In an average week, Mike Isabella fields three to five real-estate offers. Never mind that he’s not even looking for property right now—the chef/restaurateur behind Graffiato, Arroz, and other dining rooms is constantly being wooed by landlords and brokers hoping to add some cachet to their condos, office buildings, or hotels.
After all, a hip eatery might be one of the reasons someone buys a condo in an up-and-coming area or might be among the amenities that help justify a law firm’s high rent. It might even be the catalyst a developer needs to make its neighborhood the next 14th Street corridor.
But with so many shiny new buildings popping up, landlords are getting more aggressive, offering restaurateurs such perks as heavily discounted initial rent or occasionally even a free restaurant build-out. Developer PRP Real Estate Investment Management is dropping about $10 million to bring the celebrity sushi spot Nobu to its West End condo building.