Family Owned Baking Supplies Retailer Has Cake, Eats It Too
Jotham Sederstrom Oct. 14, 2011, 10:47 a.m.
New York Cake and Baking Distributors, a baking and cake supplies retailer and wholesaler, has inked an extension deal for 10,000 square feet on the ground floor and basement of 56 W. 22nd Street. Asking rent at the space was $75 per square foot and the deal is for 10 years.
Located on the outer edge of Chelsea, the building is home to a handful of tech tenants, said Perry Mesmer of Colliers International, who represented both the tenant and the landlord, 56 Realty Corp., in the transaction. “Pricing is holding up” in the area, Mr. Mesmer said, likely due to spillover from Silicon Alley. The tenant’s lease was not up for a couple more years, but they wanted to re-sign at this point in the market. The landlord was interested in retaining the family owned business that has been in the space for 20 years. “They’d been wonderful tenants,” said Mr. Mesmer. “The neighborhood is conducive to their business.”