Contracting Firm CRC Takes 4K SF at 505 Eighth Avenue
By Mark Hallum March 5, 2024 11:56 am
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Three tenants are moving into or staying put in a Garment District building after signing leases for a combined 8,679 square feet.
In the largest deal, construction management firm CRC Associates signed a four-year lease for 3,500 square feet on the 11th floor of GFP Real Estate’s 505 Eighth Avenue, according to the landlord, which did not disclose asking rents.
The average asking rent in Midtown in the fourth quarter of 2023 was $82.89 per square foot, according to a report from CBRE.
The South Plainfield, N.J.-based CRC will retain its main New Jersey offices as it uses the Manhattan spot as a temporary outpost while competing contracting work nearby for the Metropolitan Transportation Authority, according to tenant broker Eli Someck of Redwood Property Group.
“They got an excellent price on a bright corner space right near Penn Station — which was their priority — and the deal came together quickly to meet their timeline,” Someck told Commercial Observer.
In the second-largest deal, a paint contracting firm with hotel clients such as Moxy Downtown, Mandarin Oriental and The Aman New York is applying a primer coat in the Garment District.
JLM Decorating NS has signed a six-year, 3,050-square-foot lease for offices on the fourth floor of 505 Eighth Avenue with plans to relocate from 111 John Street, according to GFP.
Last, human resources services firm Astron Resource Consulting Solutions signed a five-year extension on the 2,129-square-foot office it has leased on the 22nd floor since 2007.
Both JLM and Astron represented themselves in-house in the deal, according to GFP. GFP’s Allen Gurevich represented the landlord in-house in all three deals.
Mark Hallum can be reached at mhallum@commercialobserver.com.
