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THE COMFORT-FOOD JOINT GETS A CORNER TABLE AT WEST 35TH STREET AND 10TH AVENUE, HOPING TO CASH IN ON THE DEVELOPMENT OF HUDSON YARDS.

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BY JOE ANUTA ON MAY 27, 2014

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A popular comfort food restaurant with a space in Chelsea Market is expanding to Hell’s Kitchen with a 10-year lease deal at 450 10th Ave., on the corner of West 35th Street—just blocks from the future Hudson Yards development.

Friedman’s Lunch signed on for 1,200 square feet on the ground floor and 500 square feet in the basement of the five-story brick building, where the asking rent was $80 per square foot.

The restaurant already has locations in Chelsea Market and on West 31st Street.

At its newest spot, Friedman’s beat out about 20 other establishments that made offers on the space, which shows how far the area has come since the location was last leased out about nine years ago.

“It’s kind of counterintuitive. Why would [the landlord] have so many offers in a dead area?” asked Aaron Gavios of Square Foot Realty, who represented Friedman’s.

The answer, Mr. Gavios noted, is Hudson Yards. The impending development project by The Related Cos. will bring 17 million square feet of office and residential space to the neighborhood. Even though the project has only recently kicked off, it has already spawned its own Business Improvement District and buzz that is starting to transform the area.

“Hype can create a real market,” Mr. Gavios said.
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OCTOBER 14, 2013 04:15PM

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Thor Equities has made another grab along Eighth Avenue, paying more than $12 million for a retail condominium between 45th and 46th streets.

The two-story, 7,000-square-foot retail property at 725 Eighth Avenue includes a basement, ground floor, second level and two mezzanines.

The seller, 725 Eighth Avenue Realty, owned the building for more than a decade before putting it on the market for $13 million.

The building’s current tenant DVD Depot, which has sold adult films from the spot for more than ten years, signifies the area’s changing face. Seedy video show and fast food outlets around the neighborhood are increasingly giving way to trendy, upscale tenants.

“Eighth Avenue is a very funny street,” Aaron Gavios, chief executive of Square Foot Realty, which represented 725 Eighth Avenue Realty in the building’s sale, told Crain’s. “Porn stores are on their way out and almost gone. Spaces are getting to be priced higher and higher.”

Previously, Joe Sitt’s Thor spent $65 million on the retail space at the Milford Plaza Hotel at 700 Eighth Avenue.
A spokesperson for Thor declined to comment to Crain’s. — Julie Strickland

THE REAL DEAL
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JOHNNY BONG RYOO WILL OPEN HIS FIRST NEW YORK SALON IN A 600-SQUARE-FOOT SHOPFRONT AT 827 10TH AVE. AND WEST 55TH STREET.

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BY IRINA IVANOVA ON JUNE 11, 2013

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In a sign of the upward turn in the fortunes of both Hell’s Kitchen and of Johnny Bong Ryoo’s—the hairstylist will open his first New York salon in the neighborhood. He recently inked a five-year lease for a 600-square-foot shopfront at 827 10th Ave., at West 55th Street. The store has sat empty since the previous tenant, Wonderland Beauty Spa, closed six months ago.

“I was looking at many other places, but I like the Hell’s Kitchen area better,” he said. “It’s a growing area.” He hopes to open in July after some remodeling.

Mr. Ryoo, who moved to New York three years ago, previously owned Salon Acqua, in Washington, D.C. He currently works at Le Salon East on the Upper East Side.

The asking rent for the Hell’s Kitchen space was $100 per square foot. Justin Lerner and Aaron Gavios of Square Foot Realty represented the tenant as well as the landlord, Site Five HDFC.

Mr. Lerner noted that this will be the only hair salon in the immediate area, which happily for him is now surrounded by luxury rentals and condos.

WWW.CRAINSNEWYORK.COM
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BIG NEW RESIDENTIAL PROJECTS ALONG TENTH AVENUE SPUR HOPES OF A SURGE IN NEW BUSINESS AMONG RETAILERS AND OF HIGHER RENTS AMONG LANDLORDS.

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BY ADRIANNE PASQUARELLI ON FEBRUARY 26, 2013

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Leasing activity on Tenth Avenue in Hell’s Kitchen is heating up as retailers anticipate the rewards of a number of residential developments rising in the neighborhood. In the latest example, new farm-to-table eatery The Marshal recently signed a 10-year deal for 600 square feet at 628 Tenth Ave., between West 44th and West 45th streets. Asking rent was $126 per square foot. The lease also includes a 600-square-foot basement.

“So many people are moving there, but they have no services,” said Howard Aaron, the Square Foot Realty broker who represented both The Marshal and landlord 630 Tenth Avenue. He noted the new Gotham West residential complex, boasting 1,258 apartments, will open next year.

Meanwhile, many existing retailers in the area are getting nervous about rents which are already rising and trying to renew their leases now while they can still afford to. Some landlords, however, are taking a wait-and-see approach, Mr. Aaron noted.

The Marshal, run by Charlie Marshall, will open for business on June 1. The eatery will have 43 seats.

“Ninth Avenue has gotten very oversaturated with restaurants, but Tenth has a lot going on,” said Mr. Marshall.

Mr. Aaron’s colleague Aaron Gavios was also involved with negotiations on behalf of the building owner.

WWW.CRAINSNEWYORK.COM
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