Two TGI Fridays Buildings Hit the Market for Lease [Updated]
Lauren Elkies Schram Dec. 5, 2014, 11:12 a.m.
Two East Side buildings that are home to TGI Fridays are available for lease, Cushman & Wakefield announced.
C&W’s Joanne Podell, Ian Lerner, Brandon Singer and Chris Stanton have been appointed as the exclusive leasing agent for the three-story, 12,615-square-foot 34 Union Square East at 16th Street and the six-story, 21,000-square-foot 604 Fifth Avenue between 48th and 49th Streets.
As Commercial Observer previously reported, Union Square Fridays hasn’t fared very well and is just breaking even after four years in business, according to proprietor Dennis Riese, the chairman of the board and chief executive officer of The Riese Organization, which owns the license for Fridays in Manhattan. He told CO in August, he expected to put the Union Square building on the market for a rent just shy of $2 million. Mr. Riese didn’t immediately respond to a request for comment this morning.
“Each of these properties offer tenants innovative retail locations along some of New York City’s greatest retail corridors,” Ms. Podell, a vice chairman at C&W, said in prepared remarks. “C&W is excited by the opportunity to market these spaces, and we look forward to creating a mutually beneficial and harmonious relationship between our clients and their new tenants.”
Update: This story was edited to reflect that Dennis Riese was planning to put 34 Union Square East on the market for $2 million a month in rent.