Murray Hill Wine Storage Takes 10K SF at 124 West 36th Street
By Isabelle Durso August 22, 2024 5:28 pm
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The Garment District is raising a glass to its newest tenant.
Murray Hill Wine Storage has secured a 10-year lease at Joseph Nazar’s 124 West 36th Street.
The company signed a 10,000-square-foot lease for office space on the fifth and sixth floors of the seven-story building, according to Okada & Company CEO Christopher Okada, who brokered the deal for the landlord along with Avery Reavill and Alex Fleischman. Asking rent was $31 per square foot.
“We’re so happy to have leased two floors at 124 West 36th Street, and I think the tenant will be very happy,” Okada told Commercial Observer. “It was a turnkey, beautiful space that they can move right into.”
Nazar declined to comment. Keller Williams’ Tatiana Stepanovic, who represented the tenant in the deal, did not immediately respond to a request for comment.
The deal marks a new office location for Murray Hill Wine, according to Okada.
Nazar, who owns at least four other buildings in the neighborhood, bought the 28,000-square-foot 124 West 36th Street for $10 million in May, PincusCo reported. The new lease brings the property’s occupancy from 50 percent to 83 percent, Okada said.
The building is also planned to become the new offices of Nazar’s clothing brand, Studio Nazar, Nazar told Crain’s New York Business in May. The company, which specializes in women’s fashion, is currently at 499 Seventh Avenue, Crain’s reported.
In other ventures, Nazar signed a refinancing with lender Bank Hapoalim valued at $12 million in May 2023 for three properties: an office and retail building at 36 West 36th Street, an office building at 130 West 37th Street, and a retail property at 976 Sixth Avenue, PincusCo reported.
And in October 2019, Nazar paid $9.7 million for 269 West 39th Street in the Garment District, PincusCo said.
Nazar said he chose to invest in the neighborhood because he anticipates that interest rates will fall and then office rents will rise, Crain’s reported.
Isabelle Durso can be reached at idurso@commercialobserver.com.
