ATCO welcomes new cafe to upgraded property.
ATCO Properties & Management has signed a 12-year, 5,181 s/f lease with fast-causal restaurant chain Cafe Metro at 240-246 West 35th Street, an 18-story building in the Garment District.
The new Cafe Metro, which is expected to open in February 2018, will continue the brand's expansion in the New York City market.
With the new location, Cafe Metro, with over 30 years of operating history, and its sister brands, Flavors Cafe and Fresh & Co., will increase the number of its locations to 20 stores in Manhattan and one in downtown Brooklyn.
"We are delighted to welcome Cafe Metro to our property at 240 West 35th Street," said Neil Adamson, CIO of ATCO Properties & Management.
"Our strong Midtown location, coupled with its close proximity to Penn Station and the 34th Street/Herald Square subway terminal, make it an ideal location for our tenants, visitors and on the-go commuters."
John Cinosky, President of Ateo Brokerage Services, represented the landlord in the long-term transaction, while Stu Morden and Lucas Kooyman of Newmark Knight Grubb Frank Retail, represented the tenant.
240-246 West 35th Street includes such tenants as Cablevision-owned media group Newsday; fashion designer Jason Wu; afashion and eyewear designer Thom Browne; technology company Fidelus Technology; and high-end bridal designer Reem Bridals.
The 165,000 s/f office property is situated between 7th & 8th Avenues, which is becoming a main east-west corridor between Hudson Yards and midtown.
Following ATCO's acquisition of the property in December 2016, ownership has completed several capital improvements at the building, including a new lobby renovation, common corridor upgrades and sidewalk improvements. Currently, an elevator upgrade/modernization is underway.
The purchase of 240-246 West 35th Street was ATCO's first acquisition in the Garment District and the 12th acquisition in ATCO's City Center Real Estate Program since 2012.
ATCO presently owns and manages more than 35 buildings ranging from high-rise office and residential towers to one-story industrial structures and high tech flex buildings, including Manhattan properties such as 555 Fifth Avenue, 40 Central Park South, 41 West 58th Street, 630 Third Avenue, 381 and 373 Park Avenue South.
Caption: NEIL ADAMSON