Special event venue and production company Metropolitan Pavilion has signed a lease for 639 West 46th Street, the former H&H Bagel Factory, it was announced yesterday. Asking rent was approximately $45 per square foot.
The building, owned by MKF Group, includes 25,000 square feet over two floors, with 14-foot high ceilings throughout, according to a statement. Metropolitan Pavilion requires spaces with large footprints and high-ceilings, which in current market conditions are not readily available, according to Alan Boss, president.
The property is currently undergoing renovations which are scheduled for completion by November 2013. The renovation of the building is being done in cooperation with architect David Feldman and will include a renovated façade, new elevator, new stairs and new mechanicals, according to Adam Smith, director of real estate at MKF.
“Given Metropolitan Pavilion is an event venue, we have been looking to further our brand to be a first class operation,” Mr. Boss said. Currently, Metropolitan Pavilion operates an event space at 125 West 18th Street.
MKF acquired the building in a state of disrepair in February 2012 and evicted holdover tenants over the course of that year. Metropolitan Pavilion met with MKF about the building beginning in January 2013 and signed a lease after just two weeks.
“We acquired the property to serve as a forerunner of change in the rapidly impending West Side redevelopment. Metropolitan Pavilion is the perfect tenant for this space,” Mr. Smith said in a statement. “They innovated their concept in the Ladies’ Mile Historic District in Chelsea when the area was still up and coming, and are eager to contribute to reinvigorating this new Manhattan neighborhood.”
Mr. Smith, director of real estate at MKF, conducted the transaction. The landlord was represented by Jesse Rubens of Murray Hill Properties. John Belitsky and Michael Duncan of Abraham and Martin represented the tenant.