Elliman: Subway Sandwich Shop Part of “Repositioning Plan” For a “Changing Neighborhood”
When we wrote about the anticipated arrival of a Subway Sandwich shop on Clinton Street back in December, the reaction on Facebook was less than positive. In the past year, Douglas Elliman’s Faith Hope Consolo has been trying to lease several retail spaces in the building at 221 East Broadway; there are storefronts on both East Broadway and Clinton. The broker’s PR team has now gone into overdrive, pitching the merits of the new tenant. Here’s the Elliman spin in Real Estate Weekly:
The national leasing and sales team of Faith Hope Consolo, chairman, and Joseph Aquino, executive vice president, and Arthur Maglio of Douglas Elliman’s Retail Group, has brought America’s favorite sandwich and salad chain Subway to 221 East Broadway. Part of a seven-store block-front exclusively represented by Consolo and her team, the new store is in the heart of the food-friendly, trend-setting Lower East Side, on the Clinton Street side of the building. “This is the first new retailer we’ve brought to a group of stores being repositioned for a changing neighborhood,” said Consolo. “Our goal is to uplift the profile of the block, one store at a time.” Added Maglio, “The Lower East Side is a vibrant area with several new residential projects under construction or on tap. A recognized brand like Subway in the heart of all this activity has great appeal for workers and residents, alike, because it’s healthy and convenient.”
The property, the Mayflower Building, was sold in 2013 for more than $11 million. The previous owner touted his ability to attract upscale tenants such as Pushcart Coffee, Malt & Mold and Eastwood (the bar occupying a prime corner spot). The coffee shop closed a year ago, citing escalating rent.
Subway has several other Lower East Side locations, including one a few blocks away on Grand Street near Essex Street. While many locals complain about the onslaught of chain stores, others point out that businesses such as Subway offer the neighborhood desperately needed affordable options.
The Subway Sandwich shop signed a 10-year lease on Clinton Street.