Diverse Tenants Flocking to Garment District Building
Terence Cullen April 7, 2015, 4:20 p.m.
The Yadidi Realty Group has signed two new tenants for office space at 320 West 37th Street between Eighth and Ninth Avenues as it overhauls the 88-year-old building.
The New York & New Jersey Minority Supplier Development Council, a trade group that links up corporations with minority businesses, inked a 12-year deal for 8,662 square feet spanning the entire 11th floor of the building, according to CBRE. Dating app developer SNAP Interactive signed a seven-year lease for the entire 6,404 square-foot 13th floor, the brokerage said.
Both deals were completed at the end of March, said Joseph Mangiacotti, a first vice president at CBRE. The asking rent was $47 per square foot.
Mr. Mangiacotti represented Yadidi in all its leases. JLL’s Shawna Menifee represented the Development Council. Cresa’s Jamie Addeo and Justin Halpern represented SNAP Interactive in its lease.
None of the brokers immediately responded to a request for comment.
The landlord has been trying to attract tenants in technology, media and advertising, as well as non-profits, to the Garment District building, which it bought last year for $36 million. In February, it signed AbilTo, a company that helps patients with major health conditions, to a five-year lease for the entire seventh floor of the building, or 9,769 square feet, CBRE announced this week.
Cresa’s Eric Thomas represented AbilTo in it’s lease. Mr. Thomas did not respond to a request for comment.
Both AbilTo and SNAP Interactive have moved into the building, Mr. Mangiacotti said.
After the landlord bought the building from the Albanese Organization, it decided on a $5 million revamp with a new facade, lobby renovations and floor gutting, according to Mr. Mangiacotti. All that’s left to be redone are the sixth and 11th floors, he added.
“We have a lot of activity in the building,” Mr. Mangiacotti said. “I anticipate within the next eight to nine months the building should be fully leased.” Now it’s about 30 percent leased.