Rosemary’s, a popular casual-Italian mini-empire, has recently signed a lease at the Durst Organization’s 825 Third Ave. This office tower, located on East 50th Street and currently undergoing a $150 million upgrade program, was chosen by Rosemary’s owner, Carlos Suarez, due to his confidence in the future of troubled Third Avenue’s commercial sector. Suarez also believes that his restaurant will be the perfect fit for East Midtown, an area he feels lacks the warmth present in his other locations in the West Village and Stuyvesant Town.
One motivating factor behind the decision to lease at this location was what Suarez referred to as an alignment of values between Rosemary’s and the environmentally-minded Durst family. The Durst family is a partner in a foundation that operates McEnroe Organic Farm, one of the largest organic harvest and meat farms in the state. While Rosemary’s parent company, Casa Nela Hospitality Group, previously had its own farm servicing its restaurants, it closed a few years ago. The new outpost in East Midtown presents an opportunity for collaboration with the McEnroe farm.
Although the deal is not yet finalized, Suarez shared that there will be a meeting on August 5th to further discuss the plans. The new restaurant will encompass 3,000 square feet, with 160 indoor seats and an additional 50 seats available on an outdoor patio. The asking rent for the space was $250 per square foot, as confirmed by Durst EVP Tom Bow and senior managing director Ashlea Aaron. The tower, originally developed in 1969 by the Durst Organization’s founder Seymour Durst, is undergoing various improvements. These enhancements include a beautifully redesigned public plaza, a new lobby featuring white onyx, white oak, and perforated metal, and sustainability-driven infrastructure upgrades that are expected to result in LEED Gold certification.
Bow shared that the tower is currently 34% leased, with newly-signed tenants such as Toyota Tsusho America, law firm Beveridge & Diamond, National Bank of Egypt, and Gotham Asset Management. The addition of Rosemary’s to this vibrant mix of businesses further contributes to the revitalization of Third Avenue’s commercial landscape.
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