New York-based Empire State Realty Trust (ESRT) recently announced the execution of two new retail space leases at its 10 Union Square East property in Midtown Manhattan.
Global fast food restaurant franchise Subway has agreed to a 600-square-foot retail space at the property, the company’s second lease with ESRT. Meanwhile, taking on its third lease with ESRT, AT&T Mobility signed on for 3,077 square feet of retail space at 10 Union Square.
Neil Seth of C&W offered tenant representation for Subway during the lease negotiations, while Steve E. Baker of Winick Realty Group, LLC represented AT&T Mobility. Fred C. Posniak of ESRT, as well as Gene Spiegelman, Andrew Mandell, Richard Skulnik and Beth Rosen of RIPCO provided owner representation in both transactions. No further transaction details 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 service tenants continue to be attracted to our retail stores located in bustling neighborhoods with high-volume foot traffic where their businesses thrive,” said Posniak, ESRT senior vice president of leasing. “We are pleased to nurture established retail relationships as we continue to build our roster of high-quality retailers who also provide great amenities for our office tenants.”
10 Union Square East in Grammercy Park, Midtown Manhattan. (property image courtesy of CommercialEdge)
Located in the exclusive neighborhood of Grammercy Park, the 10 Union Square East condominium incorporates roughly 58,000 square feet of prime Midtown Manhattan retail space. The transit-oriented property encompasses the entire block between 14th and 15th streets on the east side of Union Square. It’s also conveniently located within close proximity of one of the busiest subway stations in New York City that serves eight subway lines and more than 100,000 riders daily, as well as several uptown and cross-town bus lines.
Completed in 1988, the retail condominium unit is part of a striking mixed-use development known as the Zeckendorf Towers, which includes 670 residential units, a 350-seat auditorium, a 198-space parking garage and more than 460,000 square feet of Midtown office space.
According to CommercialEdge data, ESRT paid nearly $18 million — roughly $308 per square foot — for an ownership stake representing the retail condominium portion of the property in 1997. The latest CommercialEdge national office report found that the average sale price for Manhattan office space in 2021 was $1,253 per square foot, while the full-service equivalent listing rates in December averaged $76.45 per square foot across all Manhattan submarkets.
The Zeckendorf Towers at 10 Union Square East in Grammercy Park, Midtown Manhattan. (property image courtesy of CommercialEdge)
