Commercial Real Estate & Advisory

Tea Shop Bags MacDougal St. Shopfront

By Adrianne Pasquarelli | January 24, 2012

It’s time for tea in the West Village. Tea Magic recently signed on for its second Manhattan location at 120 MacDougal St., between Minetta Lane and Bleecker Street. Asking rent for the 450-square-foot space, which includes a 250-square-foot basement, was $220 a square foot.

The store, which follows an Upper West Side location that launched two years ago, should open for business within two months. It will also contribute to the street’s development.

“That portion of MacDougal Street has seen a strong upswing in quality tenancy,” said STEVE RAPPAPORT, the Sinvin Real Estate broker who represented landlord Benchmark Real Estate in negotiations. He noted the reopening of Minetta Tavern in 2009 by restaurateur Keith McNally.

David Menaged of Intrepid Realty represented the tenant.