Newmark Retail has announced the lease of 2,230 apartments at 885 Eighth Avenue to PF Chang’s To Go’s newest.
This is the fifth such rental in the city in the past 18 months as PF Chang’s expands its outdoor dining concept across the country.
Newmark Vice Chairman Ariel Schuster and Deputy Director Mitch Heifetz represented PF Chang in this deal and are helping the brand expand nationally. using the Newmark broker network, including seven recent transactions in Florida (including Jacksonville, Orlando, Boynton Beach, Miami, Winter Garden and Lake Mary) and one transaction in Glendale, Colorado, and several more transactions in progress.
PF Chang’s began developing its new To Go concept in 2019, before the pandemic, and strategically continued to open throughout 2020 and 2021.
PF Chang’s To Go’s open offices in New York include 240 West 40th Street, 630 Third Avenue, 60 Fulton Street, and 938 Third Avenue. The need for food outside the premises has increased since the start of the pandemic due to the forced closure of canteens.
The brand’s last location at 885 Eighth Avenue is a corner location in Midtown West serving Midtown West and Columbus. Circular markets. The new restaurant will allow more guests to experience the PF Chang brand through online ordering, takeaway, catering and delivery using DeliverSafe eco-friendly packaging, so guests receive their food just as it was prepared in the restaurant.
The PF Chang To Go model targets densely populated urban areas that offer smaller housing space, allowing the chain to expand into larger markets and reach many clients. It complements PF Chang’s full-fledged restaurants in suburban markets.
PF Chang To-Go points measure approximately 1,500 to 2,000 s / f, compared to 7,000 s / f at typical full-service PF Changs. PF Chang’s To Go offers a carefully curated menu of the most famous dishes made from scratch, including guest favorites such as Chang’s Salad Wrappers, Mongolian Beef, Dynamite Shrimp and Chang’s Spicy Chicken. The kitchen duplicates the capabilities of the back of the house of the full-fledged PF Chang’s. Regardless of the location, all menu items are prepared from scratch.
“Outside dining for well-known food vendors was a growing category before the pandemic; however, this asset class has only increased since March last year due to demand from many people as restrictions were imposed on the use of the shelter in place, ”said Schuster.
“In addition to the brand’s newest Manhattan location, we are currently helping PF Chang explore properties in several other markets across the country as they continue to pursue their expanded approach to outdoor dining.”
Since the start of the COVID-19 pandemic, fast food and food providers have made up about 40 percent of tenants in the market looking for a place, according to Newmark Research. Since March last year, there have been 45 quick service deals, 25 percent of the total number of new leases concluded in the past year.
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