Tungsten Property represented restaurant concept Cleo in securing an off-market lease at 621 Hudson Street in Manhattan’s West Village. The deal marks Three Top Hospitality’s first expansion into Manhattan and highlights continued demand for strategically located restaurant spaces in one of New York City’s most competitive retail corridors.
Tungsten Property Facilitates Cleo’s First Manhattan Expansion
Tungsten Property has completed an off-market leasing transaction for Cleo, helping the Brooklyn-based hospitality group behind Margot and Montague Diner secure a location in Manhattan’s West Village.
The lease at 621 Hudson Street, located at the corner of Hudson and Jane Streets, marks the first Manhattan location for Three Top Hospitality founders Halley Chambers and Kip Gleize as they expand their restaurant portfolio beyond Brooklyn.
Details shared in a press release published via NYC Newswire, the transaction was led by Lydia Bell, Director of Retail at Tungsten Property, and Associate Cole Stapleton, who represented Cleo throughout the site selection and negotiation process.
The deal highlights the continued appeal of off-market opportunities in New York City’s restaurant leasing landscape, where premium locations often trade through relationships and targeted brokerage networks rather than public listings.
Off-Market Leasing Continues To Shape NYC Restaurant Expansion
Restaurant operators increasingly rely on specialized brokerage firms to identify opportunities in highly competitive neighborhoods like the West Village, where available storefronts can be limited and demand remains strong.
Cleo’s lease demonstrates how off-market transactions continue to play a significant role in New York City’s hospitality sector, particularly for operators seeking highly visible locations without entering bidding environments associated with publicly marketed properties.
“Lydia and Cole found us an off-market gem in the West Village that we knew we couldn’t pass up,” said Halley Chambers and Kip Gleize, owners of Cleo. “They helped us understand the neighborhood, get familiar with the community and supported us to negotiate a deal we feel truly confident in.”
The restaurant opened in April and has generated attention for its neighborhood-focused concept centered around rotisserie chicken and seasonal offerings.
Tungsten Property Expands Presence In Hospitality Leasing
Founded in 2004, Tungsten Property operates as a multi-disciplinary real estate advisory firm with offices in New York City and the Bay Area.
The company specializes in commercial leasing, investment advisory, and residential services, with a focus on relationship-driven transactions and access to high-profile, frequently off-market opportunities.
Bell advises both developers and tenants on commercial leasing strategies while representing companies across sectors including hospitality, wellness, fashion, technology, and experiential retail.
Stapleton joined the firm with experience in creative operations, production, and account management, bringing a multidisciplinary background that reflects the increasingly diverse nature of modern commercial real estate advisory services.
Why The Deal Matters For NYC’s Restaurant Market
The transaction underscores continued confidence in Manhattan’s retail and hospitality market despite broader economic pressures affecting the restaurant industry.
The West Village remains one of New York City’s most sought-after restaurant corridors due to its established residential base, tourism traffic, and reputation as a destination neighborhood for independent dining concepts.
For Brooklyn operators, crossing into Manhattan often represents a significant milestone that can expand brand visibility and introduce businesses to broader customer bases.
The deal also illustrates how boutique brokerage firms continue playing a critical role in matching hospitality operators with strategically located spaces that align with long-term growth objectives.
What Happens Next
Cleo has already opened its doors at 621 Hudson Street following the completion of the lease transaction.
As Three Top Hospitality establishes its first Manhattan presence, industry observers will be watching whether the expansion serves as a foundation for additional growth opportunities in New York City’s competitive restaurant market.
Additional details were first outlined in a press release published via NYC Newswire.
The transaction highlights how relationship-driven brokerage strategies and off-market leasing opportunities continue shaping restaurant expansion and commercial activity across New York City’s retail landscape.
What Readers Want To Know
What is Tungsten Property?
Tungsten Property is a New York-based real estate advisory firm specializing in commercial leasing, investments, and relationship-driven transactions, including off-market opportunities.
What is Cleo?
Cleo is a neighborhood-focused restaurant concept created by Three Top Hospitality founders Halley Chambers and Kip Gleize.
Why is this lease significant?
The lease marks Three Top Hospitality’s first Manhattan location and demonstrates continued demand for premium restaurant space in the West Village.
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