Lease Beat

Off The Wall Frozen Yogurt Continues Four-Store Manhattan Expansion

Off The Wall Frozen Yogurt recently procured four Manhattan leases with the help of RKF Vice President Joshua Strauss and Director Zach Winkler.

The chain, which originated in Cedarhurst, NY, opened its first city outpost last spring at 1053 Second Avenue between 55th and 56th Streets. (RKF’s Michael Worthman assisted with that deal) That 2,050-square-foot shop was joined last week by a 2,000-square-foot location at 248 West 23rd Street in Chelsea.

A 1,700-square-foot store is due to open at 4 West 14th Street next month, followed by a 2,500-square-foot outpost at 11 Times Square.

Photo Courtesy of Off The Wall

Photo Courtesy of Off The Wall

“They’ve been around and successful on Long Island and have a pretty aggressive growth plan,” Mr. Strauss said. “The company is very deliberate in their site selection and deal making and sees the city as place where’s there a lot of opportunity.”

Frozen yogurt chains have inundated the city over the past several years, with companies like Pinkberry and 16 Handles becoming nearly inescapable presences in neighborhoods popular with a young, calorie-counting female demographic.

“We’re not the first player in this type of tenancy,” Mr. Winkler said. “What it comes down to is really looking at what the market dictates and what a neighborhood will look like in three to five years. We could do the easy model and follow 16 Handles’ path, but we take larger spaces because we’re a better  product and well-capitalized.”

Messrs. Strauss and Winkler said the company is “actively seeking” additional locations where competitors have yet to arrive. “The goal is to open wherever there are viable opportunities,” Mr. Winkler said. “If there’s a competitor nearby who we don’t think is actually so competitive, we’ll open up right next to them. If the market’s saturated, we won’t go there.”

“There’s been a lot of competition over the past five years but Off The Wall doesn’t see that as a deterrent,” Mr. Strauss said. “These stores do very well all year long, not just seasonally. And Off The Wall believes frozen yogurt is not a novelty, but has long-term staying power.”

 

 

 

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