Zeytuna to open store at 37-59 W. Broadway

Real Estate Weekly, July 2, 2003

In another coup for Downtown Manhattan--one which is sure to enhance the lives of existing residential and commercial tenants and attract new ones--Zeytuna, which also operates in New York as Amish Market, has inked a deal for its sixth Manhattan store at 37-59 West Broadway, located in the heart of the Tribeca South District.

Insignia/ESG's Matthew Gorman, David A. Green, C. Bradley Mendelson and Allison Winters arranged the 9,700-SF transaction bringing together both landlord The World-Wide Group and tenant Zeytuna. The 20-year lease is for multiple levels: Lower, ground and mezzanine, and move-in is anticipated by year's end.

"Situated only two blocks from the site of the future Freedom Tower, in the base of a newly converted residential building, there's nothing in the nearby vicinity that remotely resembles Zeytuna" said Gorman. "The gourmet market will be a major boon for Downtown which, when it comes to food stores, has been historically under-served."

The World-Wide Group recently completed the conversion and lease up of three commercial buildings to residential yielding over 500 units on this one block in Lower Manhattan. In addition to the 12-story 37-59 West Broadway (also known as 53 Park Place), conversions have taken place at the 23-story 120 Church St. and its 17-story neighbor 110 Church Street (together known as 50 Murray St.).

According to Gorman, 4,600 square feet of retail space is remaining at 110 Church St., as is 5,500 at 120 Church St. Zeytuna will join Equinox, which just opened its 35,000-SF health club last month, and Emigrant Savings Bank, whose newly relocated branch is located at 110 Church St.