ABS Partners Real Estate secured a 15-year, 7,900 s/f lease at 270 Madison Avenue for Park Avenue Liquor Shop, an iconic, 80-year-old NYC business.
The internationally-known wine and spirits retailer plans to relocate by early 2015.
John Brod, Mark Tergesen and Dean Valentino of ABS represented the landlord. Gregg Gropper and Paul Davidson of Newmark Grubb Knight Frank represented the tenant. Asking rent was $265 psf on the ground floor.
“Bringing Park Avenue Liquor Shop to a new and nearly 8,000 s/f space at 270 Madison Avenue will enhance the brand’s presence in the Grand Central area of Midtown, while adding an iconic destination to the corner of 39th Street,” said Brod, a partner at ABS Partners.
“The retail landscape in the immediate area is transforming from fast food and discount retailers to high-end brands and eateries.”
The building is managed by ABS Partners, which is upgrading the property