Charter School and Supermarket Ink Deals at Arden Group’s 4650 Broadway
By Isabelle Durso August 19, 2024 6:01 pm
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Two new tenants have signed leases totaling 75,000 square feet at Arden Group’s mixed-use tower at 4650 Broadway, Commercial Observer has learned.
In the largest deal, School in the Square signed a 60,000-square-foot lease on the second and third floors of the Inwood property, according to landlord broker Newmark (NMRK). The new space — which will have a full-size basketball court for its students — will be an expansion for the local high school’s existing campus at 120 Wadsworth Avenue, Newmark said.
Fine Fare Supermarkets also took 15,000 square feet on the ground floor along Broadway and Sherman Avenue for its new flagship location, Newmark said.
The brokerage declined to provide the length and asking rents of the deals, but a report from Newmark found office rents in Manhattan averaged $75.14 per square foot during the second quarter of 2024.
Newmark’s Justin DiMare and Christopher Ventura brokered the deals for the landlord, and it’s unclear who represented the tenants. A spokesperson for Arden Group did not immediately respond to a request for comment.
The 315,062-square-foot tower, which Newmark said is Upper Manhattan’s largest new development, still has 36,000 commercial square feet available for medical or education space on the second floor, as well as 16,500 square feet on the basement level.
“It is the largest floor plate available in [the neighborhood] with the specifications required for Department of Health approval for ambulatory care and surgical use, including 12- to 16-foot ceiling heights, wide column spans and high-performance facade and mechanical systems,” DiMare said in a statement.
Arden Group bought what was then a parking garage for $54 million in 2019 and secured a $150 million construction loan in April 2023 to turn the property into a 19-story mixed-use building, CO previously reported. Newmark’s Jordan Roeschlaub, Dustin Stolly and Chris Kramer brokered that deal.
Designed by Handel Architects, 4650 Broadway is expected to also feature 222 residences — about 30 percent of which are slated to be affordable — and more than 25,000 square feet of on-site amenities for residents, including three outdoor terraces, a fitness center and a game room, according to the tower’s website.
The site, which is near Broadway and Dongan Place and overlooks The Cloisters museum and Fort Tryon Park, will also have a 111-space parking garage on the ground floor, Newmark said.
The tower is on track for completion by the end of 2024.
Isabelle Durso can be reached at idurso@commercialobserver.com.
