Jack Doyle’s Pub Signs for Another 15 Years at MetLife’s 240 West 35th Street

Why It Matters

The long‑term leases lock in stable cash flow for a high‑traffic Midtown South asset, reinforcing the appeal of mixed‑use boutique buildings to investors and landlords.

Key Takeaways

• 15-year lease adds stability to Midtown South retail
• $125/sf rent shows strong demand near Penn Station
• Building sale for $30M highlights distressed asset opportunities
• Multiple tenants boost address to over 24,000 sf
• Proximity to Madison Square Garden drives foot traffic

Pulse Analysis

Jack Doyle’s Pub & Restaurant, a long‑standing Irish‑themed venue, has secured a new 15‑year lease for its 6,295‑square‑foot space on the ground floor and mezzanine of 240 West 35th Street. The renewal, alongside a parallel 10‑year extension for Café Nuñez, pushes the total occupied footprint at the address above 24,000 sq ft, underscoring the location’s appeal to both locals and tourists. Situated just north of Penn Station and within walking distance of Madison Square Garden, the pub benefits from a built‑in customer base of commuters, office workers, and sports fans, especially the Minnesota Vikings community.

The lease terms also reveal the strength of retail rents in the building, currently around $125 per square foot, a premium that reflects the high foot traffic and limited supply of ground‑level storefronts in Midtown South. Office space in the same tower trades at the high $30s to low $40s per square foot, indicating a clear rent gradient between office and retail uses. MetLife Investment Management’s recent $30 million acquisition of the property at a foreclosure auction signals confidence in the asset’s long‑term upside, as investors seek stable cash flow from well‑located boutique buildings.

Analysts view the cluster of recent deals—including tenants such as Tip Top Capital, Wall Street Alliance Group, and apparel brand Patrick French—as evidence that mixed‑use properties with flexible floor plates are attracting a diverse tenant mix. The combination of efficient office layouts, strong retail frontage, and proximity to transit hubs like Penn Station and Hudson Yards makes the building a resilient investment amid shifting work‑from‑home trends. For landlords, extending anchor tenants like Jack Doyle’s provides predictable revenue, while for developers, the model illustrates how high‑quality, mid‑rise assets can thrive in a competitive Manhattan market.