The seafood restaurant Crab House has secured its fourth New York location at 11 East 13th Street in Manhattan's Greenwich Village, Commercial Observer has learned. The chain is known for its all-you-can-eat concept.
The 6,500 square feet (SF) space between Fifth Avenue and University Place became available for re-letting in early August after the Mediterranean tapas restaurant Reyna New York vacated the premises. The lease agreement was signed last Friday, according to Meridian Capital Group, which represented the landlord. The monthly asking rent was $38,500.
Strong Demand for Prime Restaurant Space
Carson Shahrabani and Noam Aziz of Meridian Capital Group represented the landlord, Arnold Toren, while Ygal Laham of KSR negotiated on behalf of Crab House. Ygal Laham noted that it was a highly competitive lease. He emphasised that Crab House has evolved from a small business into an established hospitality group, and they were pleased to assist them in securing this location as part of their expansion.
Mr Shahrabani estimated that the previous tenant had invested millions of dollars in improvements before vacating. The offering included a ground floor of 3,000 SF and a lower level of 3,500 SF, both with fully equipped bars. The generous space and location, just one block southwest of Union Square, generated considerable interest and secured a new tenant within just four weeks.
Shahrabani commented: "The space was delivered in pristine, turnkey condition. We conducted nearly 60 viewings, which led to intense competition among almost a dozen potential offers. It is remarkable to witness such strong demand for prime second-generation restaurant space in Manhattan."
Crab House's Expansion Course
Crab House already operates two other Manhattan locations, at 218 West 40th Street in Times Square and 135 East 55th Street in Midtown East. Additionally, there is a location in Brooklyn, Coney Island, at 1223 Surf Avenue. The opening of the new branch is expected in December.
