PT of the City Opening 4K-SF Garment District Location
By Mark Hallum May 1, 2023 3:00 pm
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A physical therapy center is opening up its 13th New York City outpost in the Garment District.
PT of the City signed a 10-year lease for 3,500 square feet on the 10th floor of Olmstead Properties’ 575 Eighth Avenue, according to tenant broker Samuel Hartstein of Gemstone Realty Group.
Hartstein did not disclose the asking rent but average office rent for the Penn District — near the Garment District — was $89.64 per square foot in the first quarter of 2023, according to a Newmark report.
“PT of the City has been searching for the right space to serve as their corporate headquarters and have definitely found the right partnership with Olmstead Properties,” Hartstein said in a statement. “This will also allow for the possibility for expansion in Manhattan and the outer boroughs as they continue to grow with numerous leases out in various different neighborhoods in the Bronx and Manhattan.”
Daniel Breiman and Jonathan Bock represented Olmstead Properties in-house. Breiman and Bock did not respond to a request for comment.
PT of the City has been growing in recent months. It recently leased 2,600 square feet in February to open a physical therapy center at 798 Southern Boulevard in the Bronx, as CO previously reported.
Mark Hallum can be reached at mhallum@commercialobserver.com.
