NEW YORK CITY, NY – November 23, 2011 – (RealEstateRama) — Panera Bread Company, the popular bakery-café chain, leased the only available space at Malkin Properties’ 10 Union Square East retail condominium.
Panera will take occupancy of the 4,556-square-foot space, the chain’s second location in Manhattan, in the first quarter of 2012. The prime retail site, next to Starbucks, is steps from the city’s fourth-most-heavily-used subway station and is surrounded by the seven-day-a-week shopping and traffic of one of Manhattan’s greatest retail districts.
In addition to the dense pedestrian traffic generated by Union Square Park and the subway, 15 New York University buildings serve more than 6,000 students within four blocks of the site, and a multiplex theater is at the south end of the park, one block away on East 14th Street.
“When we bought this property in the ‘90s, we knew Union Square was going to be one of Manhattan’s most vibrant neighborhoods. But we never envisioned it would be filled with popular restaurants and such upscale retailers as Nordstrom Rack, Trader Joe’s, Best Buy, The Food Emporium, Whole Foods, and many others,” says Anthony Malkin, president of Malkin Properties. “Panera will have an enormous pool of customers.”
Founded in 1981 and headquartered in St. Louis, Panera Bread Company owns and franchises 1,467 bakery-cafes in the United States and Ontario, Canada. The chain offers high-quality, reasonably priced food in a warm, inviting, and comfortable environment. In the 2011 Harris Poll Equitrend®, Panera Bread was named Casual Dining Brand of the Year.
Andrew Mandell of Ripco Real Estate Corp. represented Panera in the lease negotiations. Malkin Properties was represented in-house by Fred C. Posniak, senior vice president.
10 Union Square East is a 58,000-square-foot retail condo that occupies the ground floor of Zeckendorf Towers, a mixed-use development with nearly 700 apartments and 300,000 square feet of offices occupied by Beth Israel Medical Center. Other retail tenants there include Starbucks, Best Buy Mobile, Food Emporium, Subway, Federal Express, Chipotle, Au Bon Pain, Game Stop, GNC and UPS.
Malkin Properties is the acquisition, management and marketing arm of the Malkin family. For information about this or other Malkin Properties retail locations, please visit www.malkinproperties.com.
From: MALKIN PROPERTIES
Contacts: Rachel Antman, 212-499-6570; rachel (at) LVMgroup (dot) com
David Grant, 212-499-6565; david (at) LVMgroup (dot) com
