As much as they annoy us, we have starving students—and wealthy N.Y.U. kids purporting to be starving students—partly to thank for the proliferation of independent coffee shops, particularly in these stormy economic times.
Jason Scherr, owner of the cafe that the New York Press named best new coffee shop in 2008, has signed a lease for about 1,600 square feet at 123 Fourth Avenue, between 12th and 13th streets, in which he will open his third Think Coffee by the end of the summer, according to Jason Turner, his broker at Zelnik & Company Real Estate. Think is taking the space of the closed Panorama Galleries on an otherwise rather shoddy block that just happens to be steps away from N.Y.U.’s Third Avenue North dorms and its soon-to-be-completed new dorm on 12th Street.
Think Coffee’s two other cafes are at One Bleecker Street and 248 Mercer Street.
“Think Coffee thought it was an emerging street that had some upside,” Mr. Turner said. “Rents are significantly lower than on Broadway or University, so he can be within the Union Square submarket without having to pay Union Square rents.”
The landlord Bernard-Charles Inc. was represented in-house by Jon Posner.