Manhattan, NY Cushman & Wakefield has arranged an extension and expansion for Industrious at 860 Broadway. Industrious, which provides flexible workspaces and unique tenant experience offerings, previously occupied 13,815 s/f at the property and has expanded and extended its lease to occupy a total of 27,630 s/f across two full floors.
Cushman & Wakefield’s Justin Halpern, Ed Wartels and Benjamin Bouganim represented Industrious in the expansion and extension. The landlord, Gordon Properties, was represented by JLL’s Seth Hecht and Thomas Swartz.
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,