P.F. Chang’s To Go Opening 5th Manhattan Outpost at 885 Eighth Avenue
By Anna Staropoli August 26, 2021 12:14 pm
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International chain restaurant P.F. Chang’s will open its fifth Manhattan P.F. Chang’s To Go outpost at 885 Eighth Avenue in a 10-year deal, Commercial Observer has learned.
The popular Chinese American eatery will take over 2,230 square feet of an old HSBC bank by the end of this year, continuing its concentrated rollout of off-location dining alternatives, according to tenant broker Newmark (NMRK). A spokesperson for Newmark declined to provide asking rents.
P.F. Chang’s first introduced its to-go concept in 2019, launching a Chicago outpost in February 2020. Since the pandemic, P.F. Chang’s has focused intensively on its takeout strategy, bringing four off-site locations to Manhattan alone. The latest Midtown lease will be the city’s fifth “To Go” chain, and its fourth within the neighborhood; the Financial District houses the other one.
“Off-premise dining for notable food purveyors had been a growing category pre-pandemic; however, since last March, this asset class has only accelerated due to demand from many folks as the shelter in place restrictions were implemented,” Newmark Vice Chairman Ariel Schuster, who represented P.F. Chang’s with Mitch Heifetz, said in a statement. Crescent Properties handled it for the landlord.
The “To Go” model is simple, offering takeout, delivery, and catering options through a digitized system. Though smaller than the average P.F. Chang’s restaurant — which rounds off at 7,000 square feet compared to P.F. Chang’s To Go’s 2,000-square-foot approximation — each off-site eatery carries over fan-favorite menu items.
With 11 “To Go” outposts currently open, P.F. Chang’s plans to forge ahead, with additional locations already in the works for Texas, Florida and New York. Since COVID-19 began in March 2020, 40 percent of retail tenants have been in the quick-takeout industry, according to a Newmark study.
“In addition to the brand’s newest location in Manhattan, we are currently helping P.F. Chang’s explore real estate in several other markets nationwide as they continue to pursue their elevated approach to off-premise dining,” Schuster said.
Anna Staropoli can be reached at astaropoli@commercialobserver.com.
