March 30, 2022 10:30 AM
Newmark and the Feil Organization announce the unveiling of the completely revamped 530 W 25th Street in West Chelsea. The newly renovated asset will offer more than 50,000 square feet of office space for lease. The Feil Organization, an established investment, development and management firm, has partnered with Newmark to lease up the property. Newmark’s President of New York Tri-State Region David Falk, Vice Chairman Ben Shapiro and Associate Director Nathan Kropp are the exclusive leasing agents of the asset.
“530 West 25th Street marks our firm’s first project in the West Chelsea neighborhood, and we particularly liked the fact that we could develop a boutique office product,” said Randy Briskin of Feil. “We wanted to partner with an expert in that space who could take the lead on launching this type of product. Newmark’s long-standing history of successfully leasing transformative projects led us to believe they’d be best suited to launch the property into a thriving hub of creatively-focused tenants.”
According to Newmark Research, the Midtown South availability rate decreased in two straight quarters, falling 70 basis points from Q3 to Q4 2021. Leasing activity in the submarket that includes West Chelsea totaled 1.5 million square feet in Q4 2021, bringing the total for 2021 up to 5.7million square feet of leased space. This momentum signifies a year-over-year improvement of 196.7% within that area.
“Given the recent increased leasing activity in the neighborhood coupled with the lack of new product, we are confident that 530 West 25th Street will be a great solution to users who are seeking high-end creative space,” said Falk. “This asset marks a great bet on the thriving neighborhood that’s home to some of the city’s most exciting office tenants.”
The completely revamped 530 West 25th Street sits between 10th and 11th Avenues offers a modernized work environment for creative tenants with direct access to the HighLine. The asset has undergone a complete gut renovation. Catering to the market’s desire for “ready” space, each of the six floors will be delivered built and fully furnished. The spaces will offer new hardwood floors and exposed original brick walls staying true to its historical use as an art gallery. New features of the build-outs will include hospitality grade installations with communal open-style kitchens, multiple access points to outdoor amenity space and new windows throughout the building. The renovations also encompass a new HVAC system, bathrooms and building mechanicals. The prebuilt suites offer a mix of workstations, meeting rooms and open collaborative areas. Tenants will also enjoy access to the property’s sculpture garden and the Petzel Gallery, which recently signed a portion of the property’s retail space.
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.
The Feil Organization is a private, established commercial real estate firm headquartered in New York City. A powerful force in real estate for over 65 years, the company owns and operates a nationwide portfolio of over 24 million square feet of retail and commercial space, and over 5,000 residential rental units. The Feil Organization also maintains regional offices in Chicago, New Orleans, St. Petersburg, and on Long Island.
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- Newmark Unveils Feil's First Boutique Office in W…
Newmark Unveils Feil’s First Boutique Office in West Chelsea
March 30, 2022 10:30 AM