Cluett Constructing. Picture courtesy of CommercialEdge
Non-profit Constructing Service 32BJ Well being Fund has signed a 18,850-square-foot lease at Kaufman Group’s Cluett Constructing in New York Metropolis. Cushman & Wakefield brokered the lease signing on behalf of the tenant, whereas the owner dealt with the deal in-house.
With its fundamental headquarters located on the neighboring 25 W. 18th St. constructing, the brand new tenant will occupy your entire second flooring of on the new Midtown location. Based on CommercialEdge, Morning Brew, Amino, Fisher Dachs Associates and FXCollaborative are among the many different tenants on the property.
Relationship again to 1901, the 191,400-square-foot workplace constructing underwent beauty renovations in 1987 and 2013. The property additionally incorporates an 8,100-square-foot showroom, 14,000 sq. ft of retail area, a renovated foyer and 24/7 entry.
Positioned at 22 W. nineteenth St., in Manhattan’s Flatiron District, the property is inside strolling distance from Penn Station and the PATH practice, in addition to the N, R and F subway traces.
Cushman & Wakefield Senior Affiliate Jenna Catalon and Government Vice Chair Mark Weiss represented the tenant within the transaction, whereas Accomplice Michael Heaner and Vice President Sam Stein at Kaufman labored on behalf of the owner.
NYC workplace emptiness continues to rise
Based on a New York workplace report by JLL, 7.9 million sq. ft of workplace area was delivered within the fourth quarter of 2022, together with 50 Hudson Yards and The Spiral, which added virtually 5.8 million sq. ft to the borough’s current provide. Though leasing in new building has been probably the most energetic lately, demand isn’t robust sufficient to maintain up, resulting in an increase within the general emptiness fee.
Moreover, 3.8 million sq. ft of sublease area turned obtainable, as corporations, significantly tech companies, eliminate their area as a cost-saving technique. This development factored right into a 30-basis-point quarter-over-quarter improve of Manhattan’s emptiness fee, which reached 15.9 % on the finish of 2022, in keeping with the identical report.
