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Group Hospitality Purchased New York Site for $7.3 Million

The firm acquired the vacant 87 Seventh Avenue South property in the West Village.

Updated on Sept. 29, 2026 in Hospitality

A historic brick and stone commercial building facade on a corner in New York City with large windows.
Group Hospitality purchased the vacant property at 87 Seventh Avenue South in New York City's West Village for $7.3 million. AI Illustration. Upload story photo >

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Group Hospitality has purchased the property at 87 Seventh Avenue South in New York City for $7.3 million. The transaction brings new ownership to the site that has remained vacant since 2018.

Why it matters

The acquisition marks a significant move for Group Hospitality as it expands its footprint in the city. The site had previously struggled to secure a permanent tenant despite a 15-year lease signed by a Japanese restaurant in 2023.

The property spans 4,000 square feet and features 170 feet of wraparound frontage. This is the tenth New York location for the firm, which currently operates nine other sites.

The players

Group Hospitality

This organization operates a portfolio of nine hospitality locations throughout New York City.

Colliers

This is a global commercial real estate services and investment management firm.

Sushisamba

This brand is a high-profile restaurant chain that previously occupied the space until 2017.

The details

Marketing for the site was handled by Colliers agents Zach Redding, Dylan Kane, and Sarah Short. The property includes a second floor with private outdoor space, following a history that saw the closure of Sushisamba in 2017.

Timeline

  1. Sushisamba closed its doors at the location in 2017.

  2. The property previously traded for $13.3 million in 2018.

  3. A Japanese restaurant signed a 15-year lease in 2023 but never occupied the site.

  4. Group Hospitality finalized the $7.3 million purchase on September 29, 2026.

Market Landscape

This purchase reflects the ongoing West Village retail vacancy trend where premium locations have faced long-term uncertainty. It positions Group Hospitality to revitalize a high-profile storefront that has cycled through various ownership and leasing challenges since 2018.

Local residents and visitors can expect a new restaurant concept to eventually replace the long-vacant site. The development potentially brings a fresh dining option to the West Village corridor.

The takeaway

Commercial real estate often experiences extended periods of vacancy when properties are tied to complex residential deals or failed lease agreements. This transaction suggests a turning point for the site as new ownership begins a potential redevelopment phase.

Further reading

For more background on the sector, visit Hospitality.

Source note: This article includes information reported by The Real Deal New York.

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