New York Kids Club will be coming to Midtown East with a new children’s activity center to take space previously occupied by M&T Bank at 401 East 55th Street between York and First Avenues, Commercial Observer has learned.
The center signed a 15-year lease for 3,800 square feet on the ground floor of the residential co-operative, according to Joseph Isa of Isa Realty Group, who represented the co-op in the deal along with colleague Louis Franco. The asking rent was $80 per square foot.
Next door to the club, and in the building, is Le Pain Quotidien, Mr. Isa said, which took its 3,100-square-foot space (with an address of 1006 First Avenue) in the first quarter of 2014. There are two available retail spaces in the building: 1,400 square feet with an asking rent of $125 per foot, and 1,634 square feet going for $65 a foot, Mr. Isa said.
“I think that areas is getting younger and younger,” Mr. Isa said. “I think now as many of the older residents are moving out you’re getting young families moving in.”
RKF’s Gary Alterman and Andrew Stern represented the club in the transaction.
“This location was the perfect fit for New York Kids Club due to the dense residential population in the area, which will continue to grow with new high-rise developments on First Avenue,” Mr. Stern said in prepared remarks. “The public plaza nearby caters to the large family population in the area and provides ample space for stroller parking.”