Coworking Firm Coalition Space to Open 16K-SF Location at 485 Madison Avenue

Coworking firm Coalition Space will open a location in Midtown East next month, its fourth in New York City, Commercial Observer has learned.

Coalition Space has signed a 10-year lease for 15,736 square feet on the entire seventh floor of Jack Resnick & Sons’ 485 Madison Avenue, according to the tenant and landlord.

The new space follows Coalition Space’s three other locations in Manhattan at 462 Seventh Avenue near Pennsylvania Station, 116 West 23rd Street in the Flatiron District and 120 West 45th Street in Times Square, according to its website.

“As a native New Yorker, I am excited to partner with one of New York City’s top property owners,” Spencer Rothschild, CEO of Coalition Space, said in a statement. “Jack Resnick & Sons’ legacy of excellence in Manhattan real estate aligns perfectly with our commitment to providing best-in-class workspaces that foster productivity and success.”

The asking rent was not provided, but a report from Colliers found office rents in Midtown averaged $79 per square foot in February.

Cresa’s Bert Rosenblatt and Alex Gerome brokered the deal for the tenant, while the landlord was represented in-house by Adam Rappaport and Brett Greenberg.

“The Resnick family was very welcoming and provided a structure that made a lot of sense for Coalition Space,” Rosenblatt told CO. “We’re optimistic that this partnership will expand over time.”

Founded in 2022, Coalition Space is mostly located along the East Coast. In addition to its Manhattan locations, Coalition has spots at 95 Christopher Columbus Drive in Jersey City, N.J., and 140 Grand Street in White Plains, N.Y. But the firm also has an outpost in Denver at 1660 Lincoln Street, according to its website.

The coworking firm’s new location, called Coalition Space Grand Central, will open April 7 and feature flexible workspaces and private and virtual offices, according to the company.

Private offices at Coalition Space Grand Central will range from $850 per month for a one-person office to $9,000 per month for a team suite, the firm said.

Other tenants of Jack Resnick & Sons’ building between East 51st and East 52nd streets include orthopedic surgery practice OrthoManhattan, law firm Zuckerman Spaeder, nonprofit CancerCare and Italian fashion wholesaler Massimo Bonini.

Menswear clothing store Hive & Colony, Swiss shoemaker Le Majordome and restaurant Fresco by Scotto are in ground-floor retail space at the building, according to the landlord.

Isabelle Durso can be reached at idurso@commercialobserver.com.