Starbucks Scoops Up Deal at Marriott Hotel on East 40th Street
Lauren Elkies Schram Sept. 22, 2015, 5:40 p.m.
Courtyard New York Manhattan/Fifth Avenue will be home to a Starbucks Coffee shop, Commercial Observer has learned.
Starbucks recently signed a lease for 2,660 square feet on the ground floor and 650 square feet in the basement at the 185-room hotel at 5 East 40th Street, between Madison and Fifth Avenues and across the street from the New York Public Library, a source with knowledge of the deal said. The space was previously home to Salmon River Restaurant & Bar which moved out in October 2013 after roughly three years, according to CoStar.
Terms of the deal weren’t immediately available, but the asking rent was $200,000 per year. Starbucks is slated to open in the late fourth quarter, another source said.
Meanwhile, Starbucks announced today that it has expanded its mobile order-and-pay service nationwide. The service is available at more than 7,400 shops allowing customers to order and pay via the Starbucks app before retrieving their coffee.
David Firestein of SCG Retail represented Starbucks in the deal and Mark Tergesen and Dean Valentino of ABS Partners Real Estate represented the landlord, Bethesda, Md.-based Diamond Rock Hospitality, the source said. Messrs. Firestein and Tergesen didn’t respond to requests for comment and Mr. Valentino declined to comment.