July 25, 2022 12:30 PM
Newmark Retail announces it has completed a 7,319-square-foot lease for the first New York location of P.F. Chang’s Bistro at 113 University Place in Union Square. Newmark Vice Chairman Ariel Schuster and Director Mitch Heifetz represented the restaurant in the transaction. The asset owner, Amalithone Realty Corp, was represented by Newmark Director Michael Paster.
“The recovery of the restaurant sector is in full force,” said Schuster. “It is encouraging to see the continuing growth of locally-based restaurant concepts and those new to the market.”
Founded in 1993 by Philip Chiang and Paul Fleming, P.F. Chang’s is the first internationally recognized multi-unit Asian culinary brand to honor and celebrate the 2,000-year-old tradition of wok cooking as the center of the guest experience. With roots in Chinese cuisine, today’s menu at P.F. Chang’s spans across all of Asia, honoring cultures and recipes from Japan, Korea, Thailand, and beyond. Worldwide, P.F. Chang’s has more than 300 restaurants in 22 countries and U.S. airport locations, including a growing number of convenient P.F. Chang’s To Go locations offering takeout and delivery.
The Union Square restaurant will be its fourth flagship location and spans 7,319 square feet, occupying the ground, mezzanine and lower-level retail space
“We’re looking forward to seeing PF Chang’s join the diverse offerings in a vibrant neighborhood like Union Square,” said Heifetz. “New York City has once again become a top destination for restaurateurs looking to expand their brand.”
113 University Place is an 11-story office building with ground-level retail situated in the heart of Union Square. The building is just one block from Union Square and two blocks from the 14th St – Union Sq stop servicing the 4, 5, 6, L, N, Q, R and W subway lines. Neighborhood tenants include Whole Foods Market, Sephora, Burlington Coat Factory, & Five Below.
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. After two years of quarterly drops in asking rents, some areas are beginning to see an increase in rents. 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.
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