May 02, 2023 9:00 AM
Newmark announces it has secured a new 3,009-square-foot lease for Los Tacos No. 1 to occupy the ground-floor retail space at 20 Broad Street in Manhattan’s Financial District. The tenant further solidified its Manhattan expansion by signing a long-term lease at the corner of New Street and Exchange Place. Newmark was the sole broker on the lease transaction, with Managing Director Neal Ohm and Director Michael Cohen representing the tenant, while Senior Managing Director Brandon Eisenman and Managing Director Andrew Stern represented the landlord, Metro Loft, one of the largest owners/developers of office to residential conversions in Manhattan.
“Having represented the tenant for more than eight years, we’ve become increasingly familiar with the environments that help this brand thrive,” said Ohm. “Their newest location, like those in Times Square, Grand Central, NoHo and World Trade Center, presents a prime opportunity in a submarket with a strong mix of office, residential and tourist traffic.”
Los Tacos No.1 was created after three close friends from Tijuana, Mexico and Brawley, California, decided to bring the authentic Mexican taco to the east coast. Since its debut, the fast-casual food concept has become one of Manhattan’s must-try taqueria spots. The authentic taste comes from family recipes and fresh, simple, tasteful ingredients from home.
The new outpost is situated at the base of 20 Broad Street, a luxury residential building comprised of 533 units designed by the renowned Cetra Ruddy and inclusive of a multi-part retail component. The Newmark team serves as the exclusive leasing agent for the retail offering. It has select inventory remaining, including 2,400 square feet of space flagship corner, more than 14,936 square feet on the Lower Level and an 876-square-foot ground-floor outpost on New Street.
Lower Manhattan has become one of the hottest retail destinations with the popularity of Westfield World Trade Center, Fulton Center, Brookfield Place and South Street Seaport. Ideally situated in the heart of New York City’s Financial District, at the center of some of the city’s top cultural landmarks and attractions, including the New York Stock Exchange, National 9/11 Memorial & Museum and the Statue of Liberty, this highly trafficked neighborhood sees over 17.4 million visitors annually. Notable retailers in the area include the recently opened Whole Foods Market, Hermes, Tiffany & Co., Lifetime Fitness, Equinox, Blue Bottle Coffee and Sweetgreen.
Manhattan’s Downtown office and residential markets demonstrated steady fundamentals at the close of 2022. According to the Newmark Research Downtown Manhattan Office Market Report, in Q4 of 2022, the Downtown availability rate decreased by 30 basis points quarter-over-quarter to 21.8%. Additionally, more than half a million square feet was taken off the market at 25 Water Street, formerly 4 New York Plaza, as the property is set to undergo an office-to-residential conversion–further indicating the neighborhood’s strong mixed-use offerings.
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 approximately $2.7 billion for the year ending December 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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