Australian pie maker, Pie Face, closed on its sixth New York location, grabbing space within shouting distance of the Hudson Yards development.
The company will transform 464 Ninth Avenue into one of its pie kitchens, offering sweet and savory pastries, in a 1,000-square-foot corner. The company closed on the 10-year lease early last month. The asking price was $120 per square foot.
“They like the space, the like the traffic there during the day,” said CBRE (CBRE) associate, Robert Bonicoro, who represented Pie Face. The company intends to “aggressively” seek new locations in Manhattan with no specific neighborhood in mind. Areas in Brooklyn will also be considered if they offer adequate foot traffic and friendly rental fees. Optimal spots would be up to 2,000 square feet or as small as 500 square feet if basement space or storage is included.
Other Pie Face locations include 1691 Broadway and Murray Hill. The company has several locations on the way, including one in Penn Plaza, one in Chelsea and another on Broadway south of Times Square, Mr. Bonicoro said. The company has a preparation kitchen in Brooklyn, he added.
The proximity to Hudson Yards – the multi-tower development that’s moved the city to extend service on the 7 Train – is a great bonus for the shop. “Future development is encouraging,” he said.
The neighborhood is also close to Penn Station, providing greater exposure, said Aaron Gavios, managing partner with Square Foot Realty, representing the NOAM Corp.-owned building. “Any time you have a lot of foot traffic, it’s good for fast, casual food,” he explained.
Regardless of the massive influx of residents, office workers and tourists that Hudson Yards and the extended transportation services are likely to provide, Tenth Avenue has yet to equal the desirability for retailers as Ninth Avenue, said Mr. Gavios.
