Time Out-Branded Food Hall Lands at Empire Stores
By Rebecca Baird-Remba March 29, 2018 3:48 pmreprints
Dumbo’s Empire Stores project is getting a food hall.
Time Out Market New York has leased 21,000 square feet across two floors at the warehouse-turned-retail-and-office-complex at 55 Water Street, according to Midtown Equities’ David Beare.
The market will include 20 yet-to-be-named restaurants, three bars and a stage, The New York Post reported. The food hall will span 14,000 square feet on the ground floor and 7,000 square feet plus a private outdoor space on the fifth floor. It will offer 520 seats indoors and outdoors and views overlooking Brooklyn Bridge Park and the East River when it opens this fall.
Asking rent in the 10-year deal was $125 a square foot.
Midtown Equities head Jack Cayre said in a statement: “Time Out’s ability to bring together and compose one space of all the best food and beverage New York has to offer brings an incomparable experience to the building and Dumbo neighborhood.”
The Brooklyn food hall is based on the first Time Out Market in Lisbon, Portugal, which opened in 2014, according to the Post. London-based Time Out Group, which publishes the magazine of the same name, plans to open another market in Miami later this year.
Midtown Equities, Rockwood Capital and the HK Organization developed Empire Stores, transforming a series of vacant 19th century tobacco warehouses into a series of high-end commercial spaces. West Elm holds down 150,000 square feet of office and retail in the development, and other tenants include Crock-Pot and Rubbermaid parent company Newell Brands, media companies Laundry Service and Cycle, Soho House and L.A.-based advertising firm 72andSunny.
Time Out Market CEO Didier Souillat explained that the Dumbo market would bring something unique to New York. “It is a culinary and cultural experience that can’t be found anywhere else, based on editorial curation,” he said via a spokeswoman. “This makes Time Out Market so much more than just a food hall. The space we found in Empire Stores is full of character, history and authenticity—it is a perfect site for Time Out Market.”