Restaurant broker James Famularo of Meridian Capital Group said he is seeing a lot of pent-up demand from restaurateurs, with the number of deals and the price per square foot exceeding prepandemic figures.
“I think there’s a ton of capital out in the market,” Famularo said. Plus, restaurateurs are getting good deals by inheriting restaurant space that was built out and then abandoned by tenants during the pandemic.
Famularo negotiated a deal for Brooklyn Chop House to lease 25,000 square feet at 253 W. 47th St. that had been a Buffalo Wild Wings. “They spent probably $1 million [on renovations] and inherited a $25 million buildout,” Famularo said.