The New York-based Empire State Realty Trust (ESRT) recently announced the execution of two new leases of retail space at its property at 10 Union Square East in Midtown Manhattan.
Global fast-food franchise Subway has accepted 600 square feet of retail space at the property, the company’s second lease with ESRT. Meanwhile, taking on its third lease with ESRT, AT&T Mobility has signed on for 3,077 square feet of retail space at 10 Union Square.
Neil Seth of C&W offered representation for Subway tenants during lease negotiations, while Steve E. Baker of Winick Realty Group, LLC represented AT&T Mobility. Fred C. Posniak of ESRT, along with Gene Spiegelman, Andrew Mandell, Richard Skulnik and Beth Rosen of RIPCO provided owner representation in both transactions. No other details of the transaction were included in the announcement.
Other notable tenants in the building include Au Bon Pain, Best Buy, Chipotle, Federal Express, Food Emporium, GNC, Starbucks, and UPS.
“Quality retail tenants continue to be drawn to our retail stores located in busy, high-foot traffic areas where their businesses thrive,” said Posniak, senior vice president of leasing at ESRT. “We are excited to maintain established retail relationships as we continue to grow our roster of high-quality retailers who also provide great amenities for our office tenants.”
Located in the exclusive Grammercy Park neighborhood, the 10 Union Square East condominium features approximately 58,000 square feet of premier retail space in Midtown Manhattan. The transit-oriented property encompasses the entire block between 14th and 15th streets on the east side of Union Square. It is also conveniently located near one of New York City’s busiest subway stations which serves eight subway lines and over 100,000 passengers daily, as well as several uptown and intercity bus lines.
Completed in 1988, the commercial condominium unit is part of a remarkable mixed-use development known as Zeckendorf Towers, which includes 670 residential units, a 350-seat auditorium, 198-seat parking lot and more than 460,000 square feet of office space in Midtown. space out.
According to data from CommercialEdge, ESRT paid nearly $18 million — about $308 per square foot — for an equity stake representing the commercial condominium portion of the property in 1997. The latest report from CommercialEdge’s national office found that the Manhattan’s average office sale price in 2021 was $1,253 per square foot, while equivalent full-service listing rates in December averaged $76.45 per square foot across all submarkets in Manhattan.
Last modification: March 1, 2022