In recent years, the area around Grand Street and Eldridge Street has been undergoing dramatic change. Art galleries and upscale bars have replaced Chinese restaurants and groceries along this stretch. That trend continues with news of another signed lease at 290 Grand St. Real Estate Weekly reports that PanIQ Escape Rooms, a company based in Hungary, has taken 3,000 square feet in the newly renovated building.
According to its website, the company opened its first escape rooms in Budapest in 2012. Since 2014, locations have popped up in Los Angeles, San Francisco, Miami, Chicago and other cities. The Chinatown/Lower East Side outpost will be PanIQ’s first location in New York City.
The business will take two ground floor storefronts and a basement space. Themed rooms carry names such as, “Insane Asylum,” “Prison” and “Wild West.”
Broker David Ho of Okada & Company represented PanIQ Escape Rooms. The cumulative asking rent for the space was $16,000/month.
A couple of years ago, 290 Grand St. underwent a major makeover. A Chinese restaurant, Lok Sing, vanished, and the property owner gave the building a modern facade. The Sit Kwan Cheung Irrevocable Trust purchased the property in 2014 for $6 million. There are a total of 7 commercial spaces in the building.