Hell's Kitchen gets a Dunkin' Donuts, continuing chain's expansion tear
October 15, 2008 10:47AM By Sara Polsky
The owner of four Dunkin' Donuts franchises in Manhattan and the Bronx has signed a 15-year lease for a fifth space on Ninth Avenue between 47th and 48th streets.
West Side Donut, Inc. already owns Dunkin' Donuts franchises in Manhattan at 1024 First Avenue and 815 10th Avenue, and in the Bronx at 1320 and 1325 Hutchinson River Parkway, said Jordan Spiegel of Sunburst Advisors, who represented both the tenant and the landlord in the transaction.
The asking rent for the latest space at 693 Ninth Avenue was $160 per square foot, Spiegel said. He declined to reveal the final rent on the 900-square-foot space.
The opening of a new store is in keeping with the expansion plans that the donut and budget coffee company has been following in New York. At a time when other chains, including coffee giant Starbucks, are scaling back in the city and elsewhere, Dunkin' is expanding. It plans to triple its U.S. store count to 15,000 by 2020. The chain already has 341 stores, all franchises, in the five boroughs, according to a study by the Center for an Urban Future.
A tally by The Real Deal found that Dunkin' has already signed at least nine other local deals this year and a dozen in the last two years. One franchisee plans to open 14 Upper West Side stores over the next five years.
The Hell's Kitchen store "fills a pocket where there is no Dunkin' Donuts nearby. They've been trying get on these blocks for quite some time," as Hell's Kitchen has become a residential area rather than just a nighttime attraction, Spiegel said. "You have a bigger population moving into that area...working, looking for that coffee in the morning."
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Comments
Anonymous
Starbucks is shutting down more stores and Dunkin Donuts is growing. Maybe that's a sign that people aren't willing to pay $4 for a cup of coffee anymore. And also, Dunkin's coffee is delicious.
Comment #1 Posted By: Anonymous 10/15/08
Anonymous
Never thought starbuck coffee was good in the first place. What ever happened to the local cafe.
Comment #2 Posted By: Anonymous 10/15/08
Bee Dub
This isn't good news for "The Coffee Pot", a local cafe on the southeast corner of 49th and 9th, just 1.5 blocks away
Comment #3 Posted By: Bee Dub 10/16/08
Anonymous
There is another Hell's Kitchen Dunkin Donuts that opened a few months ago on 10th and 44th street in the retail space below the new condo Chatham 44. The DD's is a great addition. Does anyone know what is going into the rest of the retail space for that building?
Comment #4 Posted By: Anonymous 10/20/08
Buckaroo169
*bucks sucks... too bad I can not think of a rhyme to tell the world that DD coffee is not the great either, but for different reasons. Everyone has been brain-washed through advertising to think that DD coffee tastes good. DD used to be a tasty cup of coffee until the ad-blitz and a ( probable ) ownership change... Hmmm, what kind of coffee are they buying now?
Comment #5 Posted By: Buckaroo169 12/05/08
Buckaroo169
BTW... The Citgo gas station as Logan used to have a really good deli / convenience store. THEN, exxon/mobile moved in and put a DD there. BOO, I miss the old deli. They made a grilled muffin that was to die for ( as they say ). ANY other shop but DD, please. NO MORE DD SHOPS!!!
Comment #6 Posted By: Buckaroo169 12/05/08