Municipal Credit Union Keeping Its 94K-SF Financial District Offices
By Nicholas Rizzi August 8, 2023 12:18 pm
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Municipal Credit Union isn’t leaving its longtime Financial District home anytime soon, Commercial Observer has learned.
The credit union signed a renewal to keep its 93,500-square-foot offices at 22 Cortlandt Street until 2040, according to landlord broker Newmark (NMRK).
A spokesperson for Newmark declined to provide the terms of the deal, but the average asking rent in Downtown Manhattan was $57.77 per square foot in June, according to a CBRE (CBRE) report.
Municipal Credit Union — which says it’s the oldest credit union in the state — currently has more than $4.2 billion in assets under management and more than 600,000 members, according to its website. It’s been headquartered at 22 Cortlandt for about three decades, Newmark said.
Newmark’s Barrett Stern represented landlords Mayore Estates and 80 Lafayette Associates in the deal, while Andrew Sussman, Tim Freydberg, Munish Viralam, Ken Rapp, Ryan Luck and Jared London of CBRE brokered the deal for Municipal Credit Union.
A spokesperson for CBRE did not immediately respond to requests for comment.
Other tenants in the 19-story building include the New York City Department of Health and Mental Hygiene and the New York City Office of Labor Relations. It also has been the longtime home of department store Century 21, which closed for several years after it filed for bankruptcy but reopened in May on four floors of the property.
Update: This story has been updated to correct that Mayore Estates and 80 Lafayette Associates, not ASG Equities, owns the building.
Nicholas Rizzi can be reached at nrizzi@commercialobserver.com.
