Italian Restaurant, Urgent Care Ink Midtown Deals
Ciao, Fifth Avenue!
By Celia Young August 22, 2022 6:19 pm
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MedRite Urgent Care and restaurant Little Italy have both inked 10-year leases for space on the ground floor of Joseph P. Day Realty’s 437 Fifth Avenue, Commercial Observer has learned.
Asking rent was $250 per square foot for the urgent care and $120 per square foot for the Italian eatery, according to Newmark’s Tyler King, who was part of the team that brokered the deals for the landlord.
MedRite’s 2,300-square-foot outpost, which formerly belonged to a clothing pop-up shop, adds to the urgent care chain’s 17 New York City locations. Little Italy will relocate from 1 East 43rd Street, where it has served up its pizzas and sandwiches since 2000, to 1,046 square feet at the 11-story office building in the fall, replacing Berger’s Delicatessen Restaurant. It was not immediately clear if Berger’s relocated or shuttered for good.
Little Italy shut down in the winter of last year while it searched for a new location, and found a great deal on Fifth Avenue, King said.
“[The restaurant is] not paying Fifth Avenue rents, but they’re capturing the same foot traffic as they would if they were on Fifth Avenue,” said King, who represented the landlord with Ariel Schuster and Joseph P. Day’s Rick Brickell. “On that street you have [the restaurant] Alidoro and some other food tenants, so it’s an up-and-coming food corridor.”
MedRite and Little Italy will join golf sportswear manufacturer Summit Golf Brands and wedding shop Bridal Reflections at the 70,000-square-foot building.
“Ownership was ecstatic to have [MedRite] to represent this space,” CBRE’s Gary Trock, who represented MedRite with Zach Parisi, said. “The signage and the exposure for MedRite is phenomenal.”
Newmark’s Ross Berkowitz and Michael Cohen represented Little Italy.
Celia Young can be reached at cyoung@commercialobserver.com.
