August 22, 2022 9:30 AM
Newmark Retail announces it has completed two leases at 437 Fifth Avenue in Midtown’s Bryant Park submarket, bringing the building’s retail space to full occupancy. MedRite Urgent Care signed a lease for 2,300 square feet, and Little Italy leased 1,046 square feet. Newmark Vice Chairman Ariel Schuster and Associate Director Tyler King represented the building owner, Joseph P. Day Realty. Newmark Senior Managing Director Ross Berkowitz and Director Michael Cohen represented Little Italy.
“The repositioning of the retail space at the asset was a great success by adding MedRite Urgent Care and Little Italy to the property,” said Schuster. “The building’s recent renovations to the lobby and planned revamped storefronts, along with its location next to Amazon’s new headquarters, were major draws for both tenants.”
437 Fifth Avenue is located at the southeast corner of East 39th Street. The space leased by Little Italy features 15 feet of frontage on East 39th Street, and the corner space leased by MedRite Urgent Care offers 35 feet of frontage on East 39th Street and 40 feet of frontage on Fifth Avenue. The building is just steps from Bryant Park and five blocks from Grand Central Station. Neighborhood tenants include Amazon, Brickworks, Just Salad, La Pecora Bianca, Dig, HSBC, New York Public Library, CVS, Citibank, Alidoro and Cava.
The Manhattan retail market continues to see signs of recovery, according to Newmark Research. As of the second quarter of 2022, average asking rents increased in seven of ten trade areas from the prior quarter. Leasing activity has rebounded with 1.4 million square feet of transactions recorded through the first half of the year, approaching the full-year volume recorded in 2020 and on pace to exceed 2021’s transaction volume.
MedRite Urgent Care was represented by Gary Trock and Zach Parisi of CBRE. Rick Brickell served as the leasing representative on behalf of the ownership group on both transactions.
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 of nearly $3.1 billion for the twelve months ending March 31, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 6,300 professionals around the world. To learn more, visit nmrk.com or follow @newmark.
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