May 30, 2023 9:00 AM
Newmark, in partnership with Naomi and Andre Altholz, completed 26,258 square feet of office leases at 950 Third Avenue, a premiere office building in the heart of Midtown Manhattan. The total leasing spans seven transactions, including several notable tenants.
Newmark Vice Chairman Jared Horowitz, Managing Director Josh Gosin and Associate Director William Grover serve as the exclusive leasing agents for the property on behalf of ownership.
“We’ve seen the market respond positively to the variety of offerings at the building, including brand new high-end pre-builts, furnished suites and raw spaces that ownership has custom-built to incoming tenants’ needs. Providing a strong value alternative but keeping with high-quality standards around buildout conditions, natural light and views, the building is positioned to perform well in today’s uncertain office environment,” said Horowitz. “Further speaking to 950 Third Avenue’s strength and product offering, the property has been trending well below the area’s vacancy rate of 26.7%, with only a 9.6% current vacancy rate.”
An overview of the transactions includes:
- Ninth Wave, the leading enabler of secure data connectivity between financial institutions and third-party applications, including aggregators, signed a 5,431-square-foot pre-built space on the 25th floor.
- Levco Labs, a newly formed group of top New York City investment professionals headed by long-time finance veteran Irwin Levy, signed a ten-year lease to occupy 4,978 square feet on the 16th floor.
- William Macklowe Company (“WM”), a privately-owned vertically integrated real estate development and investment firm owned by Billy Macklowe, signed a seven-year lease to occupy 4,707 square feet on the 25th floor.
- Aminzadeh & Associates, a full-service real estate practice with a reputation for sophistication and excellence in private lending, sales and acquisitions, development, leasing and joint ventures, signed a renewal for their 3,829-square-foot space on the ninth floor.
- Hunter Taubman Fischer & Li, LLC (“Hunter Taubman”), a notable law firm based in New York City, signed a 3,610-square-foot space on the 19th floor.
- Katz & Associates, a national retail real estate advisory firm, signed a renewal for their 2,273-square-foot space on the ninth floor.
- Macklowe Spirits, a single malt whisky company founded by successful entrepreneur and philanthropist Julie Macklowe, signed a 1,430-square-foot space on the 25th floor.
950 Third Avenue is an extraordinary 32-story office tower ideally situated at the southwest corner of 57th Street and Third Avenue, a premier Midtown location. 950 Third Avenue provides its tenants with exceptional amenities and services, including an elegant 24/7 concierge-attended lobby, state-of-the-art telecommunications, spectacular views of Midtown Manhattan and beyond, and an impressive international tenant roster.
With 35 years of experience in the development and management of real estate, on-site owners Naomi and Andre Altholz ensure excellence and attention to detail in all aspects of the 950 Third Tenant Experience. Involved in every facet of the operation of their portfolio, the Altholz’s maintain corporate offices at 950 Third Avenue, New York City and in Frankfurt, Germany. Projects share an underlying focus on aesthetics, while providing operational efficiencies for their tenants.
About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ending December 31, 2022, Newmark generated revenues of approximately $2.7 billion. As of March 31, 2023, Newmark’s company-owned offices, together with its business partners, operate from over 170 offices with approximately 7,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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