The National Community Reinvestment Coalition, or NCRC, is relocating to an entire 16th floor at 535 Fifth Avenue, Commercial Observer has learned.
The association, which expands financial access for working families and communities, signed a seven-year lease last week for 7,300 square feet in the building between 44th and 45th Streets. The asking rent was $55 square feet, according to Andrew Stein, a founding principal of Vicus Partners. He and Bert Rosenblatt, a co-founder at Vicus, represented NCRC in the deal. Cushman & Wakefield‘s Myles Fennon, Mitch Arkin, Haley Klein, Adam Nelson and Remy Liebersohn represented the landlord, the Moinian Group.
Aron Kirsch of Moinian Group and Arthur Mirante of Avison Young opened the two-acre construction site at the Hudson Park and Boulevard adjacent to the planned 1,050-foot 3 Hudson Boulevard for a hardhat tour at Hudson Yards today.
Financial services firm Sontag Advisory has signed a 15,875-square-foot lease for the entire fifth floor at 295 Madison Avenue, relocating from its offices just two blocks away at 261 Madison.
The deal doubles the firm’s office space after a one-and-a-half year search focused on finding an existing built space rather than expanding at its previous location.
Go West, Young Man
The Moinian Group will begin the final phase of renovations at 60 Madison Avenue in the fourth quarter of this year, The Commercial Observer has learned.
Improvements at the 13-story, 195,000-square-foot Midtown South building will include a new glass and stone lobby designed by the architecture firm Gensler, new elevator cabs, updated common corridors and an advanced security system.
The Moinian Group this afternoon offered details about the upcoming 3 Hudson Boulevard, a 1,000-foot tall, 1.8-million-square-foot tower on 11th Avenue between West 34th and West 35th Streets in the thick of the Hudson Yards development.
“For more than two decades The Moinian Group has believed that the new West Side would emerge as Manhattan’s most sought-after neighborhood,” Joseph Moinian, founder of The Moinian Group, said in a prepared statement. “Our new mixed-use building at 3 Hudson Boulevard will stand as the pinnacle of elegance along the new Hudson Boulevard & Park. With 3 Hudson Boulevard, you are going to see something truly spectacular.”
A contract was signed on Friday for the sale of Westbrook Partners and Moinian Group‘s 295 Madison Avenue, The Commercial Observer has learned.
Murray Hill Properties represented the buyer, The Eretz Group. A source, who spoke on the condition of anonymity and declined to name the purchaser, said that the sale price exceeded $200 million.
Midtown Manhattan, the biggest and most expensive U.S. office market, is still adapting to New York’s post-financial-crisis economy, as technology and new media companies flood into the more affordable areas and banks remain wary of expanding in higher-priced real estate.
With construction getting under way on millions of square feet of planned Class A offices on the West Side, much of the leasing action for the year to date has centered on neighborhoods like Murray Hill, the Penn Station area and the Garment District, which are attracting companies that have been priced—or crowded—out of the technology hub in Midtown South, brokers said. Financial companies, traditionally the biggest occupiers of Midtown real estate, remained conservative, pursuing greater efficiency in their use of real estate rather than growth.
“The days of bigger is better are gone,” said Eric Thomas, senior vice president of Cresa, a specialist in tenant representation. “Capital preservation is still key. That’s why renewals still reign in many cases.”
Some commercial real estate brokers are “kicking and screaming” about the audacity of some city landlords who they claim are disregarding their “exclusives” with retailers by attempting to land tenants on their own.
The idea of “skipping the middle man,” once thought of as a tool for efficiency, is enraging some brokers, who tell The Commercial Observer that large retail owners including Joe Sitt, Jeff Sutton and Joe Moinian, are steering out of their way – but digging deep under their skin.
“Totally not kosher,” one perturbed president of a top city brokerage wrote in an email to The Commercial Observer. “It puts the retail brokers in a difficult spot and it is morally incorrect.”
The Moinian Group has awarded the leasing assignment for 60 Madison Avenue to Murray Hill Properties, The Commercial Observer has learned.
Newmark Grubb Knight Frank was the previous leasing agent at the 12-floor, 200,000-square-foot building at Madison Avenue between 26th and 27th Streets. Murray Hill Properties, which a source says won the assignment two weeks ago, plans to rename the building 2 Madison Park.
Merchant Cash and Capital has expanded their occupancy on Park Avenue South.
The traditional small business loan provider has called 450/460 Park Avenue home for the past seven years and will continue in expanding to 22,400 square feet. Just last year, the company added 6,900 square feet to their lease and now will add an Read More
Fusion Learning Inc. closed on 8,270 square feet at 450-460 Park Avenue South. It is the first Manhattan location for Fusion, the Western Association of Schools & Colleges-accredited tutoring facility.
Jovani Rampersad, the commercial leasing director for the Moinian Group, represented the owner while Deb van der Hayden and Noah Savage of Jones Lang LaSalle represented the tenant.
OfficeLinks has inked a deal to open another location in New York.
The on-demand office space and meeting facility provider will take a 14,000-square-foot office in the Moinian Group‘s Class A 450-460 Park Avenue South.
The lease comes following OfficeLinks’ lease signing of a space on the 84th floor of the Willis Tower, previously known Read More
On the heels of last week’s 7,300-square-foot Media3 lease at the building, The Commercial Observer has learned that Sandeep Diamond Corp. has signed on for the same amount of space at The Moinian Group’s 535 Fifth Avenue.
Cushman & Wakefield’s Andrew Sachs and Read More
If Don Draper still ran an advertising agency, he’d have a very different Manhattan life. Instead of a dozen martinis and oysters at Grand Central every night after work, it’d probably be a quick Peroni and antipasti at Eataly before hitting the gym.
He might even be home early enough to kiss Betty and read a book to his kids. And, of course, he’d work in a fabulous open-plan office in Manhattan’s most desired commercial real estate market, Midtown South.
After handling its leasing at 535 and 545 Fifth Avenue internally, The Moinian Group has tapped a Cushman & Wakefield team as the exclusive leasing agent for both buildings, The Commercial Observer has learned.