Six Tenants Ink Deals at 1501 Broadway
By Mark Hallum June 29, 2023 4:07 pm
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Paramount Leasehold’s 1501 Broadway secured tenants across six deals, Commercial Observer has learned.
In the biggest leases, finance firm Flexibility Capital signed a 10-year, 7,111-square-foot deal for the 18th floor, while law firm Levine Plotkin & Menin took 5,253 square feet on the 19th floor for seven years, according to Newmark (NMRK).
Located just off Times Square at West 43rd Street, 1501 Broadway is also known as the Paramount Building. Asking rents at the property are $65 per square foot.
Flexibility Capital was originally on a sublease, but became a bona fide tenant with a lease. The law firm is relocating from 888 Seventh Avenue.
“Over the last several months, we have witnessed tremendous momentum at the property, as evidenced by these transactions,” Newmark’s Stephen Gordon, who repped the landlord in the deals alongside Matthew Leon and Nathan Kropp, said in a statement. “Ownership’s continued investment, specifically their building of spectacular pre-built spaces for tenants, has proven fruitful, further showcasing the asset’s ability to outperform existing market conditions.”
Flexibility Capital, a NYC-based financial company that issues loans to small businesses, did not use any outside brokers.
Levine Plotkin & Menin was represented by savitt partners’ Elliot Zelinger and Corey Hight who did not immediately respond to a request for comment.
Other leases in the building include Ballad of Mulan, a Broadway production company, taking 3,479 square feet across the 30th floor with representation from Jonathan Mines of the Mines Group. The broker did not immediately respond to a request for comment.
Miller Korzenik Sommers Rayman, another law firm, renewed its 3,741-square-foot lease on the 20th floor.
Finally, Crossroads Live, represented by Jack McCann of Cushman & Wakefield (CWK), took a 3,204-square-foot space on the 16th floor, and Salmen Navarro Law expanded from 1,500 to 2,699 square feet on the 18th floor.
Mark Hallum can be reached at mhallum@commercialobserver.com.
