NYS Disability Assistance Office Moving to 45K SF at 26 Broadway
By Abigail Nehring February 14, 2024 1:18 pm
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The New York State Office of Temporary and Disability Assistance (OTDA) will relocate its New York City office one block away in the Financial District, Commercial Observer has learned.
The agency — which supervises social safety net programs around the state — signed a 10-year lease for 45,000 square feet on the entire 15th floor of the 31-story landmarked Standard Oil Building at 26 Broadway, according to a source with knowledge of the deal.
The agency is currently located at 25 Beaver Street and it’s unclear if the move is an expansion. The source declined to disclose the asking rent for the new space. Average asking rent for office space in the Financial District was $53.62 per square foot in the fourth quarter of 2023, according to a report by Transwestern.
A spokesperson for the agency did not immediately respond to a request for comment.
OTDA had a $6.3 billion dollar budget last fiscal year to oversee a range of public assistance programs — including transitional housing programs and child support — and to supervise the state’s 58 local social service districts, according to the New York budget division. It has a central office in Albany and several field offices statewide.
CBRE (CBRE)’s Gary Kamenetsky arranged the deal for OTDA while landlord Chetrit Group was represented by Newmark (NMRK)’s Howard Kesseler.
Kamenetsky did not respond to a request for comment and Kesseler declined to comment.
Other tenants in the building on the corner of Beaver Street and Broadway include the New York City Charter School for the Arts and the New York Film Academy.
Abigail Nehring can be reached at anehring@commercialobserver.com.
