New York, NY Eastern Consolidated’s retail leasing division has arranged three new restaurant leases on Ninth Ave., marking the 12th retail lease the team has negotiated on the Hell’s Kitchen commercial corridor. All three leases were negotiated within weeks of signing an exclusive agreement.
A 10-year, 4,300 s/f lease was signed for a new Spanish/Thai restaurant at 700 Ninth Ave. at 48th St.. Exclusive leasing brokers James Famularo, senior director and principal at Eastern Consolidated, and Jeff Geoghegan, director, represented both the landlord and tenant in this transaction.
A 10-year, 420 s/f lease was signed for Rice Burger at 746 Ninth Ave. between West 50th and 51st Sts. Famularo and Geoghegan represented the landlord, and Max Swerdloff, associate sirector, represented Rice Burger.
A 10-year, 2,000 s/f lease was signed for D Square Café at 714 Ninth Ave. between West 48th and 49th St. Famularo and Geoghegan represented the landlord, while the café was represented by Ina Donath with Capstone Realty Advisors.
“The dozen leases the brokers at Eastern Consolidated have negotiated on Ninth Ave. have contributed to the corridor’s transition from a gritty and dangerous strip to a lively restaurant row,” Famularo said. “Literally any type of food you want to eat you can find on Ninth Ave., 24-hours a day, seven days a week. We’ve been happy to be part of the transformation on the Ninth Ave. corridor and we see these positive changes continuing.”
Famularo said that new luxury residential towers are located to the west of Ninth Ave. and the Theater District and high-rise office buildings and hotels in Times Sq. are located to the east, with the restaurants on Ninth Ave. bridging the two communities.
“Rents are still affordable on Ninth Ave., which is why restauranteurs are flocking to it,” Geoghegan said. “The Ave. is close enough to Times Sq. and the Theater District to attract tourists, while the restaurants are warm, and friendly enough to attract local foodies who live in the area and appreciate the variety of dishes available.”
In addition to arranging leases at 700, 746, and 714 Ninth Ave., Eastern Consolidated’s retail leasing team arranged leases for nine other businesses and restaurants on the commercial corridor including Southern Hospitality at 645 Ninth Ave.; OBAO at 647 Ninth Ave.; City Sandwich at 649 Ninth Ave.; Wrapido at 673 Ninth Ave.; Fuel Grill & Juice Bar at 683 Ninth Ave.; Casa Agave at 693 Ninth Ave.; Uni K Wax at 695 Ninth Ave.; Atlas Social Club at 753 Ninth Ave.; and The Jones at 788 Ninth Ave.
The brokers said they currently have one remaining retail space available at 696 Ninth Ave., which is attracting multiple offers.
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