New York, NY Michael Adler, director/Leasing, Resolution Real Estate Partners LLC, a member of NAI Global, has arranged a seven-year lease at Carnegie Hall Tower, 152 West 57th St., for Western Management Corporation. The family-owned real estate firm, which is the development and management arm of Mactaggart Family & Partners, LTD, will be relocating from 74 Broad St. in June 2022.
“This is an excellent relocation that places this venerable firm in a trophy building within the Plaza District, next to the Russian Tea Room and Carnegie Hall, and surrounded by great transportation,” said Adler. “Adding to the benefits, the landlord’s team structured a lease that provided the space to reflect Wester Management’s needs.”
Matt Leon and Andrew Margolin of Newmark represented the landlord, TF Cornerstone, Inc. Asking rent was $90 per s/f.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,