Real Estate Collaboration: The Key to Retail Success
The real estate industry’s retail sector is undergoing a paradigm shift. In addition to retail outlets seeing a newfound growth as new pandemic guidelines are put in place, the strategies through which these outlets identify prime locations and execute transactions are also becoming more streamlined. For Bondi, a family of sushi restaurants across New York City, that streamlining has taken the form of a close relationship with masonre, a real estate brokerage and advisory firm that focuses on close collaborations with both landlords and tenants to reach across aisles and develop ongoing partnerships with its clients.
This emphasis on the collaborative over the transactional is exemplified by Bondi and masonre’s relationship, the companies said. In the summer of 2019, masonre founder and CEO David Abrams represented the landlord at 75 Kenmare Street in what would become the first of many deals with Bondi. Bondi itself had already begun expanding since opening its flagship restaurant at 246 Fifth Avenue; however, masonre’s strategy and practice of prioritizing quality over quantity and pursuing a personal connection with its clients soon proved to be a formula that would propel Bondi to new horizons — and locations.
“We found that masonre’s approach was incredibly distinctive and a rare find among modern brokerages,” said Aiden Carty, COO at Bondi. “David made clear from the beginning of our relationship that masonre is more focused on finding the perfect fit for our locations rather than rushing to finish one transaction and move on to the next. In that sense, we view masonre as more of a business partner than a brokerage; our mutual trust has evolved to the point where David will often speak to our accountant and attorney without us needing to be present. This dedication to becoming intimately acquainted with our brand has made opening new locations far easier and more efficient than ever before, which has in turn helped us capitalize on Bondi’s growing momentum.”
Patience and Persistence
The title of masonre’s recent studio video encapsulates the company’s philosophy: “Patience and Persistence.” In this series, Abrams outlines the firm’s commitment to grooming the next generation of entrepreneurs, providing tenants, landlords and brokers with strategies to drive their successes. In this way, masonre invests just as much in its clients and their futures as its clients invest in the brokerage itself. This two-way relationship results in a level of mutual trust and understanding that drives brands and businesses forward.
The next step forward was the relocation of Noda to 37 West 20th St. This Michelin-star restaurant, which opened in December, features a high-end omakase sushi.
“Noda’s unique offerings and style meant that finding the perfect location required a deep understanding of what the group was looking for and working to find a setting that encompassed that spectrum of dining experiences,” explained Abrams. “This would have been difficult to achieve for a brokerage that did not take the time to become as familiar with the brand. That’s what I believe sets us apart from many other firms.”
Securing Noda’s new location was further streamlined due to masonre’s relationships. As a byproduct of a deal in Oasis Wynwood, Abrams was introduced to one of the founders of Gotan NYC, a modern coffee shop celebrating the evolving coffee culture. Gotan’s relationship with Abrams resulted in its giving him notice it would soon be terminating its lease. This allowed Abrams to call the landlord and secure Noda the location immediately, after Gotan had recently put significant capital into its infrastructure.
A First Time for Many Things
This relocation was followed by the signing of 1140 Third Avenue. Abrams represented Crescent Heights in the leasing of the Upper East Side luxury residential building, which brings a mix of luxury retail, restaurant, beauty and boutique fitness offerings to the neighborhood at its base. masonre’s team quickly identified this space as a location where Bondi would thrive and secured the restaurant a presence in the last remaining space in the building.
What followed this momentum was another first for Bondi: masonre signing 158 North 4th Street in Brooklyn. This is Bondi’s flagship location in the borough and features a large billboard on the side of the building that Bondi’s team will control.
“masonre’s activity and portfolio across New York City in combination with David’s knowledge of our brand are significant contributors to what helps us feel comfortable expanding,” explained Carty. “His intimate knowledge of the city helped us identify an area in Brooklyn with a significant amount of foot traffic, making our transition into the area easier. We’re also working on commissary spaces in Brooklyn to facilitate in that regard as well.”
In another first, Bondi also recently signed a lease at 275 Greenwich Street, which will be the restaurant’s first to-go format. With masonre’s guidance and strategizing, Bondi is also exploring opening similar to-go establishments throughout New York City, notably in the Upper West Side, Midtown West, Midtown East and the Financial District.
“masonre learns just as much from its clients as we try to teach them,” explained Abrams. “Working so closely with Aiden has clearly demonstrated the value of unconventionally shaped spaces, for example. This approach has made it easier to find locations that more traditional tenants aren’t looking at, and it’s proven to be particularly effective in avoiding congestion and allowing workers such as delivery drivers the room they need to work efficiently.”
Setting an Example
The ongoing collaboration between Bondi and masonre has proven that the shifting paradigms across the retail sector are both effective and tremendously beneficial for all parties involved, both companies said. masonre’s approach has helped Bondi capitalize on its strengths and momentum in ways that may have taken several months or even years to see fruition otherwise. However, Abrams’ strategies in combination with Bondi’s architectural insights, drive and adaptable business model paved the way for multiple milestones for the restaurant in only three years.