Newmark Secures First U.S. Retail Outpost for Dominican Financial Firm BanReservas in Manhattan, New York

January 17, 2023 9:00 AM

Newmark announces that it has secured a new 2,237-square-foot lease on behalf of Manhattan based developer Youngwoo & Associates for the Dominican Republic-based financial firm, BanReservas at Radio Tower & Hotel. Known as the largest financial institution in the Dominican Republic, this lease marks BanReservas’ first U.S. retail banking outpost, as part of its larger plan for expansion. The firm will occupy the luxury mixed-use property at 500 181^st Street in Washington Heights, Northern Manhattan. Newmark Executive Managing Director Justin DiMare and Director Chris Ventura represented owner YoungWoo & Associates on the lease transaction. Manhattan Property Group’s Roberto Guilbet represented the tenant, BanReservas, in lease negotiaitons.

“The Radio Tower & Hotel is a celebration of the diverse population and culture that can be experienced in Washington Heights - the neighborhood where it resides,” said Ventura. “Knowing this, we recognized an inherent cultural alignment between the property, BanReservas, and the surrounding vibrant environment–factors that made this an ideal first outpost for the tenant.”

With $900 million under management and 10,000 employees in the Dominican Republic, the rapidly growing financial institution has begun to expand its U.S. and European footprint. Most recently, the firm opened an outpost in Spain, with plans to further increase its market share through its expansion to submarkets within the Dominican Republic diaspora. BanReservas signed a long-term lease for the highly visible, 2,237-square-foot corner retail space at Radio Tower & Hotel.

YoungWoo & Associates’ vibrant, 23-story mixed-use tower, Radio Tower & Hotel, reached completion in the fall of 2022. Designed by architecture firms MVRDV and Stonehill Taylor, the asset is comprised of 305,000 square feet, including a 221-room hotel, ground-floor retail, 167,000 square feet of Class A office space and a restaurant, Jalao NYC, managed by the Sandoval Hospitality Group on the Ground floor, the Dominican food concept’s first U.S. location, that comes equipped with its own dedicated indoor lounge and outdoor courtyard area. Other on-site offerings include ground-floor garden spaces, a 170-spot parking garage and a large 10,000 SF event-entertainment space, among more.

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. Newmark generated revenues of approximately $3.1 billion for the twelve months ending September 30, 2022. Newmark’s company-owned offices, together with its business partners, operate from approximately 180 offices with nearly 6,700 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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