10:30 AM
Newmark is pleased to announce it has negotiated a 10-year, 2,786-square-foot lease for national restaurant chain Inchin’s Bamboo Garden at 432 Park Avenue South in Manhattan. Newmark Executive Managing Director Tom Citron and Associate Ethan Berenzweig brokered the transaction for the tenant, while the landlord, Samco, was represented in-house. The asking rent for the deal was $200 per square foot.
Inchin’s Bamboo Garden is a restaurant inspired by “feel good” street food, with the influences of flavors found within the large cities of China, as well as from regions in India and Thailand. The restaurant maintains a blend between these areas to offer a large menu filled with a variety of dumplings, noodles and rice bowls. Their new location at 432 Park Avenue South will be their first in New York City.
432 Park Avenue is a 16-story high-rise building, and Inchin’s Bamboo Garden will occupy the ground floor of the building in 2,178 square feet on the ground level and 608 square feet on the lower level. Located in the heart of the Murray Hill neighborhood, the building is situated near famous landmarks such as Madison Square Park and the Empire State Building. The property is easily accessible through public transportation such as the N, Q, R, W, 4 and 6 subway lines, as well as multiple buses.
“Inchin’s Bamboo Garden provides a fresh take on food from traditional cultures,” said Citron. “432 Park Avenue South is an excellent location for their first representation in New York City, and we are truly looking forward to seeing the restaurant thrive as it has in their other American cities including Washington D.C. and Seattle.”
About Newmark
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 14,100 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.