The New York offices of Lee & Associates Commercial Real Estate Services (Lee NYC), a privately-held national commercial real estate firm has closed a lease transaction on behalf of 292 Bedford LLC at its Bedford Ave. property. Radegast Hall & Biergarten, a Williamsburg dining institution, inked a 10-year lease for 1,500 s/f. The owners agreed to the asking rent of $200 per s/f, as there was considerable interest in the property from both local and national businesses. Garry Steinberg, a managing director and principal of Lee NYC, represented the landlord. Roni Dotan of Corcoran represented the tenant.
"Radegast understands the value of the neighborhood and of the space—the owners share the same values and vision for the neighborhood as the landlord. It was a natural fit," said Steinberg.
Having a 9,000 s/f location at 113 North Third St. in Williamsburg, the owners of the beloved Austro-Hungarian restaurant and beer hall decided to open a second, as yet unannounced new restaurant concept, a few blocks away on the corner of Bedford Ave. and Grand St. The current Radegast combines an impressive assortment of imported beers (22 drafts on tap and at least 58 beers by the bottle) with the expert culinary skills of Michelin-star rated executive chef Eric Francou for a unique experience.
In selecting a tenant, maintaining the authenticity of the neighborhood was paramount. When Radegast moves into the new space on June 1, 2015, it will be joining neighborhood stalwart, Maison Premiere Oyster Bar at 298 Bedford Ave. Despite considerable interest from national retailers, the landlord felt that Radegast fit best within the existing fabric of the community. Tags: