Hand Hospitality Opening New 4K SF Eatery in Flatiron District
By Celia Young September 2, 2021 4:33 pm
reprints
Hand Hospitality is expanding its grip on the restaurant scene in the streets surrounding Madison Square Park.
The restaurant group took 3,500 square feet on two floors at 44 East 21st Street to open a new, yet-to-be-named eatery in a deal that closed on Aug. 27, according to a landlord representative.
Asking rents were $120 per square foot for the 1,500 square-foot, ground-floor retail space and $86 per square foot for 600 square feet on the second floor. The eatery operator also snagged 1,400 square feet in the basement of the building in the 10-year lease.
“The group has a good concentration of other restaurants in the area,” said Judson CRE’s Nicholas Judson, who was half of the team that represented the landlord. “It made sense for them to keep things within that area … It’s a great block with proximity to Gramercy Park, the subway and a major tech center.”
Hand Hospitality previously helped launch several Korean restaurants around the city, including Atoboy at 43 East 28th Street and Atomix at 104 East 30th Street, a Michelin-starred eatery, Judson said.
The new restaurant is set to open before the spring of 2022, according to Judson. The space used to belong to commercial printing company The Copy Specialist and Legacy NY Commercial Real Estate, both of which moved out in 2019, he added.
Portfolio3, a limited liability company managed by Tri-Star Equities, owns the property after purchasing the five-story apartment building last year for $17 million. Gregory Hall — who was willed the building after his father, architect William Hall, died — sold the apartments to Portfolio3, property records show.
Judson CRE’s Judson and Wendy McDonald handled the deal for the landlord. Realmart Realty’s Michael Hong represented the tenant. Hong did not immediately respond to a request for comment.
Celia Young can be reached at cyoung@commercialobserver.com.
