September 13, 2022 1:00 PM
Newmark Retail announces it has completed four new leases for the fast-casual restaurant concept CAVA in Manhattan and Brooklyn, New York. Newmark Vice Chairman Ariel Schuster and Directors Mitch Heifetz and Michael Paster represented the restaurant in the transactions.
CAVA is a fast-casual restaurant chain that originated in Rockville, Maryland, that now has over 100 locations across the U.S. and a line of fresh dips and spreads sold in Whole Foods Market locations and specialty grocery stores. The menu offers customizable salads, pita sandwiches and grain bowls with fresh seasonal vegetables and proteins. CAVA also purchased Mediterranean concept Zoe’s Kitchen in 2018. With eight current locations in Manhattan and one in Downtown Brooklyn, the four new locations will represent a significant expansion in New York City.
“CAVA views New York City as an important market for its strategic growth,” said Heifetz. “As the retail dining sector continues its robust recovery, more and more restaurant concepts such as CAVA demonstrate their confidence in New York as both a near- and longer-term growth market,” added Paster.
The four new CAVA leases are as follows:
- A 4,050-square-foot lease at 174 North 4th Street in Williamsburg, Brooklyn. This store will represent the group’s first-ever Williamsburg location. The restaurant will occupy a 2,550-square-foot, ground-level space and 1,500 square feet of basement space.
- A 4,900-square-foot lease at 307 Seventh Avenue across the street from the Fashion Institute of Technology and steps from Penn Station, Chelsea and Nomad. The restaurant will occupy a 2,700-square-foot, ground-level space and 2,000 square feet of basement space.
- A 3,008-square-foot lease at 708 Third Avenue located in Midtown East, steps from Grand Central Station and six blocks from Bryant Park. The restaurant will occupy a 2,598-square-foot, ground-level space and 500 square feet of basement space.
- A 2,300-square-foot, ground-level space at 350 Hudson Street, situated in the heart of Hudson Square. This location is steps from both Google & Disney’s brand-new headquarters
According to Newmark Research, the Manhattan retail market continues to see signs of recovery, with availability dropping in all of the prime trade areas between the third and fourth quarters of 2021. Leasing activity is approaching pre-COVID-19 levels, up 57% from 2020. After two years of quarterly drops in asking rents, some areas are beginning to see an increase in rents. For example, in SoHo, average asking rents increased 4.1% between the third and fourth quarters of 2021, reflecting the submarket’s 2.3-percentage-point drop in availability over the same period.
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.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.