Leasing & tenant law · Permits & development · 10/15/2026
PNC Bank Signs 3,500-SF Retail Lease at the Ellery in Hell's Kitchen
PNC Bank signed a 3,500-square-foot retail lease at the Ellery, 312 West 43rd Street, owned by Taconic Partners and National Real Estate Advisors. It joins Aldi and Indian restaurant Samudhra at the base of the 330-unit rental building near Eighth Avenue. Rent and lease length were not disclosed.
Reported by Commercial ObserverRead the original ↗
What happened
PNC Bank has signed a retail lease at the base of the Ellery, a 33-story mixed-use rental building at 312 West 43rd Street in Manhattan's Hell's Kitchen. Commercial Observer reported the deal on October 15, 2026, citing the building's co-developers and co-owners, Taconic Partners and National Real Estate Advisors.
The size is unclear in the report. Commercial Observer's headline calls it a 4,000-square-foot lease, but the article text says 3,500 square feet. The asking rent and the length of the lease were not disclosed. For comparison, the outlet cited CBRE data showing average asking retail rent in nearby Herald Square was $403 per square foot in the third quarter of 2026.
PNC joins two other retail tenants at the Ellery. Indian restaurant Samudhra signed a 10,000-square-foot lease in August, and grocery store Aldi took 25,000 square feet last August. The leasing broker, Brandon L. Singer of Retail by MONA, said PNC and Aldi would co-anchor the building's 42nd Street retail. Peter Whitenack of Newmark represented PNC.
The Ellery was completed in 2024. It is a 350,000-square-foot building near the corner of West 43rd Street and Eighth Avenue, with 330 rental units and more than 30,000 square feet of amenities. These include a rooftop pool, private gardens, spa areas, a fitness center and coworking spaces.
Key facts
- Address
- 312 West 43rd Street, Hell's Kitchen, Manhattan
- Tenant
- PNC Bank
- Lease size
- 3,500 sq ft per article text (headline says 4,000 sq ft)
- Owners
- Taconic Partners and National Real Estate Advisors
- Building
- 33 stories, 350,000 sq ft, 330 rental units, completed 2024
- Other retail
- Samudhra (10,000 sq ft), Aldi (25,000 sq ft)
- Rent and term
- Not disclosed
- Area comparison
- Herald Square average retail asking rent $403/sq ft, Q3 2026 (CBRE)
What it means
Tenants and voucher holders
Residents of the Ellery's 330 rental units will get a bank branch in the building, alongside a grocery store and a restaurant. The report does not say whether any units are affordable or accept vouchers.
Landlords
This deal shows owners of new mixed-use buildings marketing ground-floor retail as an everyday service for residents. The actual rent was not disclosed, so it is not a usable rent comparable.
Buyers and owners
The only pricing benchmark in the report is CBRE's $403 per square foot average asking rent for nearby Herald Square, not this lease.
The highlights
- Aldi took 25,000 sq ft and Samudhra signed for 10,000 sq ft at the building.
- Rent and lease length were not disclosed. Herald Square retail averaged $403/sq ft.
- The 33-story Ellery, completed in 2024, has 330 rental units.
Why it matters Landlords
A private commercial lease with no direct effect on NYC rental rules, vouchers or agency enforcement.
Not known yet
- The exact lease size, since the headline and article text differ
- The rent and length of PNC's lease
- When the PNC branch is expected to open
- Whether any of the 330 apartments are income-restricted or open to voucher holders
Background
In New York City, ground-floor stores and offices in mixed-use buildings are leased under commercial leases. Unlike many apartments, commercial space is not rent stabilized, so rent, term and renewal terms are set by negotiation between the owner and the tenant. Lease details such as rent are often kept private, which is why public reports frequently cite neighborhood averages instead.
Summary written by Bulwark from Commercial Observer’s reporting. The original story is at commercialobserver.com. This is general information, not legal advice.
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Photo: Andre Carrotflower, CC BY-SA 4.0