Newmark Retail announces it has completed a 6,237- square-foot lease with One Medical at The Noma, located at 846 Sixth Avenue in Manhattan’s NoMad neighborhood. Newmark Executive Managing Director Ross Kaplan and Associate William Chaplin represented the landlord, Pater Realty Company LLC. One Medical was represented by Rob Bonicoro and Stephen Sjurset of CBRE.
One Medical is a national concierge membership-based primary care practice that provides accessible, high-quality healthcare with technology integration. The company will lease 6,237 square feet on the ground and second floors of The Noma, a boutique condominium tower constructed in 2018. The 24-story luxury residential tower features three commercial floors at its base, owned separately by Pater Realty Company.
The commercial condominium space leased by One Medical features 20-foot ceiling heights and all-glass wraparound exposure on the second floor, offering sightlines from Herald Square and Penn Station. Commercial space remaining available at the tower includes 3,584 square feet on the ground level, which can be subdivided to accommodate smaller tenants and 2,809 square feet on the lower level.
“We believe that One Medical will be a great addition to the property and the neighborhood,” said Kaplan. “Ownership created a well thought out retail opportunity that will help One Medical further reinforce their goal of being a top-quality healthcare provider that focuses on the wellness and medical needs of the local community.”
The Noma is situated on Sixth Avenue between West 29th and West 30th Streets, just five blocks from Herald Square. The convenient location offers access to the 1, E, B, D, F, M, N, Q, R and W subway lines. One Medical joins a neighborhood that has seen a significant amount of new development over the past few years, including the Virgin Hotel, the Ritz Carlton, the Nomad Tower office building and much more.
According to Newmark Research, the Manhattan retail market continues to see signs of recovery, with availability dropping in all prime trade areas between the third and fourth quarters of 2021. Leasing activity is approaching pre-COVID levels, up 57% from 2020. After two years of quarterly drops in asking rents, some areas are beginning to see an increase in rents.