The company behind The Penny Farthings, a sports bar near Union Square, is opening a new restaurant in Murray Hill, according to a press release from the new landlord’s broker, Buchbinder & Warren Realty Group.
East Drogheda, has inked a 7,150-square-foot deal at 375-377 Third Avenue between East 27th and East 28th Streets for a new restaurant called The Gem Saloon. It will assume space previously occupied by the iconic Rodeo Bar, according to William Abramson of Buchbinder & Warren. The Texas-themed bar closed down almost two years ago after 27 years in the space.
The Gem Saloon will occupy 3,500 square feet on the ground floor, 2,600 square feet in the cellar, 700 square feet on the second floor and 350 square feet on the third floor. The building is owned by New York-based Culinary Associates. Asking rent in the 15-year deal was $175 per square foot for the ground floor.
Rob Frischman of EVO Real Estate Group represented the tenant, while Abramson and Buchbinder colleague Matthew Olden represented the landlord. Frischman did not immediately respond to a request for comment and neither did his spokeswoman.
“The Rodeo Bar was in operation for over 25 years, and hadn’t renovated or changed the interior in many years,” Abramson said in an emailed statement. “The new tenants will transform the space into a first-class eating and drinking establishment. The tenant plans to renovate the entire space, to cater to a sophisticated clientele, that enjoy a wonderful atmosphere and quality food and spirits.”