Din Tai Fung’s dumpling expansion is expanding to Brooklyn next.
The Michelin-starred Taiwanese eatery signed a lease for 20,000 square feet of ground-floor space at 567 Fulton Street, the Commercial Observer reported. The dumpling house is expected to open at The Brook in 2027.
The length of the lease at the Witkoff and Apollo Global Management-owned property was not disclosed, nor was the asking rent for the retail space. The average asking rent on retail space in Downtown Brooklyn ranged from $115 to $190 per square foot in the first half of the year, according to the Real Estate Board of New York.
GoodSpace’s Chris DeCrosta represented ownership on the lease, while Newmark’s Ben Birnbaum represented the tenant.
Known for its soup dumplings and noodles, Din Tai Fung boasts more than 180 locations across the world.
Din Tai Fung began as a cooking oil business founded by a Chinese refugee in 1958 before becoming a steamed dumpling and noodle restaurant in 1972. In 1993, the New York Times praised the restaurant as one of the 10 best gourmet spots in the world. In 2010, its Hong Kong location was awarded a Michelin Star, the first time a Taiwanese restaurant ever earned such a distinction.
In New York City, it leased 26,400 square feet at 1633 Broadway in Manhattan in 2022 for its first East Coast outpost.
Witkoff and Apollo Commercial Real Estate Finance scored a $388.4 million loan in the summer of 2022 to build a 51-story, 591-unit tower at 567 Fulton Street. The development totals 448,000 square feet, including more than 30,000 square feet of retail across two adjacent sites.
The site was once owned by RedSky Capital and JZ Capital, who started creating an assemblage in 2012. But in 2019, JZ Capital said it would write down the value of the firm’s shared portfolio by as much as $150 million.
The project’s $154.6 million loan, provided by Apollo, went into default a few months later. Witkoffi came on as a development partner in November 2020 after initially saying the firm was an advisor on the project.
The skyscraper was completed this May.
— Holden Walter-Warner
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