Time Out set to open market in New York City

Media and entertainment business Time Out Group has signed a conditional lease agreement for a new Time Out Market in New York, it announced on Wednesday.

The AIM-traded firm said the market, located at 55 Water Street, Empire Stores in Brooklyn's Dumbo neighbourhood, was expected to open in the fourth quarter of 2018.

Built between 1869 and 1885 as a coffee storehouse, the historic Empire Stores had retained their original brick and timber features.

Recently redeveloped, Time Out said they had been transformed into a “highly desirable” retail, office and commercial space.

With its unique waterfront position right by the East River, between Brooklyn Bridge and Manhattan Bridge, Time Out Market New York would reportedly be at the heart of an increasingly popular area for locals and visitors.

The market would occupy 21,000 square feet over two floors of Empire Stores, accommodating around 520 seats indoors and outdoors.

There would be a curated mix of 20 food offerings, three bars, a stage for cultural activities and an exhibition space.

The Time Out Market rooftop on the fifth floor would also offer impressive views of the East River, the two iconic bridges and Manhattan's skyline, the firm’s board claimed.

Time Out said the lease agreement for Time Out Market New York remained conditional on obtaining a license approval and building permits.

“New York has been home to Time Out since 1995, and millions of people - locals and visitors - use our website and read our magazine to make the most of the city,” said Time Out Group CEO Julio Bruno.

“Now we have a breathtaking location for Time Out Market in New York. It will offer not only the city's best food, drinks and culture, but also one of the city's best views.”

Bruno said Time Out Market had proven to be a “real success story”, and that was why the company had an “exciting” pipeline for new Time Out Market openings in other cities.

“I have lived and worked in New York City for many years and today I feel very proud that we are bringing this unique experience to this city.”

Didier Souillat, CEO of Time Out Market, explained that the market would bring “something new and unique” to New York.

“It is a culinary and cultural experience that can't be found anywhere else, based on editorial curation. It will be located in a space full of character, history and authenticity.

“There aren't many cities in the world that offer such an incredible food scene and cultural life like New York - our experienced team of editors will select and invite the city's best to make Time Out Market a must-see destination in this vibrant neighbourhood.”