As the global status of Hallyu (the Korean Wave) rises, Korean food culture is also receiving significant attention, with the popularity of Korean cuisine in New York growing day by day.
Starting with Jungsik in Manhattan becoming the first Korean restaurant to earn a Michelin star with a Korean chef in 2013, as of 2023, ten years later, Korean establishments account for a staggering 8 out of the 70 Michelin-starred restaurants in New York City. Among them, Jungsik and Atomix have earned two stars, while restaurants like Oiji Mi and Cote are further solidifying their positions in the New York mainstream.
Okdongsik, a pork gomtang (clear soup) house introduced in the Michelin Guide Seoul, has successfully expanded to Manhattan. It is fascinating to see New Yorkers savoring the gomtang broth with spoons, with waiting lines in front of the restaurant persisting for months.
This phenomenon is also evident in the New York Times. According to a recent New York Times article: "No American city can beat Los Angeles for traditional Korean food. But New York almost certainly has a more varied and exciting group of restaurants where the cuisine is regularly turned upside down and inside out. Outside South Korea, Manhattan is the best place to experience alternate visions of Korean cuisine, to taste classic flavors run through the dual prisms of technique and imagination."
Along with the success of Korean restaurants in New York, the demand from retailers wishing to open stores in Manhattan also seems to be increasing. An interesting trend is that while the area around 32nd Street & Broadway, known as Koreatown, was previously the preferred location for Korean retailers, they are now expanding to various core commercial districts across the city, such as Tribeca, Flatiron, and the West Village.
Today, we will look at the locations of representative Michelin-starred Korean restaurants and estimate the rental costs if one were to open a store of similar size in those locations at the present time.
*** The following information is based on comparisons with recently contracted nearby spaces and may differ significantly from the actual rent currently paid by these establishments. Please note that in Manhattan, lease terms can vary greatly even for spaces of similar size in the same area.
1. Jungsik
TRIBECA / 2 Harrison St., New York, NY 10013
Tribeca is an area in Manhattan where history and trendiness coexist, standing for "Triangle Below Canal Street." Famous for its art galleries, fine dining, and celebrity homes, it is one of the city's cultural hubs.
As one of Manhattan's luxury commercial districts, it is lined with various world-class restaurants and cafes. Its unique appeal lies in the blend of historical atmosphere and modern culture. Despite high rents, many restaurants strive to secure a location here because the visitors possess high purchasing power. Both tourists and residents visiting Tribeca seek high-quality food and service, leading many Michelin-starred restaurants to choose this area.
Estimated Rent as of September 2023:
2. Atomix
Rose Hill / 104 East 30th St., New York, NY 10016
Rose Hill is one of Manhattan's historical areas, characterized by traditional apartments and townhouses from the 19th and early 20th centuries. While relatively quiet and slightly less accessible than other major commercial centers, it boasts a unique tranquility and traditional atmosphere. Atomix’s location in this district can be seen as an interesting strategy. Rather than relying on the vibrancy of the neighborhood, they seem to have had confidence in their strong brand power and original culinary style.
Furthermore, being in such a quiet area aligns well with Atomix's concept of providing guests with a special, intimate gastronomic experience.
Estimated Rent as of September 2023:
3. Cote
Flatiron / 16 West 22nd St., New York, NY 10010
The Flatiron District has become increasingly vibrant in recent years with an influx of young professionals and entrepreneurs, leading to the opening of various restaurants, cafes, and fashion brand stores. It has emerged as a major commercial district where one can enjoy diverse food and beverage cultures from around the world.
Recently, high-level talent and high-income young professionals working in West Downtown areas—specifically Hudson Yards, Chelsea, Soho, West Village, Greenwich Village, and the Meatpacking District—have noted Flatiron as a new urban center. Pursuing high quality of life alongside diverse cultural tastes, they are injecting new energy and vitality into the area.
Consequently, commercial real estate rents are on an upward trend.
Estimated Rent as of September 2023:
4. Oiji Mi
Flatiron / 17 W 19th St, New York, NY 10011
Located in the same Flatiron area as Cote, Oiji Mi recently launched an in-store concept called "bōm," a Korean beef omakase-style tasting menu offered at $325 per person. It is reportedly so popular that reservations are difficult to secure.
bōm provides an immersive dining experience featuring a next-generation Korean tasting menu served at a cozy chef's counter with a custom-built grill. Led by Michelin-starred chef Brian Kim and the OIJI MI team, guests are invited to exclusively view the chefs at work from the front row while enjoying an elevated sensory experience that integrates a unique steakhouse concept.
Estimated Rent as of September 2023:
