Manhattan, NY 7-Eleven is coming to Herald Sq. The new 2,200 s/f store will be located at 128 W 34th St. It’s slated to open in late summer 2023. Katz & Associates’ Scott Sher represented 7-Eleven franchisees Paul Kandhari and Jag Rajpal in the 15-year lease, and Newmark’s Jeffrey Roseman and Marc Leber represented the landlord.
“This is the perfect use in one of - if not - the most heavily foot trafficked blocks in NYC,” said Scott Sher, managing director, Katz & Associates. This is Sher’s fourth lease for new 7-Eleven stores in Manhattan. Previous deals representing franchisees include locations at 675 Eighth Ave., 800 Sixth Ave., and 110 Church St.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,