The Tailor Public House Extends Lease for Bar Near Madison Square Garden
By Leah Breakstone August 7, 2023 4:09 pm
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The Tailor Public House just tailored a five-year extension for its retail space at 505 Eighth Avenue.
The multilevel tavern signed on to extend its 15-year lease for 12,600 square feet on the corner of West 35th Street for another five years, according to landlord GFP Real Estate.
Asking rent for retail space in the building is around $150 per square foot, Allen Gurevich, senior managing director of GFP real estate, wrote in an email. The asking rent for office space throughout the building is $39 per square foot, he said.
The Tailor Public House was drawn to the location when it moved in 2017, Gurevich said. Nearby Penn Station and Madison Square Garden are heavily trafficked with concertgoers, office workers and New York Rangers and Knicks fans.
After a rough few years with COVID-19, the restaurant has “seen a rebound in activity and wanted to lock in to a longer lease in order to take advantage of the anticipated resurgence expected in the neighborhood over the long term,” Gurevich said.
The space includes 2,100 square feet on the ground floor, 9,200 square feet in the mezzanine and 1,400 square feet in the basement, according to GFP.
GFP brokered the deal for both sides.
The only other retailer in the 25-story, 275,000-square-foot building is beauty supply store Beauty35.
Leah Breakstone can be reached at lbreakstone@commercialobserver.com.
