NKF Retail completed a lease for 21,000 s/f of retail space at the base of a mixed-use development at 282 11th Avenue in Chelsea.
The tenant, Union Fare, has leased the space with plans to develop a unique multi-concept program that offers a mix of food and beverage, along with a lounge, bakery and a gallery.
NKF Retail’s Executive Managing Director Ross Kaplan represented both the tenant and the landlord, AvalonBay Communities Inc., in the transaction.
282 11th Avenue boasts 19-foot ceiling heights, a parking garage, and 310 feet of linear frontage along 28th Street as well as 45 feet along 11th Avenue.
Demand drivers for the location include the proximity to High Line Park, which sees an average of two million visitors each year as well as the rate of residential expansion in the neighborhood. “In the last four years, 27 residential projects have come on the market in West Chelsea, while the amenities haven’t fully arrived yet,” said Kaplan.
“Not only will Union Fare be great for the residence of the fully occupied 710 unit Avalon West Chelsea apartment building, but it will add to the neighborhood’s new vibrancy.”
“The food hall and experiential retail model is a growing trend across NYC neighborhoods, and we’re happy to bring Union Fare to our building to provide these to the public. Union Fare will give vendors an opportunity to reach the community with their specialty eats, goods, and services,” said Matt Kaushal of AvalonBay.
The new location will be modeled after Union Fare’s Union Square location, featuring dozens of food and beverage options in a gastrohall setting.
Additional space is available for sub-lease with multiple floor plan options. The first concept intends to open by the end of 2017.