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Chinatown Egg Waffles and Ice Cream for the East Village

  Eggloo, a new Chinatown dessert vendor, will open its second location in a 600-square-foot space at 147 Avenue A, across from Tompkins Square Park in Manhattan’s East Village neighborhood. “Eggloo creates fantastic Instagram-worthy egg waffles filled with homemade ice cream and adorned with unlimited toppings,” said Greg Goldberg, associate director for Eastern Consolidated, which represented the tenant. The landlord, 9300 Realty, was represented by its in-house brokers. Eggloo co-founders, Mike Tan and David Lin, have taken a Hong Kong street snack called Gai Daan Jai, which translates to “little eggs” in Chinese, and added a modern twist. Customers often ...

Famularo and Idnani of Eastern Consolidated handle 7,500 s/f restaurant lease

  Manhattan, NY Eastern Consolidated’s retail leasing team has arranged a 15-year lease at 206 Spring St. in SoHo for a Korean barbeque restaurant operated by Julie Choi, whose family introduced authentic Korean cuisine to Manhattan in the 1970s at Woo Lae Oak and expanded the concept in 2005 to the highly rated Bann Restaurant now operating in Midtown West. Choi, who is the third generation working in her family’s 70-year-old restaurant business, will be taking 7,500 s/f. The space, located between Sullivan St. and Sixth Ave., consists of the ground floor, which includes the kitchen and a small dining room; ...

The Necessity of Experiential and Omnichannel Retail

  By Ted Lundeen Brands that are thriving in today’s retail environment are multi-taskers.  They not only deliver on value but provide unique customer experiences that can be highlighted via social media to increase brand recognition. It’s no longer enough to toss on Hot97, jack-up the AC and open your doors – retailers need to offer a compelling reason for customers to get out of their apartments while leveraging multiple retail channels. These six retailers offers an experience that customers can either post to Instagram or Snapchat, interact with, relate to or learn from and ultimately expand their business: Bandier, ...

After a record two years, retail rainmaker James Famularo still sniffing out deals

  “You are definitely going to see a change, but no matter how easy it gets to order from home, people are still going to want to go out and touch and feel and try things on, and bigger brands will always need a presence in New York City,” Famularo told Real Estate Weekly. For the last two years, Famularo has dominated NYC’s retail scene. Costar named him a power broker in retail leasing for 2015 and 2016, and he was recognized by his own firm as retail broker of the year in both 2015 and 2016. A retail specialist for ...

Downtown Is On The Rise

  Downtown continues to rise on all fronts, scoring its best quarter in two years. Office tenants, retailers, and cultural organizations have flocked to Lower Manhattan in increasingly higher numbers, gobbling up large blocks of space in the process. This activity follows the trend of the last 5 years, as nearly 400 tenants have relocated from submarkets to Downtown, totaling almost 13 million square feet. The downtown streetscape has also enhanced the area’s rent growth and demand. Top-tier brands continue to carve out unique retail concepts in alignment with new economy and experiential preference. The start of all the of ...

Cédric Vongerichten, Son of Jean George, Bringing New Restaurant Concept to Nolita

  BY LAUREN ELKIES SCHRAM Cédric Vongerichten, the son of chef and restaurateur Jean George Vongerichten, his wife Ochi Vongerichten and Ezra William are bringing a new restaurant to Nolita, Commercial Observer has learned. According to information provided by law firm Pryor Cashman, yesterday the trio leased a 2,000-square-foot groundfloor space at 20 Spring Street for an eatery (plus basement space for back-of-house functions). The eatery will be at the base of the six-story building, which is between Mott and Elizabeth Streets. “The food served will be an influence of Indonesian cuisine with modern American style,” Vongerichten emailed CO, declining ...

