Denis Someck of Lee & Associates reports a pair of new leases off the beaten path in the Manhattan office market.
In Soho, Assembled Brands Group signed a 5-year lease for 7,200 s/f on the entire third and fourth floors of 76 Greene Street.
The landmarked loft-style building, with its distinctive off-white cast-iron façade, was previously the two-year temporary home of the SoHo Apple store. Asking rent was $70 psf.
Someck, an executive managing director and principal of Lee NYC, represented the landlord. Bert Rosenblatt of Vicus Partners represented the tenant, which is a branding and marketing company.
The building, known as the King of Greene Street, changed hands at the end of last year for $41.5 million, a 47 percent increase in value since the building was last sold five years prior, according to a report in the New York Times. Two more full floors, at about 3,800 s/f each, remain available in the five-story building.
Office space is rare among SoHo’s low-rise buildings and rents are high, but the trendy neighborhood is attractive to prime retailers and office tenants, according to Someck.
On the value end of the Manhattan leasing spectrum, Someck also delivered a tenant to 20 West 37th Street, between Fifth and Sixth Avenues in the Garment District. The construction management firm Gorton & Partners signed a 10-year lease for 6,500 s/f on the entire eleventh floor of the recently-renovated loft building. Asking rent was $38.00 psf.
Someck represented the tenant and Paul Walker of CBRE represented the landlord. The building, built in 1912, is now 100 percent leased.
“The Penn-Garment District is attractive because tenants are centrally located but still pay reasonable rents,” Someck said.
–Konrad Putzier contributed reporting.