Wednesday, June 15, 2016

Report: Wagamama coming to 55 3rd Ave.; M2M to depart?


[EVG file photo]

The second Manhattan location of Wagamama, the London-based chain of Japanese restaurants, is reportedly coming to a retail space at 55 Third Ave., aka Eleventh and Third, the 12-floor building that recently went through a top-to-bottom luxury renovation.

Per the Commercial Observer, who first reported the deal:

The popular Japanese-inspired Wagamama has taken 3,150 square feet at grade and 2,000 square feet for storage in the basement in the East Village at 55 Third Avenue at the corner of East 11th Street, according to sources with knowledge of the deal. The lease is for 15 years and the asking rent was $250 per square foot.

No 55, which is between 10th Street and 11th Street, is currently home to two retail tenants: M2M, the Asian grocery chain, and The Smith. Reps for both businesses said that they were not closing, as Gothamist reported. (The Observer article didn't mention which business would be departing.)

In 2014, these commercial spaces hit the market for $25.5 million. The listing at the time noted that M2M's lease was up in 2017 (The Smith's lease is through 2027.) The listing also noted this:

The plans call for the existing lobby space to be moved further east along 11th Street which will allow the current lobby to be incorporated into the corner retail space upon vacancy, thus increasing the most valuable Third Avenue ground floor retail footage by approximately 1,314 square feet. Upon M2M vacating and the implementation of the proposed strategy, there is potential to instantly double the asset’s net operating income.

The other Wagamama, which serves Japanese comfort foods including several types of ramen, will open on Fifth Avenue between 25th Street and 26th Street.

Previously on EV Grieve:
Someone actually paid $57 million for this East Village building

Reimagining this 12-story East Village building, now on the market

NY Copy & Printing forced out of longtime E. 11th St. home, opening second location on E. 7th St.

Eleventh and Third indulges in some nonsensical branding

Rebranded 'Eleventh and Third' will have rentals upwards of $10k

Retail space housing The Smith and M2M asking $25.5 million on 3rd Avenue

Luxurified 55 3rd Ave. now on the market for $65 million

17 comments:

Anonymous said...

WagaM2M goodbye. Sad, been going here for years.

Anonymous said...

Dozens of empty spaces all over the nabe and they push M2M out...hope they find another space. It's a nice place to shop for food.

You remember food? The kind one might eat in the privacy of one's apartment...remember apartments, the places people lived before everyone was in an Air BnB and ate only in restaurants...before every minute of the day and night had to be an "experience"...

Gojira said...

Nooooooo!!!!

blue glas said...


just what we need, another expensive japaese restaurant.
we certainly don't have enough ramen.
another supermarket leaving the neighborhood.

way to go annon 7:50am!!

Anonymous said...

I wouldn't miss the Smith (the most suburban looking restaurant in lower Manhattan) but M2M leaving would be a bummer.

John said...

"wagamama" means selfish

It's an excellent restaurant. Not too expensive.

Anonymous said...

Perhaps M2M will find a new home...NEARBY!

Anonymous said...

the Smith during brunch hours... you have to see/hear the din to believe it.

Anonymous said...

Would very much miss M2M. The Smith, with its noise levels that must cause permanent hearing damage (I feel sorry for the employees there) would not be missed at all!

"Instantly double the asset's net operating income" tells you all you need to know about how un-affordable things are going to be.

cmarrtyy said...

No great loss. M2M prices are high.

Anonymous said...

This was bought by benchmark realty group, gutted and sold. They also just bought two buildings on 9th street....

Mike said...

Wagamama isn't expensive at all...

Anonymous said...

M2M prices are about what you'd pay across the street at the new supermarche... plus fresh take out sushi. So there's that.

Anonymous said...

why anyone would shop at M2M as opposed to Sunrise Mart a few blocks away ?

As far as japanese supermarkets go, we seem to be doing ok in the east village and im sure we can take this hit.

Anonymous said...

@4:04pm: Why would I walk blocks out of my way to Sunrise when M2M is right in my path, less than a block from where I live?

PeterG said...

This would have been exciting news in London in 1995

Anonymous said...

I believe there is another space on 11th St that used to be a copy shop. Add that to the old Lobby and you might get enough space for a jaded chain from Europe.