Bank to stay on UES
Newmark Knight Frank negotiated a renewal for 6,768 s/f of ground-floor retail space for Bank of America on the northwest corner of 75th Street and 1066 Lexington Avenue.
They have also maintained their additional 2,120 s/f of usable lower-level space.
NKF’s Tom Citron and Ethan Berenzweig represented the landlord, Patrician Associates, while CBRE represented the tenant.
“While other banks have started to reduce their square footage, Bank of America showed incredible foresight by electing to remain on the Upper East Side and investing in the retail submarket,” said Citron.
“While the retail landscape on the Upper East Side has changed, it is still one of the wealthiest zip codes in the United States.”
British chain opens first US shop
Savitt Partners announced that ITSU, a British chain of Asian-inspired fast food shops, restaurants and grocery stores, has inked a long-term retail lease at 530 Seventh Avenue.
Founded by Julian Metcalfe, co-founder of Pret a Manger and founder of Metcalfe’s Food Company, in partnership with Clive Schlee, ITSU committed to 2,100 s/f of retail space on the ground floor of the 490,000 s/f Fashion District proeprty.
Average asking retail rent at the boutique office building is $400 psf.
Bob Savitt, Brian Neugeboren and Nicole Goetz of Savitt Partners acted on behalf of the building ownership. The RKF team of Jaclyn Totolo, Ariel Schuster and Michael Paster represented ITSU in the lease negotiations.
530 Seventh Avenue represents the eatery’s first location in the US. Headquartered in London, Great Britain, ITSU has nearly 60 locations around London featuring menus that celebrate the flavors of the Far East.
Park neighbor now on menu
Eastern Consolidated’s Retail Leasing Division has been retained as the exclusive broker to lease a 5,000 s/f ground floor space at 7-9 West Eighth Street one block from Washington Square Park in Greenwich Village
Brad Cohen and Jon Kamali are marketing the space, which also includes 3,000 s/f on the lower level, new utilities, and sprinkler and fireproofing throughout.
“This location would be ideal for a multilevel restaurant or flagship retailer looking for a unique space with a ‘jaw dropping’ glass skylight in the rear,” said Cohen, adding that reasonable divisions also would be considered.
“It’s ideally located between Fifth and Sixth Avenues, next to the Marlton Hotel, and on the same block as Loring Place, one of Manhattan’s hottest new restaurants operated by Chef Dan Kluger, the restaurateur behind ABC Kitchen and ABC Cocina.”