Fairway has inked a lease deal in Kips Bay Plaza for its fourth Manhattan location.
The grocery store will grab a 42,000-square-foot corner lot at 542-580 Second Avenue. The space will occupy 2,000 square feet on the ground level and escalators and glass elevators will bring shoppers to a massive 40,000-square-foot lower level with 20-foot ceilings.
“Fairway was not looking anywhere specific for its next new Manhattan store,” said Gary Alterman, an executive vice president at Robert K. Futterman & Associates. “The brand wanted to open in a strategic location and chose the Kips Bay neighborhood because it was an untapped market that lacked large, quality supermarkets.”
“The brand also recognized the fact that the Kips Bay site will draw customers from the Murray Hill, Gramercy Park, Stuyvesant Town/Peter Cooper and East Village neighborhoods, as well as from Midtown East up to 57th Street.”
Mr. Alterman was joined by Robert Futterman, chairman and chief executive at RKF, in representing Fairway in the transaction. The landlord, DFD Development LP, was represented by David Green, an executive director at Cushman & Wakefield.
Fairway will join a 15-screen AMC Loews theater, a Rite Aid drug store, a Petco, and a soon-to-come Staples center at Kips Bay Plaza. The plaza is centrally located with access to many subway stations and cross-town bus lines. Kips Bay further offers a strong commercial community with several medical facilities within a few blocks, including the NYU Langone Medical Center, NYU School of Medicine, Bellevue Hospital Center, Hunter College Brookdale Health Science Campus, and a VA Hospital.
In total, this will be Fairway’s eleventh location with several stores through New York City and the tristate area. There are two locations in New Jersey as well as one in Stamford, Connecticut.