Developer Phipps Houses Relocating to 39K SF at Feil’s 257 Park Avenue South
By Mark Hallum July 31, 2024 4:03 pm
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Not-for-profit housing developer Phipps Houses is relocating its headquarters within Manhattan, Commercial Observer has learned.
The firm, which says it’s the oldest specializing in affordable housing in New York City, signed a 32-year, 38,862-square-foot lease for the 11th, 12th and 15th floors of the Feil Organization’s 20-story 257 Park Avenue South, according to the landlord.
Feil did not disclose the asking rent in the deal, but offices in Midtown South saw an average asking rent of $94.13 per square foot in the second quarter of 2024, according to a report from Avison Young.
Phipps is relocating from its current offices a block away at 902 Broadway. And it’s the second 30-plus-year lease Feil was able to sign this year, with the other being the Archdiocese of New York’s 142,308-square-foot lease at 488 Madison Avenue in January.
The long lease is “a testament to the tenacity with which we approach our prospective tenants’ needs, providing them with fully personalized spaces primed for long-term growth and success,” Andrew Wiener, who represented Feil in-house with Rob Fisher, said in a statement.
David Levy, Alan Bonett and Brad Cohn of Adams & Company negotiated on behalf of the tenant.
“This speaks volumes about [Feil’s] approach. They achieve results by working closely with prospective and current tenants to find tailored solutions, which sets them apart,” Levy said in a statement.
Other tenants in the 226,000-square-foot building at Park Avenue South and East 21st Street include British apparel designer Paul Smith and developer Beachwold Residential, both of which leased 12,600 square feet in July 2022.
Mark Hallum can be reached at mhallum@commercialobserver.com.
