Midtown South-Based Property Manager Moving 105 Workers to 15K SF in LIC
Property manager Charles H. Greenthal Property Sales has signed a 15,303-square-foot deal at 30-30 Northern Boulevard in the Long Island City section of Queens, Commercial Observer has learned.
Greenthal Property Sales will occupy part of the fourth floor of the eight-story, 213,000-square-foot building between 40th Avenue and 40th Road, which is owned by Alma Realty Corp. The asking rent in the 12-year transaction was $38 per square foot, according to a spokesman for Cushman & Wakefield, the sole brokerage on the deal.
The property management company, a division of Charles H. Greenthal & Co., is planning to move 105 full-time employees by the end of the year from its accounting, closing and payroll departments in the Midtown South headquarters at 4 Park Avenue between East 33rd and East 34th Streets. Greenthal Property Sales’ corporate offices will remain at 4 Park Avenue and retain 40 employees.
A main motivation for the relocation is to take advantage of the city’s Relocation and Employment Assistance Program (REAP) income tax credit, which gives companies up to $3,000 for 12 years per full-time employee that moves from Manhattan to the outer-boroughs.
“The various amenities offered, including the ability to take advantage of the favorable REAP benefit, made the decision to expand to this space very easy for us,” Tom Schitt, the property management company’s chief financial officer, said in prepared remarks.
Another reason Greenthal Property Sales took the space was because Alma Realty recently completed a renovation of the building.
“The building has been completely upgraded,” C&W’s Joe Grotto told CO. “And the building also has great amenities for the tenants—a rooftop terrace, fitness center and a bike room. And a landscaped side yard for tenants to sit out there as well.”
A C&W team of Grotto, Bruce Mosler and Mitch Arkin represented Alma Realty, while Rob Eisenberg and Remy Liebersohn—also of C&W—brokered the deal for the tenant.
“The location is perfect for mass transit accessibility,” Peter Kosteas, a manager at Alma Realty, said in a statement. “The building’s lighting and floor sizes fit the tenant’s needs and the amenities—including an exclusive and free fitness center, bicycle racks, and a roof deck—are second-to-none.”