Real Estates

The tower on Madison Avenue adds a “multiple” restaurant concept from the acclaimed creator of COTE

The Olaian Group, which has widely touted the new perks it’s bringing to the redesigned office landmark 550 Madison Avenue, just got its most impressive — and surprising — perk of all.

Restaurant company Gracious Hospitality Management, founded by Simon Kim—creator of the Michelin-starred Korean steakhouse COTE on West 22nd Street—just inked a deal for a 15,000-square-foot “multiple” dining concept on the tower’s three lowest levels.

The restaurant, potentially a Midtown game changer, will have 60-foot ceilings and windows overlooking Madison Avenue. It will have direct access to the new richly landscaped arcade garden of half a hectare from the ground floor.

Olaian America Head of Real Estate Eric Horvath said, “The final design of 550 Madison offers an ideal location for Simon to share his latest vision.

Gracious Hospitality and Olaian “will immediately begin the design phase to bring the team’s vision to life,” the partners told Realty Check.

However, the name, culinary style and design for the new vision have yet to be decided. Korean or not, any kind of Asian cuisine would set the place apart from the American and European menus in other new or redesigned Midtown office towers.

When Kim launched COTE in 2017, his unique blend of Korean barbecue and American steakhouse style immediately made it one of the hottest restaurants in Manhattan—a status it continues to hold.

Kim’s unique fusion of Korean barbecue and American steakhouse at COTE instantly made it one of the hottest restaurants in Manhattan.
Alec Fradkin

Kim’s arrival is the latest from a top chef in the prominent new office tower. Daniel Boulud started Le Pavillon at One Vanderbilt and will later bring the massive steakhouse to One Madison; Jean-Georges Vongerichten is planning a large restaurant at 425 Park Ave; and Avra ​​recently bowed to a massive Greek seafood restaurant at the redesigned 1271 Sixth Ave.

Such jobs enhance the image of the towers for tenants and the public. Many are hybrid arrangements that incorporate elements of a traditional lease combined with revenue-sharing formulas between the landlord and the restaurant.

However, it was not known how Kim’s deal at 550 Madison was structured.

It comes at a critical time for the tower, which Olayan bought for $1.4 billion in 2016 and spent another $300 million to redesign the lower-level retail spaces and facades, as well as create a new public garden.

COTE Korean Steakhouse
COTE Korean Steakhouse is a Michelin-starred restaurant on West 22nd Street.
Getty Images for NICVFF

Its 750,000 sq ft of office space is 50% leased, led by Chubb’s 240,000 sq ft hire and smaller ones for Hermes and Corsair Capital. Some floors rent close to $200 per square foot.

That still leaves nearly half of the 750,000 square feet available for lease at a time when some companies are downsizing and others are taking a hard look at their space needs.

But Kim’s restaurant adds a “cool factor” that can only help attract even more cutting-edge tenants.

Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button