Newmark Capital Markets is pleased to announce it has been retained as the exclusive agent for the sale of 384 Fifth Avenue, an eight-story office building. The team is comprised of Paul Davidson, David Noonan, Jennifer Schwartzman, William Lee and Paul Talbot. The building can be vacated so the new owner can occupy the property, redevelop the existing building or demolish and build to the lot’s full potential.
384 Fifth Avenue is approximately 32,000 square feet, with total FAR measuring 53,745 square feet. The building has received significant upgrades to its infrastructure; including a new elevator and an updated fire safety system.
“384 Fifth Avenue has tremendous potential given its prime location and proximity to numerous lines of transportation,” said Davidson. “This building is a cornerstone in Midtown and has boundless opportunity to generate significant business and retail opportunities to the area.”
Situated in the center of Manhattan, Fifth Avenue is among the world’s premier locations for retail and office tenants. The property is located near the Empire State Building, within walking distance of both Penn Station and Grand Central Terminal, in addition to countless subway lines, that make this location a prime crossroads in the city. The property is in the Midtown South office market, a favored location for TAMI tenants.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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. 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 and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.