GFP Real Estate, LLC Tuesday announced that Rooftop Hospitality Group LLC, the team behind 230 Fifth Avenue Rooftop Bar, has signed a 20-year lease for 15,000 square feet to create a new rooftop restaurant and lounge on the roof of 520 Eighth Ave. in the Garment District.
Like its current location at 230 Fifth Ave. in NoMad that set off a wave of new rooftop restaurant and bar concepts across the city, the new restaurant will feature sweeping views of Midtown south, Times Square and the Penn District, and will serve food and beverages to local office workers and tourists alike.
The new location, which has yet to be named, is not expected to open until early 2025.
“After recent discussions and an extension of its lease at 230 Fifth, Rooftop Hospitality Group was looking for ways to further expand its business,” David Kaye, executive managing director of GFP Real Estate, said in a press release. “Excited by the concept, GFP looked at its portfolio and identified 520 Eighth as the perfect fit for a new rooftop restaurant and amenity space due to its proximity to Penn Station and The Port Authority, MSG, Times Square and Herald Square.”
During the day, the newly-built rooftop space will serve as an outdoor meeting and amenity space for 520 Eighth Ave. tenants, adding value to existing tenants while attracting new companies looking for conveniently located offices with one-of-a-kind services and amenities.
“Companies are looking for new onsite amenities their employees can enjoy without leaving the office, whether it’s for a moment of relaxation or to hold an informal meeting,” Matthew Mandell, senior managing director of GFP Real Estate, said. “The new rooftop restaurant and lounge will help elevate 520 Eighth Ave. as a whole, which in turn will attract new tenants.”
To build the new restaurant space, Rooftop Hospitality Group will install a new floating deck system, and construct a new kitchen space and restrooms for guests. GFP will extend one of the building’s elevators to serve the roof, providing access via two elevators. The restaurant will have its own dedicated entrance on 36th Street.
230 Fifth Avenue Rooftop Bar is the largest rooftop bar in New York City, boasting 33,000 square feet of indoor and outdoor space. Established in 2006, it has become a stable of the Flatiron/NoMad district, beloved by locals and tourists alike. Open year-round, guests enjoy “fun décor” and seasonally crafted specialty cocktails. The rooftop bar and restaurant is “known for its frozen drinks in the summer and hot cocktails in the winter,” and boasts heated igloos and signature red Snuggies during the winter months.
David Kaye and Matthew Mandell of GFP Real Estate represented the landlord, GFP Real Estate in the transaction, and the tenant, Rooftop Hospitality LLC.
Built in 1926, the 26-story office tower comprises more than 860,000 square feet in New York City’s famed Fashion District near Hudson Yards, Herald Square, Times Square, Madison Square Garden and Penn Station. The building is in close proximity to the Port Authority bus terminal and provides convenient access to numerous transportation lines, including the A, C, E, 1, 2, and 3 trains, as well as the Amtrak, LIRR and NJ Transit lines.
