Famed chef Michael White, known for his innovative approach to Italian cuisine at renowned Manhattan restaurants like Marea, is making a comeback in East Midtown. White has signed a lease for a new restaurant at Tishman Speyer’s 520 Madison Avenue, signaling the area’s slow but steady revitalization. This is the sixth high-profile restaurant deal to be signed in the past year in the supposedly dying East 40s and 50s, challenging the notion that under-populated offices are killing Midtown restaurants. White’s new establishment, offering a modern take on Italian cuisine, is set to open next year at the recessed plaza behind the tower. Interestingly, White had previously operated the celebrated Alto restaurant at the same location.
The success of dining establishments in East Midtown relies heavily on the lunch trade driven by office workers. Despite concerns of possible foreclosures and downgrades in commercial debt, the return to the office trend is gaining momentum, particularly in high-end properties. This confidence in the future of the Manhattan office market is further exemplified by private lender Fortress Investment Group, which recently acquired $1 billion of office loans from Capital One.
The purchase of these office loans reflects a significant bet on the rebound of New York City’s office sector, as the Big Apple’s office loans constituted a substantial portion of the portfolio. Placer.ai data for 190 Midtown buildings reveals a positive trend, with “device visits” increasing by 11% in July compared to the previous year. Additionally, prime A-plus properties experienced a significant rise of 64% in office visits in the first quarter of 2023.
The influx of new restaurants in East Midtown reflects the area’s improved prospects. Notable openings this fall include Jean-Georges Vongerichten’s Four-Twenty-Five at L&L Holding Company’s 425 Park Ave, which is anticipated to be a significant debut in the district. David Burke’s Park Avenue Kitchen at 277 Park Ave is also set to open. In the coming year, Simon Kim will launch a new, multi-faceted venue at The Olayan Group’s 550 Madison Ave, Rocco’s Steakhouse will occupy the former BLT Steak site at 106 E. 57th St, and a new branch of Rosemary’s will be established at the Durst Organization’s 825 Third Ave. These arrivals, except Rocco’s, have been strategically situated in office towers whose owners desired standout restaurants for their properties. While some landlords offered support in terms of shared build-out costs and flexible lease terms, it is worth noting that no one gave away the store, according to an anonymous restaurateur.
David W. Levinson, Chairman, and CEO of L&L Holding Co., expressed his confidence in the bustling nature of Midtown, stating that the reality did not align with the negative discourse surrounding the area. Ralph Lauren’s Polo Bar on East 55th Street plans to resume its pre-pandemic seven-night schedule in October after operating only from Tuesday to Saturday since mid-2021, a testament to the renewed energy in the district. Additionally, Monterey, managed by Simon Oren, has seen an increase in event bookings for the fall, including designer Zang Toi’s Fashion Week party. Dino Arpaia, owner of Cellini, similarly reported a surge in private-event bookings before the July slowdown.
Gracious Hospitality Management principal Simon Kim, the mastermind behind Flatiron’s Korean steakhouse Cote, expressed his confidence in the area’s prospects, citing the presence of other respected chefs like Jean-Georges and David Burke. Burke anticipates that his brasserie at 277 Park will be fully leased by the time it opens on December 1st. While acknowledging the risk associated with the current state of the office market, Burke stated that risk is inherent in the restaurant business, and they choose to embrace it rather than doing nothing. He firmly believes in the city’s potential and remains optimistic about their chances of success.
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