to market cell phones internationally, expects to open for business in its 1,600-square-foot premises in time for the coming holiday season. The store is across the street from a major competitor, Circuit City.

The 58,000-square-foot retail condo at 10 Union Square East, which occupies the ground floor of the mixed-use Zeckendorf Towers development, was acquired by a Wien & Malkin-led partnership 10 years ago.

Union Square has since become one of Manhattan's most vibrant communities, known as a primary restaurant, retail and entertainment destination, with a popular green market in the park, big box stores and massive new student housing for nearby New York University. The Union Square subway station is the third most used station in the city.

Other retail tenants at 10 Union Square East include Food Emporium, Federal Express, Au Bon Pain, HSBC, Starbucks and Gamestop.

Among the major retailers in adjacent portions of Union Square are Staples, Barnes & Noble, Whole Foods, P.C. Richard & Sons, Trader Joe's, Virgin Records, The Sports Authority and Petco; a 14-screen, 3,500- seat United Artist Theaters multiplex entertainment center, and a host of renowned restaurants, including the Blue Water Grill, Union Square Café, and Gramercy Tavern.