September 19, 2022 9:30 AM
Newmark Retail announces it has completed a 5,121-square-foot lease for the owners of popular West Village restaurant Dame at 506 LaGuardia Place. Ownership will open a new concept in that location called Lord’s, an English nose-to-tail bistro. Newmark Managing Director Andrew Stern and Director Ravi Idnani represented the tenant in the transaction.
The new lease for Lord’s includes 1,781 square feet of ground-level space with an additional 3,631 square feet of lower-level and sub-lower-level space. The space was formerly occupied by Café Bosie and offers outdoor seating and awning signage potential.
“This is a highly successful restaurant group, and their new concept will be a welcome addition to the West Village neighborhood,” said Idnani. “We are pleased that Lord’s will be able to debut in such a great location as it establishes itself in the local gastro scene.”
The building is situated on the west block of LaGuardia Place between Bleecker Street and West Houston Street. Neighborhood tenants include Morgenstern’s Finest Ice Cream, European Wax Center, Morton Williams, Bareburger, The Red Lion, CVS, Citizens of Bleecker, Mocha Burger and Citibank.
The Manhattan retail market continues to see signs of recovery, according to Newmark Research, with asking rents increasing in seven out of ten trade areas between the first and second quarters of 2022. Leasing activity has rebounded with 1.4 million square feet of transactions recorded during the first half of the year, which is approaching 2020’s full-year volume and on pace to end higher than 2021’s volume. Some trade areas have even shown improvement from pre-COVID-19 levels.
The ownership of 506 LaGuardia Place was represented by Patrick O’Rourke, Steven Soutendijk and Sean Moran of Cushman & Wakefield.
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 $3.2 billion for the twelve months ending June 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,500 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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