Din Tai Fung, a well-known Taiwanese restaurant chain, is set to open its first Brooklyn location at 567 Fulton Street, according to a report from the Commercial Observer. The new restaurant will occupy 20,000 square feet of ground-floor space at The Brook and is expected to open in 2027.
The property is owned by Witkoff and Apollo Global Management. Details regarding the length of the lease and the asking rent were not disclosed. Retail rents in Downtown Brooklyn averaged between $115 and $190 per square foot in the first half of the year, based on data from the Real Estate Board of New York.
Chris DeCrosta from GoodSpace represented the property owners in the lease negotiations, while Ben Birnbaum from Newmark represented Din Tai Fung.
Din Tai Fung is known for its soup dumplings and noodles and operates more than 180 locations worldwide. The restaurant started as a cooking oil business founded by a Chinese refugee in 1958 before transitioning to a dumpling and noodle restaurant in 1972. In 1993, The New York Times recognized Din Tai Fung as one of the top ten gourmet spots globally. Its Hong Kong location received a Michelin Star in 2010, marking the first time a Taiwanese restaurant earned this recognition.
In 2022, Din Tai Fung leased a space at 1633 Broadway in Manhattan for its first East Coast location, covering 26,400 square feet.
The development at 567 Fulton Street is a 51-story tower with 591 residential units and totals 448,000 square feet, including over 30,000 square feet of retail space across two adjacent sites. Witkoff and Apollo Commercial Real Estate Finance secured a $388.4 million loan for the project in summer 2022. The skyscraper was completed in May.
The site was previously owned by RedSky Capital and JZ Capital, who began assembling the property in 2012. In 2019, JZ Capital announced it would reduce the value of its shared portfolio by up to $150 million. Shortly after, the project’s $154.6 million loan from Apollo went into default. Witkoff joined as a development partner in November 2020 after initially serving as an advisor on the project.
“Din Tai Fung began as a cooking oil business founded by a Chinese refugee in 1958 before becoming a steamed dumpling and noodle restaurant in 1972. In 1993, the New York Times praised the restaurant as one of the 10 best gourmet spots in the world. In 2010, its Hong Kong location was awarded a Michelin Star, the first time a Taiwanese restaurant ever earned such a distinction.”
— Holden Walter-Warner
