Newmark Signs Starbucks at 2360 Broadway Amidst Sprawling Upper West Side Retail Submarket

April 11, 2023 9:00 AM

Newmark announces it has secured a new 2,061-square-foot outpost for Starbucks at 2360 Broadway, situated at the Northwest corner of West 86th Street and Broadway in Manhattan’s Upper West Side submarket. The tenant signed a long-term lease to partially occupy a portion of the ground-floor retail space. Newmark Executive Managing Directors Ross Kaplan and Jason Pruger, as well as Managing Director Harrison Abramowitz represented the landlord, Extell Development, on the transaction along with Vice President, Commercial Leasing Aaron Cukier, who works in-house at Extell.

“With the welcoming of Starbucks to 2360 Broadway, ownership is looking forward to building a long-term relationship with the tenant,” said Kaplan. “At the epicenter of the neighborhood’s highly trafficked intersection, the outpost presents a tremendous opportunity to reposition the location for the brand.”

The signing of the latest Starbucks location leaves just one remaining retail space available at the luxury condominium property. The other space spans 4,552-square-foot space on the ground floor featuring 20-foot ceiling heights and 4,048 square feet on the lower level.

2360 Broadway is in one of the most sought-after areas in the Upper West Side. The location benefits from the neighborhood’s bustling amenity scene and substantial surrounding dense residential population. In addition to offering 46 feet of frontage on Broadway and 99 feet of frontage on West 86th Street, residents enjoy quick access to the MTA 1 subway line at the entrance/exit on 86th Street, the B and C train lines, and are within walking distance to outdoor destinations like Central and Riverside Park.

According to Newmark Research, at the close of 3Q of 2022, Manhattan’s Upper West Side submarket continued to demonstrate strong fundamentals–closing the quarter with an 8.1% availability rate, the lowest among the submarkets and marking a decline of 190 basis points year-over-year and 50 basis points from its pre-pandemic standing.

SCG Retail’s Vice President Jenna Heidenberg and Managing Partner David Firestein represented Starbucks, alongside Store Development Manager John Epifanio, works in-house for Starbucks and oversees new store development in Manhattan.

About Newmark
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.

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.