Leases  ·  Retail

Douglas Elliman Markets Fifth Avenue Stores Vacated By Arden B., Mesa Grill


Douglas Elliman Retail Group Chairman Faith Hope Consolo and Executive Vice President Joseph Aquino are marketing the adjacent retail spaces at 102 and 104 Fifth Avenue in the Flatiron District.

The 4,000-square-foot 102 Fifth Avenue will soon be vacated by Mesa Grill, celebrity chef Bobby Flay‘s 22-year-old Southwestern restaurant, whose possible closure Zagat first reported nine months ago. The 150-seat restaurant was due to shutter today, but the landlord gave it a 90- to 120-day extension.

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The women’s clothing and accessories chain Arden B. already closed at the 2,200-square-foot 104 Fifth Avenue. Combined, the stores have 60 feet of frontage.

“Right now we’ve got a half-dozen offers and we haven’t said yes to anybody,” Mr. Aquino said. “A couple of restaurants want to take Mesa Grill, another two want to take all of both spaces for retail and another two are interested in the former Arden B.”

The soon-to-shutter Mesa Grill at 102 Fifth Avenue. (Photo Courtesy of Douglas Elliman)
The soon-to-shutter Mesa Grill at 102 Fifth Avenue. (Photo Courtesy of Douglas Elliman)

Mr. Aquino added that the interested restaurateurs are nationally familiar names that “have come out of the woodwork from Florida” and other points outside New York.

100 Fifth Avenue Company owns the two retail condos of 100-104 Fifth Avenue. The upper-level office condos are owned by The Kaufman Organization, which has recently lured tech companies including Yelp, with 29,000 square feet, into the property.

Mr. Aquino said that the asking retail rent of $300 per square foot was reasonable compared to neighboring spaces asking for $350 or $400 per square foot. Nearby retailers include Paul Smith, bebe and Joe Fresh.

“We see the technology companies coming in, but the advertisers and architecture firms are still there,” Mr. Aquino said. “It’s a real creative group, with a median age probably between 29-years-old and 35-years old. It’s a group that likes to go out at the end of the workday and eat, drink and wear the latest fashions.”