The Harlem chapter of national student service provider Say Yes to Education will relocate from the Teachers College of Columbia University in Morningside Heights to Central Harlem in January through a five-year, 5,095-square-foot lease at the Richman Group’s Balton building, Commercial Observer has learned.
The move will expand the nonprofit’s footprint with an office space on the ground and lower levels of the new 156-unit residential building at 340 St. Nicholas Avenue where asking rents ran for $32 per square foot, officials with ABS Partners Real Estate said. The tenant picked the space for both its setup and whereabouts on the northeast corner of West 127th Street, said Mark Tergesen, a senior managing director at ABS.
“Say Yes liked 340 St. Nicholas Avenue because of its location near its former space, which kept it in close proximity to Columbia University,” Mr. Tergesen wrote in an email. “The tenant also liked the new construction of the ground-floor space, the expansive layout for a reasonable, blended rent per square foot and the exceptional ownership.”
Mr. Tergesen and his ABS colleague Robert Kempner represented the Richman Group, while Arthur Draznin and Gary Linder of Newmark Grubb Knight Frank negotiated on behalf of the tenant in the transaction. Representatives for NGKF didn’t immediately respond to a request for comment.
ABS has been working heavily in Harlem, with Mr. Tergesen helping to lease tenants in over 100,000 square feet of new spaces in the area over the past decade, according to the company. Elsewhere in Harlem, the ABS brokers recently signed a “culinary group,” whose name they declined to disclose, for 3,100 square feet of office space at 273 Lenox Avenue. They’re also marketing a newly renovated 16,860-square-foot retail and office property at 51-55 East 125th Street, ABS officials added.