The center of corporate New York has moved from Downtown to Midtown. And steakhouse Delmonico’s is moving with it.
The restaurant, a successor to the country’s first fine-dining establishment, has leased 11,735 square feet on the ground floor at 1330 Sixth Avenue, off West 54th Street. The length of the lease and monthly rent have not been disclosed. The restaurant is planning to open in the fall of 2027.
The 189-year-old steakhouse’s only existing location is at 56 Beaver Street in the Financial District. But Dennis Turcinovic, the steakhouse’s owner, said he was bullish on Midtown.
“We get a lot of business that comes from Midtown and comes all the way downtown,” he said. “We figured between tourism and corporate, and also capturing some of that local Central Park crowd, we know there will be some business for us.”
Newmark brokered both sides of the deal. Adam Weinblatt and Jeremy Tucker represented Delmonico’s and Ross Berkowitz, Andrew Stern, Gabriel Staab and Julia Singer represented the landlord.
The new location’s building is owned by a partnership between Creed Equities, Hakimian Capital, Nassimi Realty and CH Capital Group.
The closest retail corridor to the new location has seen growing demand. Upper Fifth Avenue, from West 49th to West 59th Streets, has the highest median asking retail rent per square foot in Manhattan, according to the Real Estate Board of New York. Asking rents came in at $2,500 per square foot.
Delmonico’s relies in part on dollars from expense accounts and Midtown continues to attract high-profile office tenants. Data show that office attendance has improved, but is still far from its pre-pandemic peaks. Office visitation is at about 81 percent of its prepandemic average, according to the New York Economic Development Corporation. But that number has remained steady year over year.
Manhattan average office vacancy has reached its lowest level since 2020, according to the EDC, although it’s still more than 5 percentage points higher than its 2019 average. Midtown, specifically closer to Grand Central Station, has seen higher office demand than other parts of the city.
The original Delmonico’s, generally known as the nation’s first fine-dining restaurant, opened in 1837, though it has changed hands multiple times over the last 100-plus years. The restaurant claims dishes including eggs Benedict and baked Alaska were invented and first served at its establishment.
The original owners closed the business in the 1920s. The restaurant was later revived several times, with Turcinovic opening the newest iteration in 2023 after renovations to the space.