Manhattan, NY According to Newmark Holdings’ co-CEOs Eric Gural and Brian Steinwurtzel, a vertically integrated owner, operator, property manager and developer of commercial real estate, arts and antiques retailer Hartman Rare Art, Inc. has renewed its 15,095 s/f lease on the second floor of 515 Madison Ave., while Europa Café reupped its 1,990 s/f ground floor lease. The 42-story office Art Deco property - also known as the Dumont Building - is located at 53rd St. and Madison Ave.
Hartman Rare Art, Inc. a family owned organization founded in 1927 that works closely with Sotheby’s and other high-end auction houses, has resided at 515 Madison Ave. for 14 years and is extending its lease for five more years with this transaction. Meanwhile, Europa Café, a popular casual eatery that currently has 10 Manhattan locations, renewed its lease for another 12 years.
Martin McGrath represented Newmark Holdings in the deal totaling 17,085 s/f. Greg Gropper of Newmark Grubb Knight Frank acted on behalf of Europa Café.
“We are thrilled that Hartman Rare Art and Europa Café have decided to remain at their respective 515 Madison Avenue locations,” said Gural. “This celebrated Manhattan property is one of the most recognizable buildings in the city, and its strong amenities and great location in the renowned Plaza District submarket make it an appealing choice for a variety of businesses. When you factor in the stable Newmark Holdings ownership, it becomes the ideal option for tenants seeking a high-quality Manhattan building with a responsive management team.”
The 350,000 s/f, class A office building was constructed in 1931 and has been owned by the Gural family since 1962. The property, which underwent a full lobby renovation in 2008, is well-known for its distinctive Art Deco design and famous broadcasting antenna that traces back to the building’s role in the first television broadcasts of Allen B. DuMont.