September 8, 2022 at 9:00 AM
Newmark Retail announces it has completed a 2,196-square-foot lease for the second New York City location of Carlo’s Bakery, a national bake shop brand founded by television personality and “Cake Boss” Buddy Valastro at 1500 Broadway in the heart of Times Square. Newmark Vice Chairman Jeffrey Roseman and Director Drew Weiss represented the tenant in the transaction.
“When people come from all over the city or from all over the world, I think they’re going to appreciate the love and quality that we put into our delicious pastries, desserts, cookies and cakes because we’re still doing it the old-fashioned way,” said Valastro.
Established in 1910, Carlo’s Bakery is a family-owned business with twelve locations nationally, eight internationally and numerous automated ATM locations in North America and Canada. Celebrity baker “Cake Boss” Buddy Valastro, a pioneer of the custom cake movement, has accomplished an insurmountable amount of influence through his work with the long-standing family business Carlo’s Bakery and the hit TLC series Cake Boss. With four New York Times best-selling books, four hit television shows, and a following of more than 30 million social media fans internationally, Valastro continually establishes himself as a powerhouse in the culinary field.
“We started looking for space with Buddy in early 2021 in the middle of the pandemic,” said Roseman. “At that time, he was very bullish on the recovery of New York City’s retail scene and was willing to take a huge gamble on it happening. The deal at 1500 Broadway is the culmination of both sides working closely together in challenging times to create a special and unique experience.”
Located in the heart of the Times Square Bow Tie, 1500 Broadway is a 500,000-square-foot, Class A office tower situated between 43rd and 44th Streets. The property is adjacent to ABC News’ Good Morning America studio, where the show is broadcast live each morning, and the location of the New Year’s Eve ball drop. The building is directly across from the Times Square subway, New York City’s most trafficked station, and within walking distance to Grand Central, Port Authority and Penn Station
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 levels.
The ownership of 1500 Broadway was represented by Anthony Stanford and Henry Rossignol of CBRE.
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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