Dunkin’ Opening 1.8K-SF Location in Penn Station’s LIRR Concourse
By Mark Hallum April 21, 2023 12:10 pm
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Commuters passing through the Long Island Rail Road concourse of Pennsylvania Station will get a pick-me-up, by a train or by coffee.
Dunkin’ signed a 10-year lease for 1,830 square feet in the station, which has been undergoing a beautification effort since 2019 that saw two Starbucks, a department store, delis and a Shake Shack displaced.
Vornado Realty Trust (VNO), the master tenant that is managing leasing on behalf of the Metropolitan Transportation Authority, did not immediately respond to a request for comment. The asking rent is not clear at this time. Ed Hogan and Jason Morrison represented Vornado in-house.
Dunkin’ also signed a 1,605-square-foot lease at 1501 Broadway in Times Square, and both locations are expected to benefit from high foot traffic, according to Tom Citron, executive vice president of Colliers (CIGI) who represented the tenant alongside Alexander Green in both deals.
“Despite headwinds and the many changes the retail market has gone through over the last several years, Manhattan has proven resilient and resurgent,” Citron said in a statement. “Dunkin’ has more than 150 locations across New York City but anticipates that these new stores will be among some of their highest-volume locations.”
Shake Shack signed a new lease in March priming to return to North America’s largest transit hub. It’s unclear if Starbucks, Papyrus, Godiva, Pret a Manger or Le Bon Cafe, which also left to make way for renovations, will set up shop again.
Mark Hallum can be reached at mhallum@commercialobserver.com.
