Fairway Group Holdings Corp. And Jack Resnick & Sons Announce Long Term Lease
For New Fairway In TriBeCa
Monday, September 30, 2013 12:00:00 PM (GMT)
THE ICONIC GROCERY STORE TO OPEN AT 255 GREENWICH STREET IN LOWER MANHATTAN IN FALL 2014
NEW YORK, Sept. 30, 2013 /PRNewswire/ -- Fairway Group Holdings Corp. ("Fairway") (NASDAQ: FWM), the parent company of the iconic grocery super store Fairway Market, and Jack Resnick & Sons, one of the country's premier developers of commercial and residential space, announced today that Fairway has signed a long term lease to open a 52,242 square foot grocery in Manhattan's TriBeCa neighborhood. This store, on two stories at 255 Greenwich St. (at Murray St.), is expected to open in Fall
2014. It will be the first Fairway location in Lower Manhattan and the 16th Fairway food store in the tri- state New York, New Jersey and Connecticut region.
"TriBeCa is a great and growing family neighborhood and home to great amenities, from restaurants to schools and colleges, and a world-renowned film festival. And because it is in Lower Manhattan, which is also home to Battery Park City, the Freedom Tower, and the Financial District, the location is ideal for those who live and work there," said Charles Santoro, Fairway Market's Executive Chairman. "We are pleased to join with the distinguished Jack Resnick & Sons on this project and bring to Lower Manhattan Fairway's unprecedented array of traditional and specialty foods and groceries, all under one roof and at great values."
"The Greenwich Street corridor is the spine that connects TriBeCa with Downtown, and we're delighted that Fairway will make that link even stronger with its presence at 255 Greenwich," stated Burt Resnick, Chairman and CEO of Jack Resnick & Sons. "We are confident that the new Fairway location will boost three great neighborhoods - Battery Park, the Financial District and TriBeCa - establishing a popular shopping and dining destination for residents, workers and visitors alike as Lower Manhattan's retail renaissance continues on."
Brett Greenberg and Dennis Brady of Jack Resnick & Sons represented the building owner in the long- term transaction, while Alan Cooperman of Welco Realty and Jason Pruger of Newmark Knight Frank represented Fairway.
Similar to all Fairway Markets, the new store in TriBeCa will offer an exceptional combination of traditional, organic and specialty foods, chosen from its comprehensive selection of 70,000 SKUs across its store network and including daily-delivered produce, a best of the best kosher selection, the freshest seafood, custom-cut USDA prime meat, on-the-premises bakery, cheeses from around the world, a classic New York deli counter, and much more.
"We look forward to providing our TriBeCa customers with a fabulous food shopping experience with fresh, natural, organic and conventional foods at terrific prices," said Herb Ruetsch, Chief Executive Officer of Fairway. "We are also proud to be creating several hundred new jobs at this location, and eager to make an impact in the neighborhood by being both a great food market and an active contributor to the area."
Howie Glickberg, Vice Chairman and grandson of the founder of Fairway, added that "from the time Fairway was established 80 years ago, we have worked each and every day to live the words of our slogan - 'Like No Other Market' - in both our stores and in the neighborhoods in which we are located. So, we are committed and excited to be making a difference in Lower Manhattan, which has made such a remarkable comeback."
About Fairway Market
Fairway Market is a high-growth food retailer offering customers a differentiated one-stop shopping
experience "Like No Other Market". Fairway has established itself as a leading food retailing destination in the Greater New York City metropolitan area, with stores that emphasize an extensive selection of fresh, natural and organic products, prepared foods and hard-to-find specialty and gourmet offerings, along with a full assortment of conventional groceries. Fairway is headquartered in New York, New York.
Except for historical information contained herein, the statements in this release are forward-looking and made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995; Forward-looking statements involving known and unknown risks and uncertainties and other factors that may cause Fairway's actual results in current or future periods to differ materially from forecasted
results. Food retail is a large and highly competitive industry, and Fairway's business involves many risks and uncertainties, including, but not limited to: our ability to open new stores on a timely basis or at all;
our ability to achieve sustained sales and profitable operating margins at new stores; the availability of financing to pursue our new store openings on satisfactory terms or at all; our ability to compete effectively with other retailers; our ability to maintain price competitiveness; the geographic conc! entration of our stores; our ability to maintain or improve our operating margins; our history of net losses;
ordering errors or product supply disruptions in the delivery of perishable products; restrictions on our use of the Fairway name other than on the East Coast and in California and certain parts of Michigan and Ohio; our ability to retain and attract senior management, key employees and qualified store-level employees; rising costs of providing employee benefits, including increased healthcare costs and pension contributions due to unfunded pension liabilities; our ability to satisfy our ongoing capital needs and unanticipated cash requirements; and other risk factors detailed in our filings with the Securities and Exchange Commission ("SEC"), and available at the SEC's website at www.sec.gov, You are urged to consider th! ese factors carefully in evaluating the forward-looking statements herein and are cautioned not to place undue reliance on such forward-looking statements, which are qualified in their entirety by
this cautionary statement. The forward-looking statements made herein speak only as of the date of this press release and the company undertakes no obligation to publicly update such forward-looking statements to reflect subsequent events or circumstances.
SOURCE Fairway Group Holdings Corp.