Leases  ·  Retail

Fogo de Chão Opening Fourth NYC Location in the Oculus

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Fogo de Chão is cutting off a 5,009-square-foot slice for itself at 3 World Trade Center.

The Brazilian steakhouse plans to open an outpost in the Oculus mall in 2024, which will join its three existing New York City locations, the New York Post first reported.

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It is unclear what the length of the lease and the asking rent were for the Unibail-Rodamco-Westfield-owned space, but average asking rent for Manhattan retail space was $663 per square foot in the third quarter of 2023, according to a report from CBRE.

“As we expand our East Coast presence, we continue to see the growing demand for the culinary art of churrasco that we uniquely offer at Fogo,” Barry McGowan, CEO of Fogo de Chão, said in a statement. “Manhattan is a sought-after destination for millions from around the world, and our goal is to provide a distinctive dining experience that complements the city’s diverse culinary landscape.”

It’s unclear who brokered the deal. The landlord and tenant did not immediately respond to a request for comment on the brokers.

The steakhouse chain was founded in 1979 in Porto Alegre, Brazil, and its Oculus location is part of its large U.S. expansion this year with the brand signing 22 other leases.

The chain plans to give the full meat-over-open-flame experience with a dining room and a high-top area known as Bar Fogo in the World Trade Center mall, but the space is somewhat abridged compared to its other locations. The company signed a 12,000-square-foot lease with Boston Properties at 11915 Democracy Drive in Reston, Va., in November 2022.

Fogo de Chão’s Queens location at 92-50 59th Avenue in Elmhurst spans 8,400 square feet and was signed in November 2022. Its Midtown flagship at 40 West 53rd Street is the largest in the company’s portfolio at 16,000 square feet.

Mark Hallum can be reached at mhallum@commercialobserver.com.