Manhattan, NY Bertwood Realty has signed a 300 s/f, five-year lease in the subway arcade at the Times Sq. station at 40th and 7th for Park Avenue Barbershop. Signed earlier this month, Park Avenue intends to open in the spring.
Abe Bichoupan, the broker at Bertwood Realty that represented the tenant, said, “Times Sq. is one the city’s busiest stations, and the services provided in these arcades are highly valued by New Yorkers.”
The subway arcade is controlled by the property at 200 West 40th St. and privately held as a partnership between 200 West 40 LLC and Two Lions Capital. Morwin Schmookler, CEO of Ironstone Partners is the managing agent of the three-story, 8,000 s/f property, represented the landlord.
“Abe efficiently got us a great tenant for the space,” said Schmookler. “It was previously a barber shop, so there is a built-in client base eager for the new tenant to open.”
Park Avenue Barbershop is owned by Manny Mulokandov, who operates at 333 Park Ave. South. Mulokandov has not determined whether he will operate with the same name, but he is committed to providing a full-service, upscale barber shop grounded in old-school values.
Schmookler said, “The property has 8,000 s/f of retail space and all of the tenants are performing tremendously. Most, including Midtown Comics, have operated here for over ten years. You’d be amazed at the traffic. With this lease was are back to 100% occupancy again.”
Located in midtown Manhattan, Bertwood Realty, was recently voted one of the top-ten boutique commercial real estate services companies in NYC. Founded by Bertrand de Soultrait in 2013, Bertwood Realty provides a full suite of commercial real estate services for landlords and tenants with a focus on luxury brands. In 2016 they opened a London office. By mid-year, Bertwood Realty will also open in Paris.