Pop Burger to Vacate 58-60 Ninth Avenue Following $18.2 Million Building Acquisition
By Gus Delaporte April 11, 2013 7:30 amreprints
DelShah Capital has acquired 58-60 Ninth Avenue in the Meatpacking District for $18.2 million, it was announced yesterday.
“We knew the tenant was leaving and that this was a very high-traffic space,” Michael Shah, principal at DelShah Capital, told The Commercial Observer. “We saw it as an opportunity to re-lease the space.”
The 10,839-square-foot building is located across from the Apple (AAPL) Store on West 14th Street. Restaurant Pop Burger is currently located in the space, but vacates May 1 and is unlikely to be replaced by a similar tenant.
“It probably won’t be a restaurant,” said Jon Krieger of RKF, who is the leasing agent for the building. The space could serve as a flagship store for a retail brand, Mr. Krieger suggested.
RKF is actively showing the property, which has been viewed by apparel and food companies, as well as a luxury car dealer and an international motorcycle company. A new tenant is expected to sign a lease within 60 to 90 days, Mr. Krieger noted, adding that several proposals have been received.
“Jon’s my man on the ground,” Mr. Shah noted, acknowledging that DelShah Capital has prepared for the process of finding a new tenant to take up to one year.
Asking rent for the property is $1.5 million per year for the entire building or $400 per square foot for the ground floor and basement level.
In between tenants, Indiefork Hospitality, a DelShah affiliate, will utilize the space for a new concept called 44 Acres, where up-and-coming or highly acclaimed chefs will host dinner menus on a one to two month rotating basis.
“If it ends up being well received, it may end up being there for a while,” Mr. Shah said, declining to name the chefs involved in the project.
David Schechtman and Abie Kassin of Eastern Consolidated brokered the sale of the property.