Loan Sale Platform mTrade, Nonprofit LeverageEd Sign Leases at 20 West 55th Street

Skyline Developers has two new tenants moving to its office building at 20 West 55th Street, Commercial Observer has learned.

In the largest deal, residential loan marketplace platform mTrade signed a five-year, 4,500-square-foot lease for the entire penthouse level of the eight-story building in the Plaza District, where asking rent was $65 per square foot, according to a source with knowledge of the deal.

The space will be mTrade’s first New York City outpost and its headquarters, after opening its first office in Oxford, Miss.

Avison Young‘s Joshua Goldman represented mTrade in the deal while Newmark‘s William Cohen and Ariel Harwood handled negotiations on behalf of Skyline Developers.

“Companies are establishing their footprint in Manhattan to capitalize on connectivity, talent and long-term growth opportunities,” Goldman said in a statement. “20 West 55th Street delivered exactly what mTrade needed: a highly efficient space requiring minimal buildout and a rare outdoor component in Midtown. The combination allowed for a seamless, expedited launch in one of the most dynamic business districts in the world.”

Newmark declined to comment.

The smaller of the two deals was for leadership development firm and nonprofit LeveragED Foundation, which signed a three-year, 3,500-square-foot lease for part of the sixth floor with an asking rent of $60 per square foot, the source said.

Open Impact Real Estate‘s Lindsay Ornstein, Casey Noel and Eshaan Gandhi negotiated on behalf of LeverageED, which will relocate from 141 East 111th Street in East Harlem.

Open Impact did not immediately respond to a request for comment.

Other tenants in the building include stock brokerage Auerbach Grayson, which leased 6,579 square feet on the fourth floor in August 2022 alongside Rehs Galleries, which also took 6,579 square feet on the fifth floor.

Mark Hallum can be reached at mhallum@commercialobserver.com.