A New York Metropolis hospitality group identified for its fashionable restaurant chains has picked up a West Village nook spot made famous on the small screen.
Group Hospitality, which oversees restaurant manufacturers Boucherie, Olio e Più and Omakase Room, purchased the property at 87 Seventh Avenue South for $7.3 million, The Actual Deal has realized.
The deal comes at a steep low cost from the $13.3 million that the vendor, an entity tied to David Heiden’s Nice Neck-based W. Monetary, paid in 2018. The property, which has sat vacant because the commerce, has served as an area for pop-up occasions, together with New York Vogue Week reveals.
Situated on the nook of Seventh Avenue South and Barrow, the property spans over 4,000 sq. ft, which features a second flooring with personal out of doors house. The positioning has 170 ft of wraparound frontage, in keeping with advertising and marketing supplies.
Colliers’ Zach Redding, Dylan Kane and Sarah Brief marketed the property completely. The property had been asking $6.8 million.
In 2023, TRD reported {that a} Japanese restaurant signed a 15-year lease on the property, however the tenancy by no means materialized after the restaurant’s capital companion backed out of the deal, in keeping with a supply aware of the matter.
The Group didn’t reply to a request for remark, and it’s not clear what its plans for the positioning are but. The Group already operates all three of its manufacturers within the West Village, and a supply aware of the deal advised they might be bringing a brand new idea to the world.
The acquisition comes as eating places navigate an increasingly competitive leasing market, with some hospitality teams turning to ownership in high-demand areas.
A companion at Michelin-starred Italian Rezdôra, for instance, bought the restaurant’s house at 27 East twentieth Road for $7.25 million in 2018, and added two extra properties, at 86 College Place and 12 East twelfth Road, within the final yr.
Proudly owning actual property provides eating places the “flexibility and pleasure of possession that leasing doesn’t,” Colliers’ Kane mentioned in an announcement.
The previous Sushisamba house is on the identical block as Boucherie West Village (99 Seventh Avenue) and across the nook from Olio e Più and Omakase Room (3 Greenwich Avenue and 14 Christopher Road, respectively). Property information point out that the Group doesn’t personal these present places.
The Group Hospitality launched in 2010 with its West Village Olio e Più location, and has since expanded to its three manufacturers in a number of cities, together with Miami, Chicago and Washington, D.C. In New York, the restaurant group operates its manufacturers throughout 9 places.
Regardless of its long-time emptiness, the nook at 87 Seventh Avenue had a brush with fame following repeat appearances by its one-time tenant, Sushisamba, in HBO’s “Intercourse and the Metropolis.”
The clubby Japanese fusion restaurant leased the house in 2000. After changing into a staple on the present, the restaurant turned a go-to vacation spot, to the chagrin of the restaurant’s neighbors.
The Division of Buildings cited the property for overcrowding on the roof, which at that time was adorned with an unapproved makeshift tent, and then-owner Alex Varveris racked up over $8 million in fines from town as he refused to put in a everlasting construction on the second story with out a renegotiated lease.
In 2007, Varveris signed a cope with the Landmarks Preservation Fee to pay a fraction of the fines and filed permits for an enclosed roof with the DOB. The second-story house opened later that yr and was operated by Sushisamba till it closed the situation in 2017.
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