Rooftop Bar Atop 230 Fifth Staying Put for 12 Years
By Mark Hallum July 1, 2024 1:40 pm
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The eponymous rooftop bar atop 230 Fifth Avenue plans to keep the barstool warm for another dozen years.
Rooftop Hospitality Group signed a 12-year renewal for its 32,050-square-foot restaurant and lounge at GFP Real Estate’s 230 Fifth, known simply as 230 Fifth Rooftop Bar, according to the landlord.
The hospitality group has been operating the bar on top of the Flatiron District property on Fifth Avenue and West 27th Street, also known as the MarkCenter Building, for almost two decades, the landlord said. 230 Fifth advertises itself as New York City’s largest year-round indoor and outdoor bar and event space.
GFP declined to provide the asking rent, but average asking retail rents in the Flatiron District was $248 per square foot in the first quarter of 2024, according to a report from JLL.
“The 230 Fifth Rooftop Bar was a pioneer when it opened in 2006 and remains one of the most beloved rooftop destinations in New York City, attracting locals and tourists alike,” GFP’s Harvey Richer, who represented the landlord in-house with Jane Gural-Senders and David Kaye, said in a statement. “The venue has also become an important amenity for our tenants, who love to head upstairs after work.”
Rooftop Hospitality Group handled the negotiations in-house and could not be reached for comment.
Aside from sticking it out at 230 Fifth, Rooftop Hospitality plans to open another venue in a GFP property. In February, the group signed a 20-year, 15,000-square-foot lease at 520 Eighth Avenue for another rooftop bar set to open in 2025.
Other recent deals in 230 Fifth include marketing firm Arroya Studio with 4,245 square feet on the 12th floor and Turkish fabric company Maisonette Tekstil with 3,989 square feet on the 13th floor, both of which were signed in the spring of 2023.
The building’s largest tenant is Creative Home Ideas, a home decor and textile company, which signed for 37,265 square feet in July 2021.
Mark Hallum can be reached at mhallum@commercialobserver.com.
