It was a transaction literally a decade in the making. Earlier this year, a deal between Jamestown Properties and Andy Sung, proprietor of the Korean barbecue restaurant Gaonnuri, came to fruition on the top floor of 1250 Broadway.
Once an otherwise abandoned mechanical room under the ownership of SL Green (SLG), the 39th floor space in a building near the edge of Manhattan’s Koreatown was widely coveted by not only Mr. Sung, but also other restaurateurs who saw the space as ideal for an eatery with a view. When Jamestown Properties acquired the building in a venture with Murray HillProperties, Mr. Sung reiterated his case for leasing the room, although as chief operating officer Michael Phillips insists, he didn’t have to work hard to convince anyone.
“We believe that creating the best sense of place and community is what drives tenant retention,” said Mr. Phillips. “There isn’t one size that fits all, and I think being able to make the most of the assets that you have is what makes for good real estate.”
After the jump, Mr. Phillips reviews the floor plans for 1250Broadway’s 39th floor with The Commercial Observer and explained what drew Gaonnuri to the building.