Olayan Group leases 15,000 s/f to Kim for new restaurant space

Manhattan, NY The Olayan Group has partnered with Gracious Hospitality Management’s (GHM) founder and visionary restaurateur Simon Kim, who created Michelin-starred COTE Korean Steakhouse, to bring a new, multi-faceted dining concept to 15,000 s/f of space across three levels at the base of Olayan’s 550 Madison Ave.

Located between East 55^th and 56^th streets, the space offers a dynamic floorplan for the new dining concept. GHM and The Olayan Group will begin the design phase immediately.

The restaurant will offer 60-foot ceilings and similarly sized windows, with views of Madison Ave. from the ground floor and mezzanine, and access to the building’s celebrated new half-acre garden from the ground floor. Designed by international landscape and architecture firm Snøhetta, the elegant garden is the largest new public green space in East Midtown.

In 2017, Kim founded GHM and opened COTE Korean Steakhouse, the brand’s Flagship location in Flatiron District. The restaurant’s unprecedented concept married the experience of Korean barbeque with elements of the classic American steakhouse, earning its distinction as New York City’s first Korean steakhouse and the world’s only Michelin-starred Korean tabletop grill restaurant.

“The iconic design of 550 Madison offers the ideal location for Simon Kim to share his newest culinary vision,” said Erik Horvat, head of Real Estate with Olayan America. “We are excited to work with such a pioneering restaurateur to reinvigorate East Midtown’s culinary scene by offering a dynamic, downtown vibe that delivers a unique experience to local workers, residents and visitors.”

Situated in the Plaza District, 550 Madison offers proximity to notable retail, hospitality, arts and cultural offerings. The LEED-platinum building also offers sustainability features, including a dedicated outdoor air system (DOAS), which infuses the building with abundant, fresh, purified outdoor air, improving both health and productivity. In addition to the garden and extensive amenities, building tenants will now have access to a superior dining experience.