Manhattan, NY Howard Epstein, director, HSP Real Estate Group, a member of NAI Global, has arranged a five-year lease at 16 West 36th St. for Plusgrade, L.P. a leading technology provider of upgrade solutions for airlines. The tenant will be moving from a comparably-sized space on the fourth floor of the building to its newly built-out, 5,320 s/f second-floor office in January 2019.
Epstein represented the landlord, Kiamie Industries, Inc., for the transaction at the 13-story office building, located between Fifth and Sixth Aves. The tenant’s brokers were Eric Zemachson, senior managing director, and Benjamin Stein, associate, Newmark Knight Frank.
“This was an ideal solution for Plusgrade’s space requirements,” said Epstein. “The landlord made sure the process was minimally disruptive for the tenant and additionally provided a terrific build-out.”
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,