Why Midtown South Is Ripe for an Experiential Shabu-Shabu Flagship
As experiential dining continues to outperform traditional restaurant formats, Asian concepts built around interaction, immersion, and beverage programs—particularly shabu-shabu and hot pot—are increasingly well positioned in New York City. Nowhere is this more evident than in Midtown South, where density, transit access, and a recovering office market are converging to support high-volume, destination dining.
One property that exemplifies this opportunity is 33 East 33rd Street, a large-scale, turnkey restaurant space located between Park and Madison Avenues.
A Rare Turnkey Restaurant Opportunity in Midtown South
Located on the north side of East 33rd Street, 33 East 33rd Street offers approximately 10,700 square feet across ground floor, mezzanine, and lower level. The ground floor features 18-foot ceiling heights and approximately 52 feet of street frontage, creating the kind of scale and visibility that is increasingly difficult to secure in Manhattan.
The space includes a high-capacity, top-of-the-line commercial kitchen and an efficient layout designed for volume service and strong guest flow. For restaurant operators, this significantly reduces execution risk and shortens the timeline from lease signing to opening.
For experiential Asian dining concepts—where table-side cooking, circulation, and atmosphere are critical—this type of existing infrastructure is a meaningful advantage.
Why Shabu-Shabu Works Exceptionally Well Here
Shabu-shabu and hot pot concepts thrive on:
Communal dining
Longer dwell times
Repeat ordering
Strong beverage attachment
The physical characteristics of this space—ceiling height, multi-level layout, and back-of-house capacity—support precisely those drivers. The scale allows operators to create distinct zones for dining, private events, bar service, and experiential programming, while still maintaining operational efficiency.
In addition, the surrounding neighborhood is anchored by a dense mix of office buildings, hotels, and residential developments, supporting steady weekday traffic and strong evening and weekend demand. Immediate proximity to the 33rd Street subway station further enhances accessibility for both local and destination diners.
Liquor Licensing and Build-Out Considerations
From a planning standpoint, the opportunity is well defined:
Estimated renovation costs: up to approximately $1.5 million, depending on final concept and scope
Construction timeline: approximately 6–8 months
Liquor license: the space does not currently have one; however, experienced liquor-license consultants believe a temporary liquor license can be obtained within roughly three months, allowing beverage service during the build-out process
For experiential dining concepts, the ability to layer a thoughtful beverage program on top of a communal food experience can materially impact revenue per square foot and overall unit economics.
Below-Market Lease Economics in a Tightening Retail Market
While high-quality restaurant spaces in core Manhattan corridors routinely transact in the mid-hundreds to high-hundreds per square foot, availability for large, turnkey restaurant footprints remains limited. In contrast, the lease economics for 33 East 33rd Street are positioned below prevailing market rates for comparable space in Midtown South.
For operators considering a flagship, market-entry, or expansion location, this creates a compelling cost basis—particularly when paired with:
No key money
Immediate possession
A new long-term lease structure
A Strategic Fit for Experiential Asian Restaurant Groups
For restaurant groups focused on experiential Asian dining, 33 East 33rd Street represents a rare combination of:
Scale
Infrastructure
Visibility
Transit access
Favorable economics
Whether positioned as a New York City flagship, a market-entry location, or a high-volume urban unit, the property offers the physical and economic foundation necessary to support a successful shabu-shabu or hot pot concept.
Interested in Learning More?
This property is not listed by our firm and is being shared as a strategic opportunity. Additional details are available upon request, and direct introductions to ownership or the listing broker can be arranged for qualified operators.
If you are part of a restaurant group exploring experiential Asian dining opportunities in New York City, this is a location worth evaluating.
Would this location be something that fits within your team’s growth strategy? We would be happy to provide further details or explore how this could be positioned as a flagship or high-impact unit.