Commercial Real Estate & Advisory

Pizzeria Takes a Slice of Tribeca

By Adrianne Pasquarelli | August 16, 2010

Fast-growing Luzzo’s to open at 275 Church St., across from the Tribeca Grand at price 17% under asking rent; location will be eatery’s third.

A new brick oven will soon be fired up in TriBeCa. Pizzeria Luzzo’s has signed a lease for space at 275 Church St., between White and Franklin streets, for what will be its third Manhattan location. The restaurant, which has operated an East Village outpost for several years and just leased space in Chelsea six months ago, signed a 10-year lease for about 1,900 square feet on the ground floor, plus the same amount of space in the basement.

Asking rent was $96 a square foot. The deal closed closer to $80, according to CoStar. While rents fell about 20% in the neighborhood during the recession, brokers say they’ve started to climb back up by at least 5% this year.
Luzzo’s is expected to open within three months in the space, which formerly housed a restaurant and already is equipped with a full kitchen and vent.

“There’s nearby residences and the Tribeca Grand is across the street, so there were a lot of reasons to swoop in and take a very nice spot at a rent that’s workable for a restaurateur,” said STEVE RAPPAPORT, the Sinvin Realty broker who represented Luzzo’s.

Landlord Wolchok Realty was represented by James Wolchok with Wolchock Commercial Real Estate Services and Robert Wolchuk with Robert L. Wolchuk Co.