RKF Arranges One of the Area’s Largest Retail Leases in Recent Years, Affirming the Vibrancy of the Neighborhood’s Future and its Continued Transformation
NEW YORK, NY — RKF, a Newmark company (RKF), announced today that it arranged a 7,203-square-foot lease at 285 West Broadway on behalf of brothers Tom and Anthony Martignetti, owners of Broome Street Hospitality. The brothers will bring a new bar concept to the corner of Canal Street and West Broadway, an area at the crossroads of SoHo, Tribeca and Chinatown that is on the cusp of revitalization.
RKF Director Michael Cohen represented tenant Broome Street Hospitality in the transaction. The landlord, 285 West Broadway Associates LP, was represented by Salon Realty’s Josh Salon.
To the west, Tribeca and Hudson Square are booming with residential and commercial developments, and retailers are flocking to fill the retail gaps there. To the east, Chinatown—an area long known for its hordes of tourists, novelty shops and discount stores—is in the midst of a retail renaissance. Recent additions include Canal Street Market and On Canal, a district for pop-ups to occupy 20 previously vacant storefronts and test out new ideas in this robust market. Sandwiched between these two neighborhoods is one of the few remaining authentically gritty downtown Manhattan submarkets—but not for long. The area is poised for a retail renewal.
“Nearly every block of Canal Street is in the midst of or has recently undergone a real estate transformation,” explained Cohen. “The lease at 285 West Broadway is massive for the area, and it will set a precedent and pique the interest of retailers looking for prime opportunities to take advantage of the market’s rapidly evolving demographics.”
“This slice of Canal Street is one of the last untested retail submarkets in Manhattan,” explained Tom Martignetti. “My brother and I have made a name for ourselves pioneering unproven locations with the success of Pizza Beach, The East Pole, The East Pole Fish Bar, Eastfield’s, Brinkley’s and Southside. Our 4 a.m. liquor license has already been approved, and we are on track to open in April 1, 2019. We’re confident we will create great success at 285 West Broadway and continue our trend.”
The more than 7,000-square-foot space, comprising 4,203 square feet on the ground floor and 3,000 square feet in the lower level, is one of the area’s biggest retail leases in recent years.
285 West Broadway is near several hotels, including the SoHo Grand Hotel, the Sheraton Tribeca New York Hotel, and the Hilton Garden Inn New York/Tribeca. Other neighboring retailers include Nancy Whiskey Pub, Lucky Strike, Black Burger, Gilligan’s, MAMO, Grand Bar & Lounge, Caffe Bene, Peppolino, Everyman Espresso, ATO TEA ROOM and Planet Fitness.
RKF, a Newmark company (RKF), is one of the leading commercial real estate brokerage firms in the US focused exclusively on retail leasing and investment sales. Serving a broad spectrum of domestic and global clients for more than 20 years in services ranging from national tenant and owner representation to advisory, acquisitions and dispositions, RKF has been responsible for identifying scores of real estate opportunities for leading retailers, restaurants, owners, developers and institutional clients.
RKF is owned by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark Knight Frank’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark Knight Frank’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com. Newmark Group, Inc. is a subsidiary of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company servicing the financial and real estate markets.
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