Growing brand continues its expansion at New York By Gehry Building
NEW YORK, April 20, 2015 /PRNewswire/ — Synapse Retail, the retail-focused advisory division of Synapse Development Group, headquartered in New York City, announced that it exclusively represented Birch Coffee, the Manhattan-based craft coffee house co-founded by Paul Schlader and Jeremy Lyman, in leasing space at 8 Spruce Street. The New York By Gehry Building is one of the tallest residential towers in the world and boasts 904 luxury apartments. Located on the corner of Beekman Street between Nassau and Gold Streets in Manhattan's financial district, the site will be Birch Coffee's seventh New York City location.
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Kyle Allen, Director of Retail for Synapse, represented Birch Coffee in the lease of the 904-square-foot ground floor space. Birch Coffee signed a 10-year lease for the space, which had an asking rent of $125 per square foot. Designed by Frank Gehry and developed by Forest City Ratner, the tower is a natural fit for Birch Coffee as it seeks to expand its footprint to residents and visitors in the Financial District.
Commenting on the deal, Mr. Allen noted, "Surrounded by new redevelopments including The Beekman and South Street Seaport, the iconic building is the perfect location for Birch Coffee to plant its first Financial District flag and offer the high-end, relaxed cafe ambience and experience Birch's loyal clients rave about."
Birch has plans to open the location by the end of the year. The company was also represented by Mr. Allen in its most recent ground lease in Murray Hill at 432 Third Avenue and East 30th Street.
About Synapse Development Group
Synapse (www.synapsed.com) is a real estate investment and development firm headquartered in New York City. The company focuses primarily on urban markets throughout the U.S., and seeks to develop to the highest building standards in terms of energy performance, aesthetic, and functionality. Synapse is currently developing two mixed-use projects with YOTEL as well as New York City's first market rate Passive House apartment building.
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