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Chick-fil-A to Test Two New Restaurant Concepts in Metro Atlanta, New York City 

by Hayden Spiess

Atlanta and New York City — Chick-fil-A has announced plans for two new restaurant concepts. Beginning in 2024, the brand will open an elevated drive-thru concept in metro Atlanta as well as a walk-up restaurant in New York City. Both concepts are designed to enhance efficiency and convenience, with plans for the drive-thru restaurant including a kitchen built above the drive-thru lanes and dedicated lanes for mobile orders. Targeted toward urban areas with heavy foot traffic, the walk-up concept will allow guests to order through the Chick-fil-A app and pick up …

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Fantini & Gorga Secures $10 Million Acquisition Financing for Walgreens Portfolio

by Hayden Spiess

Needham, Mass. — Fantini & Gorga has secured $10 million in acquisition financing for a portfolio of four retail properties occupied by Walgreens. Three of the properties are located in Massachusetts, and the fourth is in New York. Casimir Groblewski and Colin Monahan of Fantini & Gorga arranged the debt through multiple banks on behalf of the borrower, Union Station LP, which acquired the portfolio in a 1031 exchange.

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DevelopmentLeasingMixed-useNew YorkNewsRestaurants

SAGA to Open 7,000-Square-Foot Restaurant at 360 Park Avenue South in New York City

by Hayden Spiess

New York City — SAGA Hospitality Group will open a 7,000-square-foot restaurant at 360 Park Avenue, a 450,000-square-foot office property in New York City. BXP, which acquired the building in December 2021, is the landlord. Upon opening, the concept will offer coffee and pastries throughout the day and seafood dishes at night. 

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Eastern Union Secures $62.3 Million Construction Financing for Mixed-Use Development in New York City

by Hayden Spiess

New York City — Eastern Union has secured a $62.3 million loan for the construction of a mixed-use development in the Brooklyn borough of New York City. Upon completion, the property will total 105,000 square feet, including a 33,000-square-foot Lidl. The project will also feature an additional 12,000 square feet of retail space, 57 residential units, 12,000 square feet of office space and a 9,000-square-foot community facility. Abraham Bergman and Yossi Orzel of Eastern Union arranged the two-year, floating-rate financing through Invictus Real Estate Partners, Maxim Capital Group and Beach Point …

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FinanceNew YorkNews

Progress Capital Secures $42.5 Million Loan for Refinancing of Manhattan Retail Property

by Katie Sloan

New York City — Progress Capital has secured a $42.5 million loan for the refinancing of Bridgemarket, a 100,000-square-foot retail property located in Manhattan. Tenants at the property include Gustavino’s, T.J. Maxx, Ship Essentials and Trader Joe’s. Brad Domenico of Progress Capital arranged the loan on behalf of the borrower, MADD Equities, through an undisclosed lender. 

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Necessity Retail REIT Sells 44 Bob Evans-Leased Properties for $93 Million

by Hayden Spiess

New York City — The Necessity Retail REIT Inc. (RTL) has completed the sale of 44 properties leased to Bob Evans restaurants for a total $93 million. The restaurants are located in Kentucky, Indiana, Ohio, Michigan, Delaware, Pennsylvania, Virginia, West Virginia and Maryland. “With this sale, we have intentionally reduced our total portfolio exposure to fast casual dining to less than 2 percent from 4 percent, based on annualized straight-line rent,” says Michael Weil, chief executive officer of RTL. 

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Investment salesNet leaseNew YorkNews

JRW Realty Brokers Acquisition of 102,062-Square-Foot Single-Tenant Property in Niagara Falls, New York

by Hayden Spiess

Niagara Falls, N.Y. — JRW Realty has brokered the acquisition of a 102,062-square-foot single-tenant supermarket property located in Niagara Falls. Tops occupies the building on a net-lease basis. Melinda Marston of JRW represented the undisclosed buyer in the transaction. Chris Bosworth of CBRE represented the undisclosed seller. 

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DevelopmentLeasingNew YorkNews

Rivian Opens 5,000-Square-Foot Experiential Retail Center in New York City

by Hayden Spiess

New York City — Automaker Rivian has opened a 5,000-square-foot store in New York City’s Meatpacking district, marking the most recent location for its “Spaces” lineup, a collection of temporary and permanent experiential retail centers. Featuring a floor-to-ceiling glass storefront, the space will showcase the company’s flagship vehicles and offer product education and community programming. Rivian plans to introduce more Spaces stores throughout this year and 2024, with upcoming locations including Brooklyn, New York; Laguna Beach, California; and a 10,000-square-foot site in Austin, Texas.

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DevelopmentLeasingNew YorkNews

Life Time Signs 53,000-Square-Foot Lease in New York City

by Hayden Spiess

New York City — Life Time Fitness has entered a 53,000-square-foot lease agreement to occupy space on the first three floors of PENN 1, a building located adjacent to Madison Square Garden in New York City. The location will open in two phases beginning in summer 2023. Phase One will feature boutique studios, hundreds of pieces of equipment, a curated recovery space, spa, dressing rooms and a juice bar. Phase Two Is scheduled for early 2024 and will include seven ground-floor pickleball courts, a lounge, a seating and bar area and …

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LeasingNew YorkNewsRestaurants

Patis Bakery Signs 5,110-Square-Foot Lease at Mixed-Use Property in Brooklyn

by Hayden Spiess

New York City — Patis Bakery will open two food-and-beverage concepts totaling 5,110 square feet at 203 Jay Street, a 72,000-square-foot mixed-use development in Brooklyn. Beginning this fall, Patis will operate a full-service restaurant as well as a separate café and bakery in the eight-story building. AmTrust RE is the landlord at the property. 

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