Newmark Secures Lease for Picasso-Descendant Almine Rech to Unveil New Art Gallery in Manhattan, New York

January 3, 2023 9:00 AM

Newmark Retail announces that it has secured a 9,422-square-foot lease for Almine Rech, a contemporary art gallery owned by notable French art dealer Almine Rech Ruiz-Picasso. The new outpost will open at the corner of Broadway and Franklin Street at 361 Broadway, also known as 67 Franklin, which is widely regarded as one of the most architecturally rich buildings in lower Manhattan. Newmark’s Director Ravi Idnani and Managing Director Andrew Stern represented the landlord, while Redwood Group’s Jonathan Travis represented Almine Rech on the transaction.

“Over the last few years, Tribeca has swiftly become synonymous with some of the finest names in art stemming from the influx of top-tier galleries that have sought out and opened storefronts in the area,” said Idnani. “Between the opportunity to penetrate one of the hottest art markets in New York and inherent legitimacy granted by association with an asset of 67 Franklin’s caliber, we are confident that the new Almine Rech location will flourish.”

Almine Rech secured a long-term lease to occupy the ground floor corner space and lower level of the impeccably renovated 19^th-century cast-iron textile factory building converted by Pritzker Prize architect Shigeru Ban. Situated in the burgeoning East Tribeca Art and Design District, the one-of-a-kind storefront is flooded with natural light with up to 21 bays of wraparound windows, posing an excellent opportunity for the strategic expansion of Almine Rech in the Manhattan marketplace amidst one of the fastest-growing art districts in New York.

Housed within a building renovated by the renowned architect Shigeru Ban, 67 Franklin Street grants access to an all-encompassing, best-in-class lifestyle concept influenced by the bustling arts and culture scenes nearby. Characterized by its cobblestone streets, incredible restaurants, and industrial buildings that have been transformed into some of the most exclusive residences, Tribeca seamlessly combines modern sophistication with an industrial edge.

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.

Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.