-- Retail team negotiates leases for three more Hell’s Kitchen restaurants at 700 Ninth Avenue, 714 Ninth Avenue, and 746 Ninth Avenue –
Eastern Consolidated’s Retail Leasing Division has arranged three new restaurant leases on Ninth Avenue, marking the 12th retail lease the team has negotiated on the Hell’s Kitchen commercial corridor. All three leases were negotiated within weeks of signing an exclusive agreement.
A 10-year, 4,300-square-foot lease was signed for a new Spanish/Thai restaurant at 700 Ninth Avenue at 48th Street. Exclusive leasing brokers James Famularo, Senior Director and Principal at Eastern Consolidated, and Jeff Geoghegan, Director, represented both the landlord and tenant in this transaction.
A 10-year, 420-square-foot lease was signed for Rice Burger at 746 Ninth Avenue between West 50th and 51st Streets. Famularo and Geoghegan represented the landlord, and Max Swerdloff, Associate Director, represented Rice Burger.
A 10-year, 2,000-square-foot lease was signed for D Square Café at 714 Ninth Avenue between West 48th and 49th Streets. Famularo and Geoghegan represented the landlord in this deal, while the café was represented by Ina Donath with Capstone Realty Advisors.
“The dozen leases the brokers at Eastern Consolidated have negotiated on Ninth Avenue have contributed to the corridor’s transition from a gritty and dangerous strip to a lively restaurant row,” Famularo said. “Literally any type of food you want to eat you can find on Ninth Avenue, 24-hours a day, seven days a week. We’ve been happy to be part of the transformation on the Ninth Avenue corridor and we see these positive changes continuing.”
Famularo noted that new luxury residential towers are located to the west of Ninth Avenue and the Theater District and high-rise office buildings and hotels in Times Square are located to the east, with the restaurants on Ninth Avenue bridging the two communities.
“Rents are still affordable on Ninth Avenue, which is why restauranteurs are flocking to it,” Geoghegan said. “The avenue is close enough to Times Square and the Theater District to attract tourists, while the restaurants are warm, and friendly enough to attract local foodies who live in the area and appreciate the variety of dishes available.”
In addition to arranging leases at 700, 746, and 714 Ninth Avenue, Eastern Consolidated’s Retail Leasing team arranged leases for nine other businesses and restaurants on the commercial corridor including Southern Hospitality at 645 Ninth Avenue; OBAO at 647 Ninth Avenue; City Sandwich at 649 Ninth Avenue; Wrapido at 673 Ninth Avenue; Fuel Grill & Juice Bar at 683 Ninth Avenue; Casa Agave at 693 Ninth Avenue; Uni K Wax at 695 Ninth Avenue; Atlas Social Club at 753 Ninth Avenue; and The Jones at 788 Ninth Avenue.
The brokers said they currently have one remaining retail space available at 696 Ninth Avenue, which is attracting multiple offers.
Eastern Consolidated
Powered by a highly skilled team of over 80 brokers with a fluency in 15 languages, Eastern Consolidated is one of the country’s preeminent full-service commercial real estate firms. Through three core divisions—Investment Sales, Capital Advisory, and Retail Leasing—Eastern Consolidated serves an impressive roster of international and domestic institutional and private investors on real estate transactions of all sizes and across all property types. For more information, visit www.easternconsolidated.com and follow us on Twitter@EasternConsol.
