Pig Heaven, a storied uptown Chinese restaurant recently booted from its home of 30 years on Second Avenue, is planting its snout one block west.
The popular eatery's imminent move reflects the turmoil of the Upper East Side retail market east of Lexington Avenue. The eatery, also known as Nancy Lee's Pig Heaven, will reopen this fall at the Brodsky Organization's 1420 Third Ave. at
East 81st Street — after it was driven out of subway construction- and development-afflicted Second Avenue.
A landlord principal, Alexander Brodsky, said Pig Heaven had bought the lease from previous tenant Bistango, a branch of the gluten-free Italian spot that lasted only two years.
The deal required the landlord's blessing, which wasn't hard to get: "We're very happy to have them," Brodsky said. "I've been going to Pig Heaven since I was a kid, and I've known Nancy for 10 years."
Pig Heaven's new home would appear to be secure. Brodsky said there were no imminent development plans for the site, as his family company has owned the entire Third Avenue west blockfront between 80th and 81st streets for 20 years.
Terms of the lease transfer were not available. But had it been a newly signed straight rental with the landlord, Brodsky said the asking rent might have been in the $200-a-square-foot range.
Pig Heaven, one of the city's few Taiwanese-style Chinese restaurants, had been at 1540 Second Ave. since 1984, earning critical praise and numerous awards along the way.
But it had to leave after landlord Icon Realty Management recently completed a $44.8-million, six-building assemblage on the east blockfront between 80th and 81st Streets. It was one of four eateries forced out.
Icon plans a luxury apartment project — typifying the development frenzy stimulated by the planned December 2016 opening of the long-delayed, but now very much on track, Second Avenue subway.
The completed new line will enormously enhance property values between East 63rd and 96th streets. But until then, conditions on Second Avenue are likely to get worse before they get better.
Many blocks are forbiddingly obstructed by construction equipment, street excavations and sidewalk barricades. Now, darkened buildings awaiting demolition are adding to the gloom.
The Durst Organization has signed a new tenant at 114 W. 47th St. — Australia-based IMF Investors. The expanding firm will leave behind 8,000 square feet at 99 Park Ave. for 18,300 square feet at the new address.
Rocco Romeo represented Durst in-house, while Savills Studley's Chris Foerch and Jeff Peck acted for IFM.
Asking rents at 114 W. 47th St. are in the low-mid $70s per square foot. Romeo said most of its 650,000 square feet are leased except for a contiguous 140,000-foot block.
In reporting last week on the sale contract for 180 Maiden Lane, we said the $470 million deal worked out to $452 per square foot. Our arithmetic brain must have been dozing — a more accurate figure is $391 per square foot for 1.2 million square feet. So the buyers, Clarion Partners and Murray Hill Properties, got a better deal from sellers SL Green and Joseph Moinian than we thought!
If the Lower Manhattan Cultural Council's Artist Residency Program paid rent for its new, 50,000 square-foot temporary space at 315 Hudson St., it would cost about $2.7 million for the 10 months it plans to be there starting this week.
That's based on a mid-$60s-per-square-foot annual asking rent on the eighth floor of the 480,000 square-foot, modernized prewar tower owned by Jack Resnick & Sons.
But Resnick is donating the floor to LMCC for its artists residency program called Workspace. The recently vacated floor is being adapted into 32 artist studios, meeting rooms and a dance floor/rehearsal space.
Landlord President Jonathan Resnick called the donation "positive for our building, great for the Hudson Square community and beneficial to the entire downtown district."
The floor is one of three in the building that Resnick has made available for short-term occupancy before a planned major redevelopment in 2018, which will include new infrastructure and amenities.
LMCC recently left One Liberty Plaza, where it had the use of a floor donated by Goldman Sachs.
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