Newmark Retail has completed a 5,000 s/f lease for Mandarin Seeds Preschool at 52 Reade Street in Tribeca.
Newmark Director Ravi Idnani and Managing Director Andrew Stern represented the landlord, Sutton Management. Mandarin Seeds Preschool was represented by Yuon Tai Bak of The Corcoran Group.
Mandarin Seeds offers unique full- and half-day Mandarin immersion programs for young children as well as after-school and summer programs for older children. The school was seeking a more distinctive location within the same neighborhood to better serve its client base. The new location at 52 Reade Street will open in 2022.
“Preschools are in high demand in Tribeca because of the increasing density of families in the area,” said Idnani. “The continued migration of families to Tribeca points to the area’s resilience and appeal for people of all ages.”
52 Reade Street, also known as 291 Broadway, is a 19-story office building with ground and lower-level retail. Mandarin Seeds Preschool leased a 5,000-square-foot, lower-level space formerly occupied by Muay Tai gym The Wat. The space features 37 feet of frontage on Reade Street, a heavily trafficked block that draws from the Tribeca and City Hall trade areas. Neighborhood tenants include Modern Martial Arts, Kiddie Academy, My Little School, Pure Barre, City MD, Hudson Medical, Equinox, NYC Elite Gymnastics and Club Pilates.
According to Newmark Research, the Manhattan retail market saw increasing activity during the third quarter of 2021, driven by mobility improvements, rent corrections, and flexibility in lease structures. Year-to-date leasing through October 2021 totaled 1.58 million square feet, on pace to exceed 2020’s leasing totals. Among tenants that entered the market with active requirements since the start of the pandemic, 74.1% did so during 2021. Trade areas with a high proportion of residents have improved faster than those that depend on office populations and tourism.