{"id":1004800220,"date":"2026-05-27T05:24:09","date_gmt":"2026-05-27T13:24:09","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004800220"},"modified":"2026-05-27T05:41:52","modified_gmt":"2026-05-27T13:41:52","slug":"olmstead-vertex-land-14-ksf-retail-lease-in-manhattan","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/olmstead-vertex-land-14-ksf-retail-lease-in-manhattan\/","title":{"rendered":"Olmstead, Vertex Land 14 KSF Retail Lease in Manhattan"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure data-wp-context=\"{&quot;imageId&quot;:&quot;6a2928579cd3e&quot;}\" data-wp-interactive=\"core\/image\" class=\"alignright size-full is-resized wp-lightbox-container\"><img loading=\"lazy\" decoding=\"async\" width=\"640\" height=\"800\" data-attachment-id=\"1004800219\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/373-park-avenue-south\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/373-Park-Avenue-South.jpg\" data-orig-size=\"640,800\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"373-Park-Avenue-South\" data-image-description=\"&lt;p&gt;Image from Yardi Matrix.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;373 Park Ave. South was built in 1911 and rises 12 stories. Image courtesy of Yardi Matrix&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/373-Park-Avenue-South.jpg?w=640\" data-wp-class--hide=\"state.isContentHidden\" data-wp-class--show=\"state.isContentVisible\" data-wp-init=\"callbacks.setButtonStyles\" data-wp-on-async--click=\"actions.showLightbox\" data-wp-on-async--load=\"callbacks.setButtonStyles\" data-wp-on-async-window--resize=\"callbacks.setButtonStyles\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/373-Park-Avenue-South.jpg\" alt=\"A photo of 373 Park Ave. South\" class=\"wp-image-1004800219\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/373-Park-Avenue-South.jpg 640w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2026\/05\/373-Park-Avenue-South.jpg?resize=240,300 240w\" sizes=\"auto, (max-width: 640px) 100vw, 640px\" \/><button\n\t\t\tclass=\"lightbox-trigger\"\n\t\t\ttype=\"button\"\n\t\t\taria-haspopup=\"dialog\"\n\t\t\taria-label=\"Enlarge\"\n\t\t\tdata-wp-init=\"callbacks.initTriggerButton\"\n\t\t\tdata-wp-on-async--click=\"actions.showLightbox\"\n\t\t\tdata-wp-style--right=\"state.imageButtonRight\"\n\t\t\tdata-wp-style--top=\"state.imageButtonTop\"\n\t\t>\n\t\t\t<svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"12\" height=\"12\" fill=\"none\" viewBox=\"0 0 12 12\">\n\t\t\t\t<path fill=\"#fff\" d=\"M2 0a2 2 0 0 0-2 2v2h1.5V2a.5.5 0 0 1 .5-.5h2V0H2Zm2 10.5H2a.5.5 0 0 1-.5-.5V8H0v2a2 2 0 0 0 2 2h2v-1.5ZM8 12v-1.5h2a.5.5 0 0 0 .5-.5V8H12v2a2 2 0 0 1-2 2H8Zm2-12a2 2 0 0 1 2 2v2h-1.5V2a.5.5 0 0 0-.5-.5H8V0h2Z\" \/>\n\t\t\t<\/svg>\n\t\t<\/button><figcaption class=\"wp-element-caption\">373 Park Ave. South was built in 1911 and rises 12 stories. Image courtesy of Yardi Matrix<\/figcaption><\/figure><\/div>\n\n\n<p>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\u2019s NoMad neighborhood owned by Olmstead Properties and Vertex. Newmark Retail arranged the lease on behalf of the owners.<\/p>\n\n\n\n<p>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\u2019s fifth Manhattan location and its first on Park Avenue South.<\/p>\n\n\n\n<p>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.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO: <\/strong><a href=\"https:\/\/www.commercialsearch.com\/news\/top-5-nyc-office-building-sales-april-2026\/\">April 2026 Top NYC Office Building Sales<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Henry Rossignol, a first vice president in the Midtown Manhattan office of CBRE\u2019s Retail Group, represented the tenant in lease negotiations.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-1900s-buildings-2026-expenses\">1900s buildings, 2026 expenses<\/h2>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Olmstead Properties became the property manager of a different vintage Manhattan building in January, when <a href=\"https:\/\/www.commercialsearch.com\/news\/blackstone-unit-sells-manhattan-office-asset\/\">Vertex acquired<\/a> the five-story, 32,400-square-foot 61\u201363 Crosby St. in SoHo from Blackstone\u2019s Perform Properties for $53 million.<\/p>\n\n\n\n<p>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\u2014up by about 18 percent over the past two years\u2014are another contributor.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A gastropub will occupy space across three levels at this historic asset. <\/p>\n","protected":false},"author":882,"featured_media":1004800218,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21749],"tags":[32789,50999,44738],"class_list":["post-1004800220","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-retail","tag-cbre","tag-newmark","tag-olmstead-properties"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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