March 8, 2022 9:00 AM
Newmark Retail announces it has completed a 1,435-square-foot lease with Starbucks at Aalto 57, a high-end residential complex in Midtown East. Newmark Vice Chairman Ariel Schuster, Senior Managing Director Ross Berkowitz and Director Mitch Heifetz represented the landlord, Oxford Properties.
“Starbucks will be a fantastic addition to the high-end amenities at Aalto 57,” said Schuster. “We are also excited to launch the remaining available retail space in the building adjacent to the Whole Foods.”
Aalto 57 is a 65-story, luxury residential tower located at 252 East 57th Street in Midtown East. The building is situated on Second Avenue between E 56th and 57th Streets, five blocks east of Central Park, and is proximate to the E, F, M, N, Q, R and W subway lines. Starbucks leased a 1,435-square-foot space that is part of the building’s ground-level retail. Remaining available at the property is an additional 7,900 square feet of retail space on East 57th Street adjacent to Whole Foods. Neighborhood tenants include Bloomingdale’s, The Home Depot, CB2, Zara and Saks OFF 5th.
According to Newmark Research, the Manhattan retail market continues to see signs of recovery, with availability dropping in all prime trade areas between the third and fourth quarters of 2021. Leasing activity is approaching pre-COVID levels, up 57% from 2020.
Starbucks was represented by David Firestein & Jenna Heidenberg of The Shopping Center Group.
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 in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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