The restaurant chain Pizza Napoli has concluded a lease for 2,500 square feet (approx. 232 square metres) at 383 Fifth Avenue, near East 36th Street in Midtown. The landlords Jonathan and Jan Soleimani are represented by Meridian Capital Group, who state the initial asking rent as $25,000 per month. The signed agreement has a term of 15 years.
The new Pizza Napoli branch takes over the location previously used by Famous Italian Pizza. This transition from one pizzeria to another is viewed positively by industry experts. Noam Aziz of Meridian Capital Group, who represented the landlords together with Carson Shahrabani and Daniel Zacaim, commented that retail on Fifth Avenue continues to show strength for food and beverage providers.
Location Strengths and Market Assessment
Aziz highlighted the seamless handover of the property: “This was a straightforward re-occupancy – pizzeria to pizzeria, minimal downtime for the landlord.” He added that Jonathan and Jan Soleimani had been good partners throughout the process and that Pizza Napoli would be successful at this location given the high footfall. The tenant was not represented by external brokers in this transaction.
Daniel Zacaim also commented on the positive implications of the new letting: “When a pizzeria location changes hands on Fifth Avenue, the conclusion for the neighbourhood is usually positive – it shows that the catchment area continues to support this price and usage.” He described Pizza Napoli as a strong operator taking over a location with an established customer base.
Pizza Napoli, which could not be reached for comment, potentially benefits from the daily pedestrian traffic along Fifth Avenue as well as the adjacent Dispensary NY Cannabis Company. This traffic generator can attract additional customers.
Parties Involved and Further Information
- —Landlords: Jonathan and Jan Soleimani
- —Tenant: Pizza Napoli
- —Landlord Representatives: Noam Aziz, Carson Shahrabani, Daniel Zacaim (Meridian Capital Group)
- —Area: 2,500 sq ft (approx. 232 m²)
