Newmark Retail Secures Second NYC Location for Steve Ells’ Newest Concept Kernel at 15 East 4th Street

July 8, 2024 9:00 AM

Newmark Retail announces it has secured a 1,300-square-foot lease for the food concept Kernel at 15 East 4th Street in Manhattan. In signing at the New York University ("NYU")-owned location, Kernel marks the expansion of its footprint with its second location. Newmark Vice Chairman Ariel Schuster and Director Mitch Heifetz and Associate Evan Roteman represented Kernel on the lease transaction.

"We congratulate Kernel on the impending opening of their new NYC outpost and are confident that their partnership with NYU will be integral to milestones ahead," said Schuster. "We are excited by the prospect of subsequent collaborations with Kernel as we strategically advise the company on its expansion in the near future."

Seeking to redefine quick-serve restaurants for the technology and sustainability age, Chipotle founder Steve Ells launched Kernel-a revolutionary concept where the food is prepared by chefs, supported by robotics. Customers can order online or with the app and be notified when their food is ready for pickup.

Last summer, the tenant retained Newmark to source its first brick-and-mortar location in the city. The team, comprised of Schuster and Heifetz, secured a lease at 315 Park Avenue South steps from Madison Square Park which opened its doors to the public this past February. 15 East 4th Street, also known as 400 Lafayette Street, sits at the base of a 120,000-square-foot office building in the heart of Manhattan's Noho neighborhood. Acquired by NYU in Q1 of last year, the building benefits from the area's highly trafficked streets, given its proximity to Washington Square Park and Manhattan's bustling SoHo neighborhood.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries ("Newmark"), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark's comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue[1]chip companies. Combining the platform's global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark's company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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