Vanke US Leases Midtown West Retail Space to Mari NYC for $246,400
Vanke US leases 1,100 SF of retail space in Midtown West to Mari NYC for $224/ft.
Vanke US has leased 1,100 SF of retail space at 135 West 41st Street in Midtown West to Mari NYC for $246,400. The landlord was represented by JP Sutro Lee & Associates, while the tenant was represented by Ori Melloul, David Green, and KSR.
The asking rent for the space was 224/ft, which is in line with the average asking rent for retail space in Midtown West. According to a report by CBRE, the average asking rent for retail space in the area was 225/ft in Q1 2023.
The property is located in a prime location in Midtown West, which is a popular destination for tourists and locals alike. The area is home to many popular attractions, including Times Square, the Theater District, and Bryant Park. The property is also located near several major transportation hubs, including Grand Central Terminal and Penn Station.
Vanke US is a subsidiary of China Vanke, one of China’s largest real estate developers. The company has been active in the US market in recent years, with a focus on developing luxury residential properties in major cities.
Mari NYC is a boutique cannabis dispensary that specializes in high-quality, organic products. The company has several locations throughout New York City, and has been expanding rapidly in recent years.
Overall, this lease is a positive sign for the retail market in Midtown West, which has been struggling in recent years due to the rise of e-commerce and the COVID-19 pandemic. The fact that a boutique cannabis dispensary is willing to pay top dollar for retail space in the area is a testament to the strength of the market and the demand for high-quality retail space in prime locations.