Newmark Retail has completed a 3,400-square-foot lease for the first New York location of Stand-Up Burgers at 1004 Second Ave. in Midtown East. Newmark Directors Mitch Heifetz and Michael Paster represented the landlord, JTRE Holdings, led by CEO Jack Terzi, in the transaction. Alex Turboff and Marisa Simkin of BCD represented the tenant.
Stand-Up Burgers is a vegan restaurant with a mission to redefine the traditional burger. The company currently has two locations in California and two in Chicago.
“Stand-Up Burgers is a great fit for the building and the neighborhood,” said Heifetz. “We are seeing increasing demand from brands that are completely new to New York City, a positive sign for the continued resurgence of the retail market.”
1004 Second Ave. is located at the busy northeast corner of East 53rd Street and Second Avenue in Midtown East. The prime retail area sees seven-day-a-week pedestrian traffic. The space leased by Stand-Up Burgers comprises 1,700 square feet on each of the ground and basement levels and offers 60 feet of wraparound corner frontage. Neighborhood tenants include Equinox, SoulCycle, Rosa Mexicano, The Smith, Redemption and Le Pecora Bianca.
The Manhattan retail market continued to stabilize during the first quarter, according to Newmark Research. The quarter’s leasing activity totaled 520,832 square feet, including three deals over 25,000 square feet. Each of these transactions absorbed space that had been available for several years. Another 52,200 square feet of leases were signed by tenants opening their first New York City location.
