New York, NY Colliers and L.H. Charney Associates have completed 15 leases totaling 145,000 s/f at 1410 Broadway and 10 Times Sq. (aka 1441 Broadway). Vice chairman Michael Joseph, executive managing director Rick Doolittle, director JP Howard, and director Taylor Bell of Colliers represented property owner L.H. Charney in each of the transactions.
At 1441 Broadway the Colliers team completed a 22,516 s/f lease renewal for the HH Brown Shoe Company, a Berkshire Hathaway company, a 11,033 s/f lease with Spot and Company of Manhattan as well as a 6,183 s/f lease with Digital Remedy. Deals at 1410 Broadway were headlined by a 21,000 s/f lease for Saramax Apparel as well as a 9,758 s/f lease with WSC Sports Technologies which will serve as their North American headquarters (HQ) location. The transactions and recent market research are suggestive of a recovering Manhattan office market. Colliers’ Q2 Manhattan office report found that 14.95 million s/f were leased in the first-half of 2022, a 64.2% increase over the same period of 2021.
“August was the busiest month for office leasing in Manhattan that we’ve seen since the outset of the pandemic,” said Bell. “The flurry of transactions that our team has completed recently is a testament to the quality of the properties that L.H. Charney has redeveloped, as well as the strength of the Manhattan market overall. We expect this momentum to continue through the fourth quarter and into the next year.”
L.H. Charney Associates recently completed a major capital improvement program at 1410 Broadway that was led by TPG Architecture.
The building underwent major renovations that were part of a forward-thinking design approach meant to cater to modern tenants seeking more unique, engaging, inspiring spaces. The renovations to common areas included the addition of paintings from a renowned, international artist and museum-quality light boxes showcasing the rich history of the building and the surrounding neighborhood’s textile community. The building also underwent stylish and practical upgrades to its bathrooms and elevator systems.
1441 Broadway also underwent $35 million in capital improvements meant to modernize the property. Upgrades to the building now offer tenants access to high-tech, on-site conference rooms and first-class, luxuriously furnished flexible workspaces operated by a top flexible suites provider. Popular sports bar chain Yard House also recently signed a long-term lease at the base of the building where tenants can enjoy great food, classic rock and the world’s largest selection of draft beer after a day at work.
Both properties are situated in an ideal Midtown location, equidistant from both Penn
Station and Grand Central which provides access to 10+ subways, LIRR, NJT, and Metro North. The properties are also located steps from Bryant Park, one of the most coveted office locations in Manhattan, surrounded by restaurants, shopping and transportation.
Charney Management LLC is a privately held real estate development company headquartered in New York City. Founded by the late Leon Charney in 1981 and the company has since owned and managed these properties for over 35 years. The completion of renovations and reintroduction of the buildings to the market has been overseen by Joseph Giannola, who joined L.H. Charney as Chief Operating Officer in late 2020. Previously, he held the position as Chief Investment Officer and Head of Asset Management at MHP Real Estate Services.
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