Commercial Real Estate & Advisory

Chelsea is a Sweet Spot for Bakery

April 14, 2010

Sinvin Realty, LLC announced that top Scarsdale, NY bakery, Lulu Cake Boutique, will be opening its first Manhattan location at 112 Eighth Avenue, between West 15th and 16th Streets in Chelsea.

Already delivering daily to Manhattan, Lulu’s has a ready clientele, and is looking for two more spots.
Sinvin managing director, STEVE RAPPAPORT, represented the tenant for the ten-year lease, and noted that the confectioner is scouting Upper East and Upper West Side locations.

Specializing in extravagant cakes made with organic ingredients, the location will be Lulu’s third in total.
“The deal in itself is another example of the strength of the downtown retail market,” said Rappaport. “With the economy and real estate market picking up again after a lull, retailers can capitalize by locking in relatively low rents.”

The leased space is 900 s/f on the ground with a 700 s/f basement and 20 feet of frontage on Eighth Avenue. The asking rent for the space was $128 psf. Landlord the Brodsky Organization represented itself in-house.