NEW YORK, October 17, 2012 – Furthering the transformation of 57 West 57th Street into one of upper Sixth Avenue’s premiere locations, Colliers International has arranged a 20-year, 11,300-square-foot retail lease for Quality Italian. The 200-seat Italian steakhouse comes from Fourth Wall Restaurants, owned and operated by father-and-son restaurateurs Michael and Alan Stillman.
Quality Italian joins the Fourth Wall group that includes iconic New York City restaurants such as Smith & Wollensky, Maloney & Porcelli, The Post House, Quality Meats, Park Avenue, and The Hurricane Club. AvroKO is designing the new locale, scheduled to open in the second half of 2013.
“With Nobu and Rue57 nearby we immediately knew that a fabulous, high-end restaurant would be the ideal use for this corner space,” said Michael T. Cohen, President of Colliers International Tri-State, who along with colleague Ed Brock represented the building ownership in the transaction. “When it came to potential restaurant operators, the Stillmans were my ideal choice. This is my wish come true.”
“We are thrilled with the location and after doing business in the neighborhood for over thirty years, we are looking forward to seeing the neighborhood continue to evolve over the next several years,” said Michael Stillman, president and founder of Fourth Wall.
Cohen further noted that Quality Italian will provide a terrific amenity for existing tenants and will be an attraction for new tenants. Built in 1928 and located at the Southeast corner of West 57 Street and the Avenue of the Americas, 57 West 57th St. is situated just two blocks from Central Park, and is in close proximity to transportation.
Quality Italian is the latest tenant contributing to the strategic reposition of 57 West 57th Street. The asset’s prime ground-and second-floor corner space, formerly occupied by Staples, presented ownership with a unique opportunity to rebrand the space — and the building. Ideally located along one of the Plaza District’s busiest corridors, 57 West 57th St. recently underwent a capital improvement program, including new, operable windows, renovated elevator interiors, and tenant-controlled air conditioning.
In just the last year alone, Ford Models, Verizon, and Regus all signed new leases at 57 West 57th St. Three floors — 15, 16, and 17 — are now available for lease, and the 17th floor has been pre-built to include movable modular partitions. The 16th floor is unique space that has four terraces offering Central Park views.
About Fourth Wall Restaurants
Fourth Wall Restaurants was founded by acclaimed father-son restaurateurs Alan and Michael Stillman in 2007. The group is comprised of upscale restaurants in New York City, including the flagship Smith & Wollensky location, Maloney & Porcelli, Park Avenue (Summer, Autumn, Winter, Spring), The Post House, The Hurricane Club, and Quality Meats.
About Colliers International
Colliers International is the third-largest commercial real estate services company in the world, with over 12,300 professionals operating out of more than 520 offices in 62 countries. A subsidiary of FirstService Corporation (NASDAQ: FSRV; TSX: FSV and FSV.PR.U), it focuses on accelerating success for its clients by seamlessly providing a full range of services to real estate users, owners and investors worldwide, including global corporate solutions, brokerage, property and asset management, hotel investment sales and consulting, valuation, consulting and appraisal services, mortgage banking and research. Commercial Property Executive and Multi-Housing News magazines ranked Colliers International the top U.S. real estate company. The latest annual survey by the Lipsey Company ranked Colliers International as the second-most recognized commercial real estate firm in the world.