Insignia/ESG's Retail Group arranged both transactions. At 225 West 42nd St., between Seventh and Eighth avenues, the group will build a 2,600-sf PAX Wholesome Foods sandwich shop. David LaPierre represented the PAX Organization, while Eric Gelber and Brad Mendelson represented the building owner, The New 42nd Street Inc. The lease term is 21 years at an estimated aggregate rent of $10 million.
At 787 Seventh Ave., also known as the Equitable Center, David LaPierre once again represented the tenant, while David Green acted for owner Lend Lease Real Estate. That deal is for a 15-year term and is valued at $4.6 million. Pax will construct a 2,400-sf Café Europa store at that location. Both stores are slated to open in late 2002.
"These two West Side locations are ideal for Pax/Café Europa," says LaPierre, "since both areas enjoy such heavy foot traffic from tourists, the business community and residents, nearly 24/7."
"Café Europa has distinguished itself with the high quality of its build-outs," says Green. "Its presence in the Equitable Center will become a valuable and convenient amenity for tenants."
"We very much anticipate doing brisk sales at both new locations," said Alexander Xenopoulos, Managing Director of Café Europa, who added that the company is scouting further sites in New York. The new locations are set to open in late 2002, and the company plans to have 25 area stores up and running by year's end.
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