Search
 

Pax Signs Two Midtown Leases; Plans 25 Area Eateries by Year's End

NEW YORK CITY-The Pax Organization, owner of Pax Wholesome Foods and Cafe Europa, increases its Manhattan presence with one new location on West 42nd Street and another on Seventh Avenue in the Equitable Center.

By Glen Thompson | Updated on August 27, 2002

NEW YORK CITY-The Pax Organization, owners of the upscale lunch counters Pax Wholesome Foods and trendy coffee-and-dessert chain Café Europa, is continuing its aggressive Manhattan expansion with two new Midtown locations. The company has signed long-term leases at 225 W. 42nd St. and 787 Seventh Ave with an aggregate value of nearly $15 million.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.