Commercial Real Estate & Advisory

Pizza Place Takes Slice of Space By High Line

By Adrianne Pasquarelli | March 6, 2012

As the High Line continues to draw developers and day trippers alike to West Chelsea, dining options are on the rise, too. The latest is Plum Pizzeria and Bar, which recently signed a 10-year deal for 1,000 square feet at 261 Eleventh Ave., between West 27th and West 28th streets. Asking rent for the deal, which includes a 300-square-foot basement, was $56 a square foot.

Though asking rents are modest now, they are on their way up, says STEVE RAPPAPORT, the Sinvin Real Estate broker who represented Plum. This will be Plum’s second location in Manhattan, following its original East Village outpost. Landlord Waterfront NY Realty Corp. was represented by ROXANNE BETESH and KRISTIN McCANN, also of Sinvin.

“Rents are going up [in the area],” said Mr. Rappaport. “The far west is not so far west anymore, because of the confluence of the High Line and development along Tenth Avenue.”

‘Wichcraft, the popular eatery from Tom Colicchio, is already nearby.