NEW YORK — Midtown Manhattanites can finally stop being jealous of their fellow New Yorkers uptown and in Brooklyn and Queens, since Fairway Market (www.fairwaymarket.com) is coming to their neighborhood, opening in Kips Bay on Second Avenue and 30th Street later this year. The newest Fairway Market will be the first in mid Manhattan – an area that has been clamoring for New York City's legendary and indispensible culinary resource for a very long time.
The 42,000 square foot store will occupy what was an Office Depot and a Crunch Gym, joining Rite Aid and Loew's Multiplex Cinema in that shopping plaza. Upon entering the store shoppers will see two glass elevators and two extra wide escalators that will whisk them to the lower level market, featuring 20 foot high ceilings and an exceptional combination of traditional, organic and specialty foodstuffs at great everyday prices.
"Residents of midtown can finally claim a Fairway Market of their own and we are thrilled to reward their patience with our unparalleled shopping experience," said Charles Santoro, Chairman of Fairway Market and Co-Founder and Managing Partner of Sterling Investment Partners, a Westport, CT middle market private equity firm that in January 2007 acquired a majority stake in Fairway Market. "We are also very pleased to be creating 400 new jobs in this tough economy."
"People have been asking for years for us to come to midtown so that they too can enjoy just how unique and special we are," said Howie Glickberg, Vice Chairman of Development and grandson of the founder. "Our people are the best, from our butchers and bakers to our cheesemongers, produce and seafood experts. They all share a passion for what they do and we're very pleased to be able to share this passion now with even more New Yorkers."
The Kips Bay store, with an expected opening in November, will be the fourth Manhattan Fairway Market and the 12th store for the company, following the opening of the Westbury, New York store in August.
"We look forward to providing one stop shopping at its best and to making an impact in the Kips Bay community through our giving back to the causes and organizations that make a difference in the lives of our neighbors," said Herb Ruetsch, Chief Executive Officer of Fairway Market.
About Fairway Market
Fairway was founded in the 1930s as a fruit and vegetable store in Manhattan, and it is now a growing chain of markets with an expertise in specialty foods. It is also one of the nation's highest grossing food retailers per square foot. Sterling Investment Partners acquired a majority share of the company over five years ago. Today there are 10 food stores and three wine and spirits shops in the tri-state area, employing approximately 3,900 people. In 2007, Specialty Food Magazine named Fairway one of the country's six Outstanding Specialty Food Retailers for the Specialty Food Trade. In May 2008, Fairway was named Consumer Deal of the Year by M&A Magazine. Fairway was also listed on Inc.'s top 5,000 fastest growing private companies for 2008, 2009, 2010 and 2011. Learn more at www.fairwaymarket.com.
About Sterling Investment Partners
Sterling Investment Partners is a middle-market private equity firm that invests in companies with significant competitive strengths and growth potential. Founded in 1991, Sterling has completed investments, strategic or add-on acquisitions, and liquidity events with an aggregate transaction value of approximately $9.0 billion, representing over 100 transactions. Sterling maintains a broad industry focus, including professional and business services, manufacturing, transportation and logistics, value-added distribution, retail, education and training and technology-related businesses. www.sterlinglp.com
Source: Fairway Market
