Guik Hospitality Expands Korean Bar Concept In Flatiron District Retail Lease For $180/ft

This retail asset is located at 41 West 24th Street in the Flatiron market, encompassing a total space of 2,000 square feet. The asking rent for this property is $180 per square foot.

Summary of transation details:

• Property Type: Retail
• Transaction Amount: $360,000
• Landlord: Next Horizon Management
• Tenant: Guik Hospitality
• Landlord's Representative: Ravi Idnani & Andrew Stern - Newmark
• Tenant's Representative: Tyler Zar, Tanner Zar & Adam Lavian - Titan Group New York
• Lease Type: Retail Lease

This transaction involved the expansion of Guik Hospitality's Korean bar concept, with the deal facilitated primarily due to a second-generation installation and its strong location. The proximity to transportation options on 23rd Street, walking distance to Madison Square Park, and central positioning between 5th and 6th Avenues were significant factors in this lease agreement. The tenant's representative noted it was a pleasure collaborating with Ravi and Andrew on this transaction.