New York Real Estate Institute Expands at 132 West 36th Street
The New York Real Estate Institute has locked up its own real estate for another eight years after it re-signed its lease to expand to 7,986 square feet at 132 West 36th Street.
NYREI, which offers courses in continuing education for a variety of real estate topics, will be expanding by an additional 1,470 square feet in its new lease. NYREI will now have the entire second floor in the 12-story building.
Steven Kaufman and Barbara Raskob of the Kaufman Organization represented both the landlord and the tenant in the lease deal. The property is owned by Kaufman Arcade Associates, according to CoStar data.
Asking rent for the space were in the mid-$30s per-square-foot.
NYREI had been in the Garment District building for 8 years and decided to re-sign and expand when their current lease was up for renewal.
“We’re doing some work for them,” said Ms. Raskob. “We are going to paint for them and do some carpeting as well, and they will need some windows repaired,” she added.
The 190,050 square foot building shares an entrance with 139 West 36th Street, and has tenants like Media Blasters, Inc, World Marketing Inc, and MidAmerica Productions.
Vacancy rates at 132-138 W. 36th Street shot up from 0.8 percent in the fourth quarter of 2011 to 8.4 percent in the second quarter of 2012, according to CoStar data. The Kaufman Organization is currently marketing a 8,185 square foot space at the fourth floor of the building, which has asking rents of $32-a-square-foot, according to CoStar.