Olmstead, Vertex Land 14 KSF Retail Lease in Manhattan

May 27, 2026

Brokerage New York News Northeast More Retail

A gastropub will occupy space across three levels at this historic asset.

Gastropub Stout NYC has signed a 13,900-square-foot retail lease at 373 Park Ave. South, a 12-story, 1911-vintage office building in Manhattan’s NoMad neighborhood owned by Olmstead Properties and Vertex. Newmark Retail arranged the lease on behalf of the owners.

The lease comprises about 6,500 square feet on the ground floor, 7,310 square feet on the lower level and 90 square feet on the mezzanine level. The space had been occupied by Dos Caminos for more than 20 years. According to Newmark, the transaction marks the gastropub operator’s fifth Manhattan location and its first on Park Avenue South.

Founded in 2005 with its original location across from Madison Square Garden, Stout NYC has grown to have locations near Penn Station, Grand Central Terminal, Bryant Park and the Financial District.

The Newmark Retail team that represented the owners consisted of Executive Vice Chairman Ariel Schuster, Senior Managing Director Michael Paster and Associate Jenna Kestan, in collaboration with Olmstead Properties Executive Managing Director and Partner Steven Marvin and Director Jonathan Bock.

Henry Rossignol, a first vice president in the Midtown Manhattan office of CBRE’s Retail Group, represented the tenant in lease negotiations.

1900s buildings, 2026 expenses

373 Park Ave. South is a Class B office building with 110,000 square feet of office space, according to Yardi Matrix. Olmstead Properties acquired the property from ATCO last November for an undisclosed amount, securing a $26.7 million loan from Bank of New York Mellon. Mount Sinai leases two floors of medical office space in the building.

Olmstead Properties became the property manager of a different vintage Manhattan building in January, when Vertex acquired the five-story, 32,400-square-foot 61–63 Crosby St. in SoHo from Blackstone’s Perform Properties for $53 million.

Restaurants in New York occupy more than 52 million square feet, and on average operate on thin margins of only 3 to 5 percent after taxes, according to a February report from market research firm WifiTalents. Part of these small margins are rents that average $120 per square foot, while rising energy costs—up by about 18 percent over the past two years—are another contributor.