Manhattan, NY The Moinian Group completed a long-term, full-floor lease at 535 Fifth Ave. with Forest Hills Financial Group, Inc