Prime dining coming to 10 Downing St.

TRD New York /
Apr.April 08, 2008 01:44 PM

Ten Downing Street is about to get some fine dining.

Two restaurants are set to open at the West Village building that shares the famous address of the British prime minister. The eateries won’t serve British fare though: each will offer cuisine that has southern European roots.

Celebrity haunt Da Silvano will open a new restaurant there, across the street from its bustling business at 260 Sixth Avenue, between Houston and Bleecker streets.

Italian restaurateur Silvano Marchetto signed a 15-year lease last week for 2,500 square feet at 10 Downing Street, said the building’s owner, Ofer Yardeni, a managing partner at Stonehenge Partners. The rent for the space on the building’s south end is $150 per square foot.

The new restaurant is slated to open in four or five months, Yardeni said. 

An owner of the new restaurant and a long-time manager at Da Silvano, Alexandro Bandini, said the new restaurant will also serve Italian food, but will have a new name. Da Silvano will remain open, he said.

The new venture’s partners — Bandini, Da Silvano owner Silvano Marchetto and his daughter, and a silent partner — will issue a press release in 10 days about what’s to come.

On the building’s north side, another restaurant will take the name 10 Downing Restaurant and will serve a Mediterranean-inspired seasonal American menu. Two managing partners from the 5 Ninth restaurant and bar will open 10 Downing in about a month, said Vincent Seufert, one of the restaurant’s owners. The restaurant will have 36 outdoor seats. 

Katy Sparks, who has a culinary consulting business and once ran Quilty’s restaurant in Soho, is consulting on the project. Jason Neroni of Porchetta and 71 Clinton Fresh Foods will be the executive chef.

10 Downing Restaurant has a 15-year lease for 2,700 square feet — including 2,500 square feet for the dining room and restrooms and 200 square feet on the lower level for storage — at $150 per square foot, said Christopher Owles, principal at Sinvin Realty, who negotiated the deals on behalf of Stonehenge.

5 Ninth, a contemporary American restaurant at 5 Ninth Avenue Between Gansevoort And Little West 12th Street, will also remain open.

Including the two street-level restaurants, the 110,000-square-foot building will have 11,000 square feet of retail, Owles said. A total of three boutique retail tenants will likely be situated between the two restaurants.

Stonehenge has an offer from a fashion/retailer for about 800 square feet. Retail rents will range from $150 to $175 a foot, Owles said.

On the five stories above, 120 market-rate and rent-regulated rental residences are being upgraded. Studios rent for about $3,000 per month and one-bedrooms for at least $4,000.

“We enhanced the property,” Yardeni said. “There was $300,000 income in that space and now we’ll have close to $2 million.”

Stonehenge bought the building in 2005 for $50 million. Today, Yardeni said, it’s worth more than $100 million.

Nearly all of the existing ground floor space had been leased to a mix of professional tenants, residential tenants (many of which were rent-regulated), a dry cleaner and a STA Travel agency office. Stonehenge added 8,000 square feet of the 11,000 square feet of retail. 

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