Lower East Side Retail Property Leased for $130 per Square Foot
244 East Houston Street in the Lower East Side has been leased to @29Monroe for $130 per square foot, with an asking rent of $17,000.
The Lower East Side of Manhattan has long been a hotbed of retail activity, with a diverse mix of shops, restaurants, and bars. The area has seen significant growth in recent years, with new developments and renovations attracting a wide range of tenants. One of the latest deals in the area is the lease of 244 East Houston Street to @29Monroe.
The property, owned by Better Living Properties, is a 1,560 square foot retail space with an asking rent of 17,000. The lease was signed for 130 per square foot, making it one of the highest rents in the area. The tenant, @29Monroe, is a new restaurant concept that is expected to open in the coming months.
The deal was brokered by Mike Peguero of Zelnik & Co, who represented the tenant, and James Famularo and Isaac Bijou of Meridian Capital Group, who represented the landlord. The Soudry brothers, Ariel and Jonathan, who own Better Living Properties, were pleased with the deal and believe that @29Monroe will be a great addition to the neighborhood.
The Lower East Side has been a popular destination for retailers and restaurateurs for many years, and the area continues to attract new tenants. With its mix of historic buildings, trendy shops, and diverse dining options, the neighborhood is a vibrant and exciting place to do business. The lease of 244 East Houston Street to @29Monroe is just the latest example of the area’s continued growth and success.