Coffee behemoth Starbucks Coffee has decided to close its location at 41 Union Square West at East 17th Street and open a replacement store at 25 Union Square West between East 15th and East 16th Streets, in space previously occupied by Toasties, Commercial Observer has learned.
Starbucks took 2,500 square feet on the ground floor and a 1,500-square-foot non-selling basement at the location in a 10-year lease with landlord, New York University. According to an October article in The Real Deal, the asking rent was $450 per square foot.
“It’ll have more bells and whistles than the old one,” a source said, including outdoor seating and a slow bar serving Starbucks Reserve coffees. While CO previously reported that Starbucks would be bringing a slow bar type of store to Manhattan, this will just be a component of the new store.
SCG Retail’s David Firestein represented Starbucks in the deal and Newark Grubb Knight Frank’s Jared Lack represented NYU. Mr. Firestein declined to comment and Mr. Lack didn’t immediately respond to requests for comment and nor did a spokesman for NYU.
The 41 Union Square West Starbucks space is being listed by NGKF’s Jeffrey Roseman. The asking rent is $650 per foot, and Starbucks is currently paying $325 per foot, as CO previously reported. That location will close in the fall when the new one opens at the former Toasties deli site. Mr. Roseman didn’t immediately respond to requests for comment.
The Union Square retail scene is like a game of musical chairs as Danny Meyer’s Union Square Cafe is moving to Park Avenue South, Blue Water Grill decided to stay put at 31 Union Square West and Starbucks shifts its location. In addition, Dylan’s Candy Bar will be opening at 33 Union Square West.