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Deals & Dealmakers

C&W marketing adjoining towers at 500-512 7th Avenue near Hudson Yards

Cushman & Wakefield today announced that 500-512 Seventh Avenue Ownership has tapped the firm as the exclusive agent for the adjoining towers located on a prime corridor near the Hudson Yards District.

The New York-based Cushman & Wakefield team of Bruce Mosler, Ethan Silverstein, Mitchell Arkin, Haley Fisher, and Whitney Anderson will lead the property’s leasing and marketing efforts.

The Cushman & Wakefield Asset Services team of Joseph A. Manasseri, Sal Ariganello, Sheila Mahaney, Alan Cohen, Teresa Ginyard, and Alice Chen has been selected to provide property management, lease administration, and client accounting services.

The building is owned by a partnership comprised the Chetrit Group, Edward J. Minskoff Equities and The Moinian Group. The three are embarking on a capital improvement campaign for both buildings — which together total approximately 1.1 million square feet — with 400,000 s/f space currently available for lease.

The capital improvements program includes infrastructure and cosmetic upgrades to the elevators, HVAC system, and retail facade, with the lobbies being updated with glass and metal finishes.

Construction is expected to commence by the third quarter of 2017. Spivak Architects designed the upgrades.

According to Mosler, “Given the wide floorplates, capital improvements, and design flexibility, we are able to accommodate single-floor or large block users across a diverse range of business sectors. We are eager to commence our marketing campaign and very much look forward to working closely with an ownership group who shares our vision for 500-512 Seventh Avenue.”

The buildings have full and partial floor opportunities, with floorplates being opened up to range between 11,000 and 40,000 s/f.

The property will also offer tenants the flexibility to create a ‘building within a building’ experience, with private elevators and signage on a high-density and efficient floorplate.

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