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Similar Sites and Available Cash Key to Restaurant Leasing Today, Says Lewis B. Kaye of MLBKaye International Realty, Inc.
David M. Grant David@lvmgroup.com 212-499-6565 or Jeannette Boccini Jeannette@lvmgroup.com 212-499-6566
LVM Group Inc.
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Thursday, November 05, 2009 -
NEW YORK CITY — Although there is considerable retail space on the market today – and, indeed, many of them prime locations – the smart restaurateur will look for space whose previous tenant was also a restaurant, and where appropriate fixtures are already in place, says Lewis B. Kaye, chief executive officer of MLBKaye International Realty, Inc.
“Not only are restaurants particularly capital-intensive, but the fixtures are unusually specific to only one kind of tenant – that is, restaurants,” notes Mr. Kaye.
“Thus, for example, when stationers or drug stores go out of business, they don’t leave a lot of built-ins that are appropriate for a restaurant, obviously. But when a restaurant closes up, it leaves behind all kinds of equipment that would be very expensive for the landlord to remove – and, more importantly, would be very expensive for the new restaurant to duplicate.” Such fixtures include large ovens, for example, and refrigeration systems.
Most of the restaurants looking at sites today are chains, says Mr. Kaye, who has represented many restaurants and landlords since going into business in 1964.
“There are lots of tenants looking to rent small space, of course, but start-ups can’t get financing,” notes Mr. Kaye. “By contrast, most of the restaurant chains have cash, because it’s a cash-intensive business. In that regard, restaurants are usually in a better financial position than other retailers, and so are better prepared to move quickly on a good availability.”
For example, notes the veteran broker, his firm got 105 calls in three months – almost all of them restaurants – when it recently listed a location available in Chelsea.
“And that one is typical,” points out Mr. Kaye. “The previous tenant was a restaurant that had to go out of business, and all of the necessary capital improvements were already in place.”
It was also typical in that it had excellent basement space.
“Restaurants don’t usually work well without a basement, because they need a great deal of storage,” says Mr. Kaye.
Celebrating its 48th anniversary, MLBKaye International Realty, Inc. is the oldest independent residential real estate company in Manhattan. The company, with more than 100 residential and commercial specialists, is divided into several residential divisions, plus LBKaye International Commercial Services, which is dedicated to investment property brokerage.
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