June 15, 2022 9:00 AM
Newmark Retail announces it has completed a 3,700-square-foot lease transaction with beloved Upper East Side bakery Two Little Red Hens at 1641 Second Avenue. Known for its cupcakes, the neighborhood-favorite bakery was forced to close during the pandemic but will reopen in a new space across the street from its previous location. Newmark Executive Managing Director Jason Pruger and Managing Director Adam Weinblatt represented the building owner, Maxx Properties. Stacey Kelz of Stacey-Robins Realty Corp represented two Little Red Hens.
“This fan-favorite bakery was forced to close during the pandemic, and local residents have been eagerly awaiting its return ever since,” said Weinblatt. “We received tremendous interest in leasing this space which is a testament to the strength of this particular market, and we’re looking forward to the reopening of this beloved neighborhood establishment.”
Situated in the Yorkville neighborhood on the Upper East Side, 1641 Second Avenue is a four-story, 5,285-square-foot retail building located at the northwest corner of East 85th Street. Two Little Red Hens will occupy a 3,700-square-foot suite comprising a ground floor and basement level space with the potential for sidewalk seating.
1641 Second Avenue is situated in a densely populated and affluent neighborhood, with an average household income of more than $200,000 within a half-mile radius. Neighborhood tenants include Bua Thai Ramen & Robata Grill, CVS Pharmacy, Capital One, Chase, Elio’s, Equinox Fitness Club, Fairway, Five Mile Stone, Green Kitchen, Heidelberg, Shake Shack, Target, and Whole Foods Market. The property is just one block from the Q train at 86th Street.
Despite the Omicron variant, which caused a drop in mobility that impacted businesses, the Manhattan retail market continued to stabilize during the first quarter, according to Newmark Research. Leasing activity totaled 520,832 square feet for the quarter, including three deals over 25,000 square feet. Each of these transactions absorbed space that had been available for several years. Another 52,200 square feet of leases were signed by tenants opening their first New York City location. Several industries that were inactive during the pandemic, including luxury retail brands and high-end restaurants, signed significant deals in the first quarter of 2022.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. Newmark generated revenues of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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