ABS Partners completes four retail leases totaling 10,952 s/f

Mark Tergesen, ABS Partners

Robert Kempner, ABS Partners

Dean Valentino, ABS Partners

Keith Lipstein, ABS Partners

New York, NY ABS Partners Real Estate, LLC has secured four new leases totaling 10,952 s/f.

The first deal was a 12-year, 5,724 s/f lease for Manhattan Center for Kitchen and Bath (MCK+B) at 41 West 25^th St. MCK+B, a high-end kitchen and bath design center, will be relocating its showroom and offices to the 11-story building in Manhattan’s Flatiron District in the first half of 2016. The company will have 40 ft. of frontage along 25^th St., with 3,526 s/f on the ground floor and 2,198 s/f on the lower level.

“When searching for a new location for its showroom and corporate offices it was important for MCK+B to remain in the Flatiron District, where their business has flourished for the past 15 years. 41 West 25^th St.offered a pristine white-box space in a nearby, highly trafficked corridor with neighbors that complement MCK+B’s business, like Gracious Home, HG Stones, and Showplace Antique & Design Center,” said Mark Tergesen, a senior managing director at ABS Partners. “The Flatiron District has always been a hub for design companies looking for a presence in Manhattan. Many of the leases done 10 to 15 years ago are now rolling, and with red-hot demand for space in the sub-market, the tenant deck is shuffling and resulting  in a push north into Nomad and further west into Chelsea. ”

Tergesen and Robert Kempner of ABS Partners Real Estate represented the tenant in the transaction, while Sean Moran, David LaPierre and Cassie Durand of CBRE, Inc. represented the landlord, Hanover Estates LLC.  

MCK+B has everything one needs to completely remodel a kitchen and bathroom. MCK+B offers contemporary and traditional cabinetry, state-of-the-art appliances, countertops, hardware, tile and stone along with high-end bathroom fixtures and design elements. The company provides consultation, design, installation and full project management through a full staff of seasoned professionals and qualified specialists in the construction and design field.

Constructed in 1907, 41 West 25^th St. is an 11-story building in Manhattan’s Flatiron District. Located between Fifth and Sixth Aves., the property is in the heart of the design district, with neighbors that include the Bonobos Headquarters, Gracious Home and TOTO USA. 41 West 25 ⁰ St. is a short walk from Madison Square Park, the 1, F, M, N, R subway lines and the PATH train.

The three other new leases include two new restaurants in the East Village, Kingsley and Udon Noodle Bar, as well as a deal relocating a favored Upper East Side restaurant, Yura on Madison.

“Each restaurant brings a unique factor to its respective area. The East Village is a hotspot for foodies, which is why Kingsley and Udon Noodle Bar—two restaurants owned by bourgeoning chefs— valued space in the neighborhood to establish their brand,” said Dean Valentino, a managing director at ABS Partners. “For Yura on Madison,  a staple on the Upper East Side for years and a tradition for many customers, it was important to the owner to stay in a convenient, nearby location, which we were able to achieve by securing a space just blocks up the Ave.”

The following leases were negotiated:

• Kingsley, a new contemporary American restaurant by owner and Chef Roxanne Spruance, signed a 10-year, 2,400 s/f lease at 190 Ave. B. The new restaurant on the corner of East 12^th St. and Ave. B in the East Village is slated to open this fall. Valentino and Tergesen represented the landlord and tenant.

• Udon Noodle Bar, a Japanese restaurant by Huey Cheng, the owner of Kura, signed an eight-year, 1,200 s/f lease at 342 East 6^th St. The new restaurant between First and Second Aves. in the East Village is expected to open this fall. Valentino and Tergesen represented the landlord, Matel Realty while Tracy Hanna and Karma McDermott of SKH Realty represented the tenant.

• Yura on Madison, a specialty gourmet café, signed a 10-year, 1,628 s/f lease at 1350 Madison Ave. The restaurant will be relocating from East 92^nd St. to the corner of East 96^th St. and Madison Ave. this fall. Valentino, Tergesen and Keith Lipstein of ABS represented the landlord, while Seth Weinstein of ABC Realty represented the tenant.