Newmark Grubb Knight Frank (NGKF) Retail is pleased to announce that Italian restaurant La Pecora Bianca has signed a long-term lease for 5,021 square feet at 944 Second Avenue in Midtown East, Manhattan. NGKF Executive Managing Director Ross Kaplan represented the landlord, 950 Second Avenue Investors LLC (a subsidiary of The Klein Group), in the transaction. Branded Concept Development Director of Real Estate Alex Turboff represented the tenant. The property is currently undergoing renovations and will open for business in the summer of 2017.
The asking rent of the property was $245 per-square-foot on the ground floor, where La Pecora Bianca will occupy 2,918 square feet, and $45 per-square-foot on the lower level where they will occupy 2,103 square feet. This will be the growing restaurant’s second location - the first of which opened in the summer of 2015 at 1133 Broadway in NoMad.
“The food and beverage service industry is among the most active categories of retail real estate right now,” said Kaplan. “Boasting extraordinary 18-foot ceilings, this corner location will provide great exposure for La Pecora Bianca in what is a very new, mixed-use condominium. The restaurant will undoubtedly be a well-received addition to the neighborhood.”
“We are very pleased to have found a top-notch restaurant operator in La Pecora Bianca to lease this high-profile corner space,” added Jacob Klein of The Klein Group.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
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