The Institute of Culinary Education was located in 50,000 square feet spread out on six floors of 50 W. 23rd St., with a lease up this year.
The school had come to Chelsea when spaces leased for $18 to $20 per foot. But the building was recently sold to Two Trees, which wanted to upgrade the property and change the tenancies.
Brokers David Goldstein, Jarod Stern and Ken Ruderman of Studley had the challenge of finding space for a cooking school that holds many classes and has constant foot traffic, along with the need for a complex installation that includes many kitchens and refrigeration.
The school runs a range of culinary education programs ranging from traditional French, to courses in the pastry and baking arts.
Founded by Peter Kump in 1975, it offers a variety of innovative partnerships including an upcoming culinary entrepreneur series with important chef owners such as Suzanne Goin and Ken Oringer.
It’s a big step up from when the school had just five students in Kump’s cramped Upper West Side apartment.
The brokers considered and toured over 100 sites that included the purchase of buildings. They had been working on other deals at Brookfield Place at 225 Liberty St. in the Financial District when they realized ICE might make a good fit for Brookfield, which was spending $250 million to enhance its retail and dining facilities.
The stacking plan showed an opportunity adjacent to the new food hall and new marketplace. While there was initial skepticism from their client, the new renovations along the Hudson River, multiple new transportation hubs and numerous area businesses and residents who could become future students made it a winner.
The former Deloitte cafeteria already had venting in place that just needed some updating. Brookfield also includes 24-hour heating and cooling made from river water, which lowered ICE’s projected costs, as did the electricity that is purchased from the New York Power Authority.Institute of Culinary Education Cooking Up Deal for New Digs
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