After 18 years of success in their current location in the East Village, the iconic Lucky Cheng drag cabaret club will soon arrive at Times Square and settle into its new quarters at 240 west 52nd street.
A net lease was signed on the 5-story 12,776 square foot property. The property was listed at $600,000 per year.
“This tenancy truly represents the highest and best use of the property” according to Victor Menkin of Menkin Realty Services who represented the landlord in this transaction.
According to Menkin, the property has a long history in the restaurant/club world.
The building was apparently home to the original Ruby Foo’s restaurant and was thereafter the uptown branch of Max’s Kansas City, Lone Star Roadhouse and the popular after hours bar/nightclub Float.
“The combined force of being across from Roseland, around the corner from Letterman and surrounded by the intensity of the hotels, office towers, theaters, restaurants and entertainment venues of the area should catapult Lucky off the starting line and provide for a long and successful run,” said Menkin.
“The property has a very interesting configuration which works well for Lucky Cheng’s business model.”
The parcel represents two adjacent 20’ x 60’ five story brownstones which were converted to commercial use many years ago and combined into one tax lot. A 40’ x 40’ 2 story addition was built on the back of the buildings to create a performance/dining area with high ceilings and a seating mezzanine.
Lucky Cheng was represented by Jean Bates, Haim Vinik and David Rosen of A. C. Lawrence and Co.
“When our team met with Lucky Cheng’s owner Hayne Suthon, she wasn’t optimistic that we could find an affordable space in the middle of the Theatre District that would meet the goals she has for the business,” said Bates.
“ The outcome could not have been better; it is the perfect space for Lucky Cheng’s.”
The club singed a 10-year triple net lease for the entire building at a base rent of $528,000 with a six month concession, according to Bates, vice president and director of sales at A.C. Lawrence.
“This relocated Lucky Cheng will provide Times Square and the theater district with the unique out of the box experience which has helped to make this area the tourist mecca of the world and has contributed to Lucky Cheng’s success in NYC and Las Vegas.” added Menkin.