The New York City office of Avison Youngarranged along-term, 1,930 square-foot-lease at 545 Ninth Ave,located at the northwest corner of Ninth Avenue and 40th Street in Manhattan, within the Hell’s Kitchen neighborhood near the Port Authority Bus Terminal and Times Square. The lease, comprising approximately 1,130 square feet of ground space and an additional 800 square feet of basement space, will become a new bakery and café for the tenant Joe Calcagno, LLC.
Howard S. Aaron of Avison Young represented the building’s sublandlord 40th Street Local Development Corporation in the transaction as well as the tenant.
The tenant has been successfully operating its family-owned restaurant Capizzi Pizza, located right next door at 547 Ninth Avenue, for several years as well as a Staten Island location on 4126 Highland Boulevard. The family also has experience in the baking business and was interested in expanding its Capizzi Pizza restaurant to include a bakery. When the opportunity to lease the neighboring 545 Ninth Ave location arose, they immediately decided to secure the space and move ahead with plans to open its new bakery and café at the adjacent space. Outfitted with brick walls and in close proximity to various hotels and business, as well as multiple subway stations, this was perfect location for the tenant’s new venture.
“This heavily trafficked midtown neighborhood continues to attract new businesses, particularly retailers and eateries looking to capitalize on the area’s thousands of daily visitors and residents,” said Aaron. “When we heard the Calcagno family had been exploring the possibility of expanding its Capizzi Pizzainto a bakery, we knew immediately the adjacent available space at 545 Ninth Avenue was a perfect match for them. We were able to close the deal in a timely fashion and look forward to welcoming the tenant to its new expanded space next door.”
The new bakery location is expected to open in mid 2018.
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties.
