Manhattan, NY HSP Real Estate Group has arranged a five-year renewal lease for JGM Construction Development, LLC at 16 West 36th St., between Fifth and Sixth Aves. in the Penn Plaza district. JGM has occupied the 2,109 s/f, sixth floor space since 2009.
Howard Epstein, director/leasing, HSP, represented the tenant and landlord Kiamie Industries, Inc.
“JGM is a strong tenant and the landlord was very supportive of this renewal,” said Epstein.
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,