Residents of The Ellery, a mixed-use development in Manhattan’s Hell’s Kitchen neighbourhood, can look forward to a new retailer on the ground floor of their 33-storey residential building. PNC Bank has signed a lease for 3,500 square feet (approx. 325 square metres) of retail space at the base of the property at 312 West 43rd Street.
This agreement was announced by co-developers and co-owners Taconic Partners and National Real Estate Advisors. PNC Bank joins a list of prominent tenants already located at The Ellery.
Attractive Tenant Structure at The Ellery
Other retail tenants at The Ellery include the Indian restaurant Samudhra, which signed a lease for 10,000 square feet (approx. 929 square metres) in August. Also in August, the food retailer Aldi leased an area of 25,000 square feet (approx. 2,322 square metres).
George Tsapelas, Senior Vice President at Taconic Partners, expressed his delight at the new tenant: “PNC Bank is a valuable addition to The Ellery’s growing business portfolio and furthers our vision of establishing the property as an active component of the surrounding Hell’s Kitchen and Times Square community.” He emphasised that a combination of food, gastronomy, and now financial services will create a retail offering that serves both residents and contributes to the wider community.
The exact rent and lease term were not disclosed. According to CBRE data, the average asking rent for retail space in nearby Herald Square in the third quarter of 2026 was $403 per square foot.
Taconic Partners and National Real Estate Advisors were represented in this transaction by Brandon L. Singer of Retail by MONA. PNC Bank was represented by Peter Whitenack of Newmark. Kevin Verdi, Executive Vice President and Chief Investment Officer at National Real Estate, noted that PNC Bank is exactly the kind of tenant they desired at The Ellery, as it will be used daily by residents and the neighbourhood.
About The Ellery
Completed in 2024, The Ellery is a 350,000 square foot (approx. 32,516 square metres) property near the corner of West 43rd Street and Eighth Avenue. The building features 330 rental units and over 30,000 square feet (approx. 2,787 square metres) of amenities.
- —Rooftop pool
- —Private gardens
- —Spa areas
- —Fitness centre
- —Coworking spaces
