Massey Knakal Capital Services is pleased to announce the placing of approximately $4,415,000 in preferred equity arranged by Bruce Whipple, on behalf of a client, to finance tenant improvements and operational costs for a master leased artisanal food market in close proximity to Grand Central and the Met Life Building in an iconic landmark property. Chris Kinder of CK Realty Partners, LLC acted as co-broker in the equity raise.
“Both the landlord and the equity investor quickly understood the strong draw of the proposed retailer, as well as the shift in consumer demand away from chain restaurants that all too often typify “food courts” in malls, airports and other public spaces. The market may also someday anchor the "Vanderbilt Avenue Pedestrian Corridor", should the pending plans become a reality,” stated Bruce Whipple.
The market will feature gourmet vendors new to Manhattan and will create new and diverse food options for the vast professional, commuter, and tourist markets in the Grand Central area.
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Neighborhoods: Midtown East