Philadelphia Skyline

Itkowitz PLLC Negotiated a Restaurant Lease on Behalf of a Times Square Landlord

September 18, 2015

Itkowitz PLLC successfully negotiated a restaurant lease on behalf of Landlord Northeast Vantage for the establishment of a 3,000 square foot restaurant at 246 W. 48th Street near the corner of 8th Avenue, in the Times Square area.

The new restaurant, Lantern, will be building out the space with an eye towards a fall opening of a gourmet eatery emphasizing vegetarian fare together with cocktails using fresh organic juices.  The restaurant will be opened by April Tam Smith, an executive at a financial firm, along with a financial-world partner.  Lantern will donate all profits to the nonprofit Lantern of Hope Foundation.

“We wanted a creative way to make giving fun for people,” Smith said.  The location is conveniently located near several financial institutions as well as the theatre district.  Smith has worked extensively in orphanages and social businesses in South Africa and Haiti which will benefit from the proceeds generated by the profits earned by Lantern.

Smith has tapped Craig Cochran, owner of two popular vegan eateries named Terri, to make the new place run smoothly.  Terri has locations in Chelsea and the Financial district.

The deal was brokered by Andrew Udis and Dean Valentino of ABS Partners Real Estate together with together with Robert Bonicoro of CBRE, Global Retail Services.  Jay B. Itkowitz of Itkowitz PLLC represented landlord in the negotiations.  David Ng of Karlsson and Ng, P.C. represented the tenant in the negotiations.

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