Manhattan, NY Newmark Retail has secured two new leases at 14 Wall St. The firm represented ownership to secure leases with No 1 Caviar for 1,400 s/f and Bio Vita for 1,900 s/f. Adding these two new tenants brings the asset’s retail space to fully leased. Newmark senior managing director Darrell Rubens represented the landlord on both transactions and was the sole broker on the No 1 Caviar transaction.
“In the last year, we saw a tremendous comeback of tourists, office workers and residents to the area,” said Rubens. “We are incredibly proud of the innovative and creative retail tenants we have secured at 14 Wall St. to bring the retail portion of the asset to 100% leased.”
No 1 Caviar leased the former Feed Your Soul space in the lobby of the one-million s/f office tower. They will offer a high-end caviar and champagne bar experience occupying 400 s/f on the ground level and 1,000 s/f on the lower level.
“We are excited that 14 Wall St., known as a historical landmark of the financial district, is hosting the tenants that offer unique and creative food service concepts. We see that the Wall St. area is undoubtedly back in business, with even greater energy. Our two new retail tenants, Bio Vita and No 1 Caviar, are clear proof of that,” said Alex Rovt of Roza 14W LLC. Bio Vita, the second retail transaction, is from the popular NY-based Luzzo Group. The group recently opened its famous pizza concept at 40 Wall Street and saw an immediate demand for more food options, leading them to open their gnocchi and poke concept on the same block. Bio Vita, also known as organic farming vita (which translates to life in Italian), will occupy the former Capital One space, where they will be selling gnocchi and poke to go. The lease spans 1,000 square feet on the ground floor and 900 s/f on the lower level, with 20 feet of frontage along Wall St.
According to Newmark Research, the Manhattan retail market in Q2 continued to see signs of recovery, with average asking rents increasing in seven of the ten trade areas from the prior quarter. Leasing activity has rebounded, with 1.4 million square feet of transactions recorded in the year’s first half. This figure is approaching the full-year volume of 2020 and is on pace to end higher than 2021.
Recently, Lower Manhattan has witnessed the leasing of Printemps signing at One Wall Street joining Whole Foods and Lifetime Fitness that recently opened at the corner of Wall and Broadway. This activity has reinforced the desirability of 14 Wall Street as the asset has renewed or signed notable retailers, including Equinox, TJ Maxx and the first New York outpost of 10,000 Coffee.
Ethan Park of PD properties represented Luzzo Group.