PNC Bank Inks 4K-SF Retail Lease at 312 West 43rd Street
By Amanda Schiavo October 15, 2026 3:51 pm
reprints
Residents at the Ellery, a mixed-use residential development in Manhattan’s Hell’s Kitchen neighborhood, are getting another retailer at the base of their 33-story home.
PNC Bank has signed a 3,500-square-foot retail lease at the base of the property at 312 West 43rd Street, according to co-developers and co-owners Taconic Partners and National Real Estate Advisors.
Other retail tenants at the Ellery include Indian restaurant Samudhra, which signed a 10,000-square-foot lease in August, and grocery store Aldi, which took 25,000 square feet last August.
“PNC Bank is a strong addition to the growing mix of businesses at the Ellery and further advances our vision for the property as an active part of the surrounding Hell’s Kitchen and Times Square community,” George Tsapelas, senior vice president at Taconic Partners, said in a statement. “With a combination of grocery, dining and now financial services, we are continuing to curate a retail offering that serves our residents while contributing to the broader community.”
The asking rent and the length of the lease were not disclosed. The average asking rent for retail space in nearby Herald Square was $403 per square foot during the third quarter of 2026, according to CBRE data.
Taconic Partners and National Real Estate Advisors were represented by Brandon L. Singer from Retail by MONA, while PNC Bank was represented by Peter Whitenack from Newmark.
“We couldn’t be more excited that PNC Bank chose the Ellery as the site of its newest Manhattan location,” Singer told Commercial Observer. “Alongside Aldi, PNC Bank was the perfect choice to co-anchor the Ellery’s 42nd Street retail offerings.”
Whitenack did not immediately respond to CO’s request for comment.
“PNC Bank is exactly the kind of tenant we want at the base of the Ellery,” Kevin Verdi, executive vice president and chief investment officer at National Real Estate, said in the statement. “It’s one that residents and the neighborhood will use every day.”
Completed in 2024, the Ellery is a 350,000-square-foot property near the corner of West 43rd Street and Eighth Avenue. The building features 330 rental units and over 30,000 square feet of amenities, including a rooftop pool, private gardens, spa areas, a fitness center and coworking spaces.
Amanda Schiavo can be reached at aschiavo@commercialobserver.com.