Italian restaurant pioneer to take over famed SoHo bar space

By Steve Cuozzo Pino Luongo, a pioneer in popularizing Tuscan cuisine in America, is branching out to Soho. Luongo, who runs the successful Morso on East 59th Street, has signed a lease to launch an eatery in the former Milady’s bar space at 160 Prince St., at the corner of Thompson. The 1,850-square-foot restaurant is expected to open in the fall. The deal was brokered by Eastern Consolidated principal James Famularo for the landlord and Eastern’s Jeff Geoghegan and Greg Goldberg for the tenant. The “ask” on the 10-year lease was $35,000 per month. In his illustrious career, Florence-born Luongo ...
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The Guide to Leasing a Retail Space in New York City

By Max Swerdloff Leasing a retail space can be a very simple process with the right broker and strategy.  Obviously every deal is different and some can be more difficult than others, but there is always a finish line.  Once the space is identified the negotiating process begins.  Rents in New York City can range from $30 per square foot for a lower level space in Chinatown to $5,500 per square foot for a ground space on Fifth Avenue.  The typical term for a lease is 5-15 years, but can be longer for a credit tenant.  The standard business terms ...

Black Tap Craft Burgers & Beer Bringing Its InstagramWorthy Milkshakes to LES

By Laura Elkies Schram It may be wintertime, but Black Tap Craft Burgers & Beer—known for its elaborate and beautiful Instagram-viral $15 milkshakes—has inked a deal for a new location on the Lower East Side, Commercial Observer has learned. The Ludlow Street eatery is slated to open in roughly 90 days. Known for its celebrity clientele including singer Rihanna and model Gigi Hadid, the burger joint has signed a 10-year deal for 4,000 square feet (2,000 at grade and 2,000 square feet below grade for kitchen support and offices) at SMA Equities’ 177 Ludlow Street between East Houston & Stanton Streets, ...

Popular downtown Poké eatery expanding to bigger space

  By Steve Cuozzo PokéSpot, the popular Fourth Avenue eatery that promises “to put the power of poké in your hands,” is expanding its Hawaiian raw-fish luau to a larger downtown space. Owners Russell Yam and Alex Lam have signed a lease for a 1,200-square-foot venue at 25 Cleveland Place, formerly home to a bistro called The Cleveland. Sources said the deal includes a 2,000- square-foot rear garden, which is expected to be open in time for summer. The asking rent was said by neighborhood sources to be around $250 a square foot. None of the Eastern Consolidated brokers involved ...

THE FAST CASUAL RESTAURANT

By Max Swerdloff In 2016 when people mentioned New York City Retail you may have heard the words “Too many Vacancies”, or “Expensive Rents”, but many fast casual restaurants were able to knock 2016 out of the park.  From Poke to fried chicken sandwiches operators were able to lease unbelievably successful locations.  One thing that really shocked a lot of people was a fast casual restaurant without employee interactions with the customers.  The process is fully automated, from placing your order on an iPad, to robots putting together the food and your bowl magically appearing in a cubby.   These fast ...

Sushi restaurant Tokyo Ichiban signs lease at 325 Lex

Eastern Consolidated’s Retail Leasing Division has arranged  a 2,300-square-foot ground floor lease for a Japanese sushi restaurant at the base of 325 Lex, a newly constructed 31-story luxury condominium at 325 Lexington Avenue between East 38th and 39th Streets in Midtown East. In its first venture in New York City, Japanese-based Tokyo Ichiban Foods Co. Ltd. will open a new concept restaurant in the space, which also offers an 800-square-foot usable lower level, 23-feet of frontage along Lexington Avenue, and 20-foot high ceilings. Eastern Consolidated’s Senior Director and Principal James Famularo represented the owner and the tenant. “The site generated ...

New Asian eatery moving into Red Stix’s old East Side digs

By Steve Cuozzo The five-story building at 216 E. 49th St. was, for 27 years, home to a fine Chinese restaurant, Chin Chin. It later was home, for about 27 minutes, to a terrible one, Red Stix. Despite having an alleged celebrity following, it gave up the chopsticks last spring. But soon, the address will welcome a new Asian eatery: Bay Chinese Seafood Restaurant, which will be owned and operated by chef Jun Pan, who specializes in “new Cantonese cuisine.” The 4,000-square-foot lease was negotiated for both the landlord and tenant by Eastern Consolidated’s restaurant whiz, senior director and principal ...