February 18, 2022 10:00 AM
Newmark announces that renowned luxury design house F. Schumacher & Co signed a 26,000 square-foot lease at The Devlin Building on 459 Broadway in Soho. Under a long-term deal, F. Schumacher & Co will be relocating their headquarters downtown to the Chetrit Organization-owned asset. Newmark’s Vice Chairman Howard Kesseler and Associate Alexander Kesseler represented ownership on the transaction.
F. Schumacher & Co is known for its style leadership and unrivaled portfolio of textiles, wallpaper, trims, floor coverings and finished goods. The 130-year-old firm signed for the entire office portion of the property by taking floors 2-5 with exclusive access to a newly-built outdoor roof deck. The new space offers 12’ to 14’ ceiling heights, excellent natural light, an architecturally significant cast-iron façade and an updated HVAC system.
“The Chetrit Organization’s Jake Chetrit and his son Michael have been excellent stewards of this historically important asset,” said Howard Kesseler. “The successful leasing of the property to a long-standing New York brand like F. Schumacher & Co speaks volumes to the demand for boutique office users looking for top-quality space in Soho.”
459 Broadway, known as the Devlin Building, is a landmarked property built in 1915 and owned by The Chetrit Organization. The firm also controls multiple commercial properties in Midtown, SoHo, the Garment District and Downtown. 459 Broadway is a five-story asset located on Broadway and Grand Street. The property features large arched windows, loft-like interiors and 24/7 access. It is within walking distance of several subway lines, including the B, D, F, M,6, N, R lines and Citi Bike docking stations.
F. Schumacher & Co was represented by Sinvin.
According to Newmark Research, the demand for office space in the Midtown South market grew in Q4 2021. The area witnessed a sublease availability rate decline by 30 basis points quarter-over-quarter to 4.9%. The areas of NoHo and SoHo recorded the most significant decrease of the five Midtown South submarkets by falling 90 basis points from the third quarter to 1.4% among the lowest rates in Manhattan.
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. Newmark generated revenues in excess of $2.9 billion for the year ending December 31, 2021. Newmark’s company-owned offices, together with its business partners, operate from approximately 160 offices with over 6,200 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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