NYC developer banks on big-name restaurants to feed office building empire

If you're reading SL Green's annual investment call log, you might wonder if you've landed on by mistake.

SL Green's executives, from CEO Mark Holliday on down, are more obsessed with food than any other publicly traded company. The company has made restaurants and food service a key component of its entire Manhattan office portfolio at 28.8 million square feet, the city's largest.

Last week's conference call was primarily about SL Green's strong financial position, which has leased more than 7.7 million square feet of office space since the beginning of 2020 and significantly reduced its debt. He also provided some interesting information about investing in the culinary world.

The Vornado and Brookfield office towers also have restaurants, but SL Green's appetite for restaurants goes beyond giving the building prestige.

Top restaurant executives were very enthusiastic, and Brett Herschenfeld, executive vice president of retail, said, “Our coffee shop at 100 Park Avenue, south of 57th Street, has low-fat oat milk.'' “We have the best iced matcha ever made,” he boasted.

Among the revelations in the transcription are:

Developed by SL Green and branded by Giorgio Armani, 760 Madison Ave. DBOX

Developed by SL Green and branded by Giorgio Armani, the ultra-luxury boutique condo at 760 Madison Avenue will include Armani Ristorante, a northern Italian luxury store with a store on Fifth Avenue in Midtown. A new store.

The restaurant will open in time for Fashion Week in September 2024 with a Deco-inspired project.

SL Green has partnered with multiple Michelin star Daniel Boulud to bring his talents to many destinations. Next November, his flame-grill restaurant Steak is scheduled to open at SL Green's new development, One Madison's Grand Space, where he will also create other dining options. There is.

Boulud's Dinex Group, which also operates the modern French-American splendor Le Pavillon at One Vanderbilt, is opening a new cafe in the Lipstick Building on Third Avenue, Holliday noted. did.

Daniel Boulud will open a direct-fire grill restaurant called “Steak'' in One Madison's “Grand Space.'' Celebrity Cruise Getty Images

One Madison also features an omakase, Wagyu and Kobe bar, which Laura Vulaj, senior vice president of hospitality, predicts will be “the hottest seat in New York City.”

An “iconic” rooftop bar and restaurant is opening at 245 Park Avenue, and SL Green is in talks with “one of the world's leading operators” to operate it.

Adjacent to the long-vacant former NHL store and 1185 Sixth Avenue at West 47th Street, the Starbucks will feature an expansion of the Carnegie Diner from the corner of 57th Street and Seventh Avenue, a new Greek restaurant, It was leased to Naxos.

One Madison's rendering also includes omakase, Wagyu, and Kobe bars.

Holliday and his team will continue to develop existing dining options within the SL Green building, including the 3-Michelin star Eleven Madison Park at Eleven Madison Avenue, Fasano at 280 Park Avenue, Dos Caminos at 480 Lexington, and (P.J. Clark's) hamburger restaurant. 919 Third Avenue

Chief Investment Officer Harrison Sitmar joked, “We have the P.J. Clark thing, but for whatever reason, it doesn't help us get bookings.”



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