Wagamama is closing its East Village location

After nearly 18 months in business, Wagamama is shutting down its East Village location.

This outpost of the London-based chain that serves Japanese-inspired cuisine opened on the corner of Third Avenue and 11th Street in October 2017.

Here's the message posted to the Wagamama website: "As of april 12 we will [be] closing our doors. we wanted to say thank you, east village for being our neighbor. don’t worry, you can get your noodle fix at either our location on 25th and 5th or our newest location at 39th and 3rd. we look forward to seeing you soon."

On the surface, this seems to be a bit of a surprise: a well-known restaurant brand opening in a location surrounded by a large college population (NYU, Cooper Union, the New School) in a well-travelled corridor. (Not exactly a sleepy side street.)

This closure comes several weeks after Wagamama's 11th Street building mate Martina bid farewell to their space. Danny Meyer's attempt at a quick-serve pizzeria opened in August 2017.





In 2014, this previously rather drab and dormy-looking residential building received a facelift and rebranding to become more luxurious with rents going upwards of $10k a month.

The retail spaces underwent a major rehab after M2M closed here back in February 2017.


[EVG photo from June 2017]

Meanwhile, the Smith appears to still be doing big business in this complex.

Previously on EV Grieve:
55 Third Ave. sells for $57 million — AGAIN

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.

Danny Meyer's Union Square Hospitality Group planning Martina for 55 3rd Ave.

A few details about the Wagamama coming to 3rd Avenue

55 Third Ave. sells for $57 million — AGAIN

A transaction from last week to note... in which Benchmark Real Estate Group sold 200 E. 11th St. (aka 55 Third Ave.) to an affiliate of Shorenstein Properties for $57 million, per The Real Deal.

That was the same price that Benchmark paid for the building in 2013. However, they sold the retail condominium portion in 2015 for $25 million, The Real Deal reported.

In 2014, the previously rather drab and dormy-looking building received a facelift and rebranding to become more luxurious with rents going upwards of $10k a month.

Flashback to 2013!



Meanwhile, this seems like a good time to recap the retail coming-and-goings here.

For starters, M2M closed here back in February. In the photo below, the discrete red arrow points to where work continues on the space for Wagamama, the London-based chain of Japanese restaurants, set to open later this year. And the greenish arrow points to where Danny Meyer's Union Square Hospitality Group is opening Martina, a pizzeria, at 198 E. 11th St. ...



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.

Danny Meyer's Union Square Hospitality Group planning Martina for 55 3rd Ave.

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

Starting in the spring of 2014, the 12-floor building at 55 Third Ave. (aka 200 E. 11th St.) went through a top-to-bottom renovation, emerging looking less like a 1970s-era dorm.

Now, it looks like a 2016-era dorm here near the NYU student housing along this Third Avenue corridor.

In any event! The building is now on the market.

As you may recall, The Benchmark Real Estate Group bought the place in late 2013 for a whopping $57 million.

Now they are asking an even more whopping $65 million for the luxurified building.

Per The Real Deal, who first reported that the 54-unit residential component was for sale:

As part of a gut renovation of the residential portion, the company constructed a three-story building on an adjacent vacant lot that now serves as a lobby and amenity space including a fitness center, yoga/meditation room and massage room. The overhaul included an upgrade to the exterior façade and windows and the addition of condo-like features to the apartments.

The building... has more than 53,000 square feet of residential space, not counting the 4,000-square-foot addition.

Rents for the 37 one-bedroom apartments average $5,600 a month, while the nine two-bedrooms and eight studios average $7,500 and $3,600 per month, respectively.

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


[EVG photo from 2013]

A look at Eleventh and Third's expanded lobby

Oh, just noting the recent reveal at Eleventh and Third, the 12-floor building that recently went through a top-to-bottom luxury renovation (on East 11th Street and Third Avenue).

Workers have been expanding the lobby and adding a second level on East 11th Street...



According to the Eleventh and Third website:

Whenever you are coming or going, the lobby caters to comfort and convenience with casual seating, power stations, WiFi, espresso machines, and, of course a 24/7 concierge.

