Yahoo Finance SL Green (SLG) Unveils Culinary Offerings at One Madison Avenue
SL Green Realty Corp. SLG, in association with Michelin-starred Chef Daniel Boulud, has announced two new food and beverage concepts at One Madison Avenue, its newest office development.
The company’s recent move highlights its efforts to provide retail, wellness and dining-focused offerings that set a new benchmark for sophisticated and forward-thinking hospitality design for its tenants. This is expected to help attract more tenants at Manhattan’s largest office landlord’s properties, poising it well for growth.
The ground floor of the new Midtown South tower, encompassing 16,000 square feet, will feature a European petit marché on 23rd Street, located between Madison Avenue and Park Avenue South, two new French culinary destinations and a Parisian grand cafe.
The two French culinary destinations comprise a casual ‘cuisine de comptoir’, inspired by the open-air markets of France, and a stylishly comfortable and refined steakhouse.
The ‘cuisine de comptoir’ will provide a means for convenient dining during shopping or through the workday, while the full-service steakhouse will sport an open demonstration kitchen format with a wood-burning grill.
The elegant Parisian grand cafe will have a wide array of selections, enabling shoppers to purchase fresh seasonal ingredients from local purveyors, offering gourmet counter foods, premium ingredients as well as prepared meals for home.
Additionally, all building tenants will be given exclusive access to a 7,000 square feet tenant lounge run by SL Green’s industry-leading hospitality team, the food and beverage section of which will be managed by Chef Boulud. The tenants will be able to relax or gather in small groups throughout the workday in this private club-style space, having a hotel lobby-style design.
One Madison Avenue will also feature an 11,000 square feet rooftop deck as part of the building’s amenity program, providing a one-of-a-kind opportunity to create a seamless indoor/outdoor, work/entertainment space. This deck will have a 5,400 square feet interior event space and a 5,800 square feet lavishly landscaped patio overlooking Madison Square Park. Chef Boulud will take care of the entire catering capability.
Per Steven Durels, executive vice president and director of leasing and real property of SLG, “One Madison Avenue builds on the success of One Vanderbilt Avenue, taking the workplace experience to a new level with unique offerings specific to its Flatiron location.”
Earlier, in 2021, SLG executed a 20-year lease with Chelsea Piers Fitness for 55,780 square feet at One Madison Avenue, covering portions of the ground, second and lower two levels of the building. One Madison Avenue will be the premier wellness brand’s fourth location and second in Manhattan.
SL Green, carrying a Zacks Rank #3 (Hold) at present, has lost 17% in the past three months compared with its industry’s decline of 10%.
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Stocks to Consider
Some better-ranked stocks from the REIT sector are VICI Properties VICI, Lamar Advertising LAMR and Chatham Lodging Trust REIT CLDT, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The Zacks Consensus Estimate for VICI Properties’ current-year FFO per share is pegged at $1.92.
The Zacks Consensus Estimate for Lamar Advertising’s 2022 FFO per share is pegged at $7.34.
The Zacks Consensus Estimate for Chatham Lodging Trust’s ongoing year’s FFO per share is pegged at $1.17.
Note: Anything related to earnings presented in this write-up represent funds from operations (FFO) — a widely used metric to gauge the performance of REITs.
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