860 Broadway previously served as Andy Warhol’s studio. Picture courtesy of JLL
Fintech agency Valon Applied sciences has signed a leasing settlement with proprietor Gordon Property Group for 13,815 sq. ft at 860 Broadway in Manhattan, at a worth per sq. foot of $68. The tenant will occupy the whole fourth ground, relocating from a coworking house at 88 College Place. JLL represented the owner within the transaction, whereas Cushman & Wakefield negotiated for the tenant .
Accomplished in 1926, the six-story constructing spans 75,800 sq. ft and consists of 11,369 sq. ft of retail house. Having as soon as served as Andy Warhol’s Manufacturing unit studio, it was totally renovated by the possession in 2019, which is at the moment within the means of constructing out the fifth ground. Tenants on the property embrace Kaltura, Selldorf Architects and Industrious.
Positioned in Manhattan’s Midtown South, 860 Broadway is adjoining to Union Sq. Park and inside strolling distance of the Union Sq. transit hub.
JLL Government Vice President Seth Hecht together with Affiliate Thomas Swartz represented the owner within the transaction, whereas Valon Applied sciences was represented by Cushman & Wakefield Government Managing Director Michael Movshovich and Director Troy Elias.
As of October, Manhattan’s common asking fee remained the best within the U.S., clocking in at $70.71 and registering a 5.4 % year-over-year drop, in keeping with a current CommercialEdge report. The emptiness fee within the borough was 17.4 %, a 2.8 % improve over 12 months and barely under the nationwide determine of 17.8 %, the identical supply exhibits.
