The Real Deal New York

SL Green partners with Daniel Boulud for restaurant at 1 Vanderbilt

Famed chef to open an 11K sf eatery at proposed Midtown tower
April 17, 2017 04:40PM

Daniel Boulud (Credit: STUDIO SCRIVO) and rendering of One Vanderbilt (Credit: KPF)

SL Green Realty scored a second retail tenant for its One Vanderbilt, with famed chef Daniel Boulud set to open a restaurant at the proposed Midtown tower.

The restaurant will span 11,000 square feet, the New York Post reported, and will be located on the second floor. The ground-floor entrance will feature a 110 foot-ceiling and a branch of Epicerie Bouland, a retail market and cafe with locations at the World Trade Center and near Lincoln Square.

The arrangement is for a partnership in which Boulud will invest, rather than a traditional lease, Boulud and SL Green CEO Marc Holliday told the newspaper.

“We will put up the majority of the money for the project, but Daniel will put in some of his own as well,” Holliday told the Post. “Daniel’s company, Dinex, will manage and run the restaurant.” The buildout cost is not known.

It’s the first time the real estate investment trust has partnered with a restaurant in this way, though there are several joint ventures in its property portfolio. The Four Seasons, for example, is opening at SL Green and Vornado Realty Trust’s 280 Park Avenue with a traditional lease.

Once complete, the office tower is expected to contain 1.7 million square feet of space. The National Pension Service of Korea has a 27.6 percent stake in the building, and SL Green predicts it will have a net operating income of $198 million every year once it’s built and fully leased. TD Bank is slated to be the anchor tenant, at 200,000 square feet. [NYP]Miriam Hall