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

Expanded lobby on the way at Eleventh and Third

There's still some work going on at Eleventh and Third, the 12-floor building that recently went through a top-to-bottom luxury renovation.

Approved work permits show that crews are expanding the lobby and adding a second level to the east on 11th Street, as the rendering on the plywood shows...





… and how it looks as of Saturday…





The building here at Third Avenue includes a gym, yoga studio, rooftop terrace and lobby with espresso machines. According to Streeteasy, the units, which all include self-closing drawers and cabinets, average about $4,800.

It's not clear exactly what will be housed in the expanded lobby.

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

Full reveal at the all-new 200 E. 11th St.

The exterior work appears to be complete at 200 E. 11th St., home of the rebranded Eleventh and Third. The 12-floor building went through a top-to-bottom renovation, emerging looking less like a 1970s-era dorm …





Oh, and here is a photo from Saturday after workers removed the sidewalk bridge… (the other photos are from Friday) …



Benchmark Real Estate Group paid $57 million for the building late last year.

The building on East 11th Street and Third Avenue now includes a gym, yoga studio, rooftop terrace and lobby with espresso machines. Apparently people have been indulging — Streeteasy shows five active listings, with an average price of $4,887.

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

Brick by brick, Eleventh and Third's transformation into luxury rentals underway

The 12-story residential building at 200 E. 11th St., which Benchmark Real Estate Group paid $57 million for late last year, is starting to lose the dorm look of its NYU neighbors here along Third Avenue.

The rebranded Eleventh and Third is going through a top-to-bottom renovation, and there are already noticeable differences on the building's exterior.



Meanwhile, inside, two-bedroom rentals will be fetching upwards of $10,000 a month.

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.

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

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

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

[Image via Massey Knakal]

The Benchmark Real Estate Group picked up the 12-story residential building with retail space on the southeast corner of Third Avenue and East 11th Street late last year for a whopping $57 million.

The developers are currently gut renovating the building, now called Eleventh and Third, upgrading the space to luxury apartments that will fetch more than $10K a month for two bedrooms.

Now the retail space — three separate spaces encompassing 15,000 square feet — is on the market with an asking price of $25.5 million.

Here are details from the Massey Knakal listing:

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.

Currently, 2 of the spaces are occupied by locally anchored tenants The Smith, a casual and lively American brasserie with three locations in NYC, and M2M, the area’s convenient grocery store. The Smith currently occupies approximately 3,886 SF above grade and pays $496,500 annually equating to approximately $127 psf. M2M currently occupies the corner space which totals approximately 3,266 SF above grade paying approximately $352,315 annually equating to approximately $108 psf.

These leases expire in 2027 and 2017 respectively with no further extension options or renewals for either tenant. The remaining unit, with frontage on East 11th Street, will be delivered vacant at the time of sale.

So M2M or The Smith aren't going anywhere for a few years. But they will have to vacate upon the end of their respective leases. That third storefront is already vacant. NY Copy & Printing moved to East Seventh Street after 22 years on East 11th 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.

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

Eleventh and Third indulges in some nonsensical branding

Some marketing messages have arrived on the sidewalk shed surrounding the recently rebranded Eleventh and Third, the former Soviet-era student housing $57-million building going under a gut renovation on Third Avenue and East 11th Street.

The messages are likely meant to be, well, playful, with lines like "Speak up! But know when to shut up" and "GET BUSY. Doing Nothing" and "Relax into chaos" and "Rent your space. Own your life."

[Crickets]

It doesn't get much better on the Third Avenue side, where we're told that "It's OK to Indulge" ... with some ideas on things to indulge in, such as coffee, sex, sugar, youth, wine. Crazy, man!



There's a teaser website up for the building if you want to get a head start on the indulging.



There isn't any mention of prices. However! The Real Deal previously reported that rent for the units will range from $3,500 for a studio to $6,000 for a one-bedroom to as much as $10,000 for a two-bedroom.

Feel free to indulge or something.

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.

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

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

[Friday!]

We've been watching the three-day effort to raise the sidewalk bridge on Third Avenue at East 11th Street …


[Monday!]


[Yesterday!]

All this is ahead of the big renovations at 55 Third Ave., which despite its drab appearance, is not an NYU dorm. The Benchmark Real Estate Group actually paid $57 million for the 12-floor building late last year.

The Real Deal had the scoop yesterday on what to expect in the currently-tenant-free building, now known as Eleventh and Third:

Rent for the units will range from $3,500 for a studio to $6,000 for a one-bedroom to as much as $10,000 for a two-bedroom, the spokesperson said. Some of the one- and two-bedroom apartments feature a private outdoor space.

Oft!

The building is getting a makeover to look less dormy.

As for the retail tenants that share the building … The Smith and M2M appear to be safe.

However, the owners of NY Copy & Printing had to vacate their home here after 22 years, as we first reported.



The owners told us the that the building's new landlord wouldn't continue their lease. Fortunately, NY Copy found a home on East Seventh 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.

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

Signs are up for a new tenant at 13 E. Seventh St. — NY Copy & Printing.

The family owned NY Copy & Printing has been around since 1992. Their home base is at 204 E. 11th St. with a second, smaller shop at 34 E. Seventh St.

However, the new owners of the East 11th Street building, sold late last year for $57 million to Benchmark Real Estate Group LLC, would not renew the shop's lease ahead of a condo conversion at 200 E. 11th St.


[EVG file photo]

The owners of NY Copy & Printing told us that they are very sad about leaving their East 11th Street location after 22 years, but "we have no choice." For now, they will operate both shops on East Seventh Street.

As for No. 13, half of this space was previously home to the D.L. Cerney boutique, which closed after 28 years in 2012. (This was NOT a closure due to a rent hike.) The other half of the former D.L. Cerney space is that cool lighting store, Bulb Concepts.

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

Someone actually paid $57 million for this East Village building

Wow. $57 million for this dorm-looking thing on Third Avenue and East 11th Street? (And you thought that the Yankees overpaid for Beltran!)

Oh, anyway, this 12-story residential thing with retail space hit the market back in April. Now The Wall Street Journal reports that the Benchmark Real Estate Group LLC is the new owner.

Per the Journal:

The mixed-use property has 55 rental apartment units and 10,500 square feet of retail space. The current commercial tenants are the Smith, an American restaurant, Asian market M2M and NY Copy Printing Co.

Benchmark plans to invest money from its $45 million first mortgage to renovate and upgrade the apartment units and increase the retail space by 15% to 20%, said Russell Frahm, head of Mesa West's New York origination team.

The original listing noted that "[a] buyer may wish to expand the residential floor plate above and restore the building above by reskinning glass." And this is the rendering...



Oh boy.

Bid deadline approaches on that building you can skin on East 11th Street

Back on April 11, we noted that 200 E. 11th St. at Third Avenue was now on the market. It is a rather dormy-looking building... but there is potential! As the Massey Knakal listing noted:

"[A] buyer may wish to expand the residential floor plate above and restore the building above by reskinning glass."

Like this.



And why revisit all this again? Because the bidding deadline on the building is today at 5. Plus, we just wanted to repost the photo of the rendering.

Previously on EV Grieve:
Reimagining this 12-story East Village building, now on the market

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

So 200 E. 11th St. at Third Avenue is now on the market. Per the Massey Knakal listing: "Rarely do downtown elevated apartment buildings become available for sale. When they do, it is even more unusual that they are as untouched and with so much upside potential as 200 East 11th Street (AKA 55 Third Avenue)."

Indeed.

A deeper look at the listing (PDF!) shows what the new owner could do, such as converting one bedroom units into to two-bedroom units.

But! The biggest changes — at least for passersby — would happen on the outside of the building, where the listing notes "[a] buyer may wish to expand the residential floor plate above and restore the building above by reskinning glass."



Let's take a closer look at this reskinned glass.



The new rendering doesn't happen to show the current retail clients — M2M or the copy shop. The third storefront is home to The Smith.

There's no price listed for the building.