Mexican restaurant concept Casa Carmen is expanding its footprint in New York City, opening a third location in Manhattan. Brokerage firm Retail by MONA and owner Sage announced the signing of a long-term 15-year lease for a 6,917-square-foot commercial unit in the 437 Madison Avenue property in Midtown East.
The asking rent for the retail and dining space stood at $200 per square foot, according to information from the tenant representative. Founded by renowned chef Carmen 'Titita' Ramírez Degollado, the hospitality business offers traditional Mexican cuisine and already operates two restaurants in Manhattan, in Tribeca (114 Franklin Street) and the Flatiron District (5 West 21st Street).
Enhancing the office location through hospitality
Michael Lenchner, leasing director at Sage, explained that Casa Carmen is an outstanding fit for 437 Madison Avenue and the property's service-oriented approach. He noted that the ongoing aim is to make the working environment more comfortable and appealing for tenants and their staff, adding that an establishment of this calibre offers occupiers of the office building a premium culinary offering right on their doorstep.
On the landlord side, negotiations were conducted by Matthew Chmielecki and Preston Cannon from advisory firm CBRE, while John DiGangi of Retail by MONA represented the tenant Casa Carmen.
Midtown East benefits from returning office demand
Brandon Singer, founder and CEO of Retail by MONA, highlighted that Midtown East is currently experiencing a wave of new investment, driven by major corporate headquarters and vibrant office activity. With companies increasingly committing to the neighbourhood on a long-term basis, attractive opportunities are emerging for dining concepts to serve the growing demand from office workers, local residents and visitors.
- —Property: 437 Madison Avenue, Midtown East, New York
- —Space and term: 6,917 square feet on a 15-year lease term
- —Rental rate: Asking rent of $200 per square foot
- —Brokers involved: CBRE for landlord Sage, Retail by MONA for Casa Carmen
