The Moinian Group announced that the New York Film Academy (NYFA) has relocated to their 17 Battery Park South property after signing a 15-year, 73,321-square-foot lease deal.
NYFA, an international acting and film school, had been operating out of several sites located throughout New York City and will now operate its headquarters at the property.
Starting this summer NYFA will begin offering classes at their new space, which occupies the entire fourth and fifth floors of 17 Battery South.
The lease, valued at $44 million, took over 18 months to complete, due to NYFA’s technical needs for the location, which will house state-of-the-art film production studios and stages.
“This was a long process and we were very involved, because we wanted to make sure that NYFA was completely satisfied, since it had taken them so long to find a place just right for their needs,” said Gregg Weisser, senior vice president and director of leasing at The Moinian Group.
“We are thrilled that we have been able to add a long-term, marquee tenant like the New York Film Academy. These types of long-term deals add tremendous value to the asset.”
NYFA was represented by Newmark Grubb Knight Frank’s Howard Kessler and Jordan Gosin and the landlord was represented by Newmark Grubb Knight Frank’s Jeffrey R. Gural and Adam Leshowitz. Ownership was represented by Gregg Weisser.
The Moinian Group completed a $105 million refinancing of 17 Battery South last year, stabilizing the property for future landlord and tenant capital improvements.
The property now has an occupancy rate of 94.5% and is equipped to cater to tenants with specialized needs. The building is already home to Continental Stock Transfer, Wall Street Access, the City of New York, Statue of Liberty-Ellis Island Foundation, and Duane Reade.
The Moinian Group’s adjacent property, 17 Battery Park North, which is part of the same office complex, has also seen an uptick in activity.
In April, Nyack College announced it had signed a deal to take 166,000 s/f of space. The school relocated its Manhattan campus onto the property in May.