Yerman & Associates will be moving its headquarters down the street from 401 Broadway to 225 Broadway. The new office will occupy 15,000 square feet in the building in the Financial District.
“Yerman & Associates has been at 401 Broadway since the inception of the firm and over time had expanded into noncontiguous offices on one floor.” said Mitchell Waldman of Cogent Realty Advisors. “There has been substantial growth and they are moving into a brand new state-of-the-art office at 225 Broadway.”
“[The building] sits very close to the Fulton Street transit hub which is important for accessibility to clients, primarily Chinese immigrants seeking visas and naturalization.”
The law firm specializes in deportation defense, immigrant and non-immigrant visa processing, naturalization, corporate and business immigration, and federal litigation. Gary Yerman found the firm in 2002 and has serviced thousands of clients that include individuals as well as Fortune 500 companies.
Mr. Waldman represented the law firm in the transaction. An in-house broker, Mendy Braun of Braun Management represented the landlord and could not be reached for contact.
The asking rent for the office was on the lower end of the spectrum for the building at $32 per square foot. Rents in the building range from $30 to $42 per square foot.
“[Yerman & Associates] utilized the Commercial Revitalization Plan provided by the New York City Department of Finance.” Mr. Waldman said. The plan provides substantial abatement benefits for qualifying buildings in lower Manhattan. “This kind of municipal incentive was a tremendous bonus for them.”
225 Broadway, also known as the Transportation Building, is a 486,000-square-foot Art Deco building standing between Barclay and Vesey Street. The building holds notable tenants such as the New York County Defenders Realty and the New York City Department of Health.