[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