Third Avenue restaurant signs 16-year lease

Real Estate Weekly, June 26, 2002

Landmark Third Avenue Italian eatery La Maganette will continue to serve pasta primavera and veal scaloppini in Manhattan for many years to come.

The well-known restaurant, legendary hangout of New York's literati, has just signed a 16-year lease, estimated to be worth an aggregate of $6.27 million at 825 Third Ave. (aka the Random House Building) where it has been established since the early 70s.

Insignia/ESG's David LaPierre, a managing director in the firm's retail group negotiated the transaction along with David Hollander, also a managing director, who is the agent for the building. The restaurant consists of 11,000 SF on the ground and lower level. Insignia/ESG acts as both the leasing and management agents for the 40-floor, 486,326-SF property owned by The Durst Organization and net leased to Advance Magazine Publishers, Inc./Conde Nast. Other retail tenants include GNC and New Balance.

"Ownership is thrilled to be able to continue a relationship with La Maganette, one that began over 30 years ago," said LaPierre.

"La Maganette is widely known for its cuisine, its music, and as a local neighborhood hotspot. Residents and tourists alike are pleased that it will remain in place."

"We've had a wonderful three decades at 825 Third Ave. and we're looking forward to another 16 years if not more," said Frank Caridi, the owner of La Maganette.

Insignia/ESG has also been retained by The Durst Organization to sell 825 Third Ave.

Subtenants in the building include Morgan Stanley Dean Witter & Co. and RCN Corporation.