Potbelly Sandwich Shop and Beloved Japanese Bookstore Chain BOOK OFF Sign Long-term Leases at Astor Place
GFP Real Estate, LLC is pleased to announce two new lease transactions totaling 3,483 square feet at 740 Broadway in NoHo.
In the first transaction, Potbelly Sandwich Shop, an American fast-casual restaurant chain that focuses on submarine sandwiches and milkshakes, has signed a new, fifteen-year lease for 1,483 square feet of retail space at the building.
Neith Stone of GFP Real Estate LLC and Ross Kaplan and Will Chaplin of Newmark represented the landlord, Lafayette-Astor Associates, LLC in the transaction; Richard Bailey of RJB Real Estate represented the tenant. The space was previously occupied by IMA Pizza Store 23, LLC, d.b.a. &pizza.
“In 2023, Potbelly announced its intentions to expand its operations across New York City,” said Ross Kaplan of Newmark. “After fielding interest from several interested groups for the space, ownership felt Potbelly would be a great fit, complement and addition to the Astor Place building complex and neighborhood, joining building co-tenants Raising Cane’s, Sweetgreen, Juice Generation and TMPL and along with neighborhood newcomer Wegman’s.”
In the second transaction, BOOK OFF, Japan’s largest and most popular used bookstore chain, signed a 10-year lease for 2,000 square feet of prime corner retail exposure. The company, which has over 875 stores worldwide, buys and sells secondhand books, games, music, movies and Anime-related items, making it a haven for enthusiasts and casual browsers alike.
Neith Stone of GFP Real Estate LLC and Ross Kaplan and Will Chaplin of Newmark represented the landlord, Lafayette-Astor Associates, LLC in the transaction; Dorel Melloul of KSR represented the tenant. The space was previously occupied by The Vitamin Shoppe and LIDS, respectively.
To accommodate the growing retailer, GFP Real Estate combined two ground-level spaces, constructing a stunning new storefront on the corner of the landmarked building. This will be the company’s third location in New York City; the company hopes to establish more than 100 stores in the United States by 2032.
“740 Broadway offered incredible brand visibility, and convenience for our customers, who attend unique in-store events and search for rare, vintage and foreign collectibles you can’t find anywhere else,” said Megumu Inagaki of BOOK OFF. “We’d like to thank GFP for envisioning the construction for this new outpost; we know our customers are going to love their experience at this location.”
“We are seeing a resurgence of retail activity as retailers have a clearer picture of where and how they want to grow their brand and are finally pulling the trigger,” added Stone. “740 Broadway is just steps away from NYU and The New School, Washington Square Park and more, making it an excellent choice for retailers looking to hit the ground running.”
Built in 1912, 740 Broadway is a 12-story, 152,000-square-foot loft building designed by architect Francis H. Kimball in Beaux-Arts style. Prominently situated on the Southeast corner of Broadway and Astor Place in NoHo, the landmarked building offers offers a unique combination of history and modern appeal. Tenants enjoy unobstructed views wrapping around the corner, high ceilings, and flexible floorplates. The building’s recent renovation includes a state-of-the-art lobby featuring architectural media walls showcasing breathtaking nature scenes.
Transportation to and from 740 Broadway comes easy with access to R, W and 6 trains on the block, and Union Square a short walk away.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 56 buildings and more than 13.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
About Potbelly
Potbelly Corporation is a neighborhood sandwich concept that has been feeding customers’ smiles with warm, toasty sandwiches, signature salads, hand-dipped shakes and other fresh menu items, customized just the way customers want them, for more than 40 years. Potbelly promises Fresh, Fast & Friendly service in an environment that reflects the local neighborhood. Since opening its first shop in Chicago in 1977, Potbelly has expanded to neighborhoods across the country – with more than 425 shops in the United States including more than 80 franchised shops in the United States. For more information, please visit our website at www.potbelly.com.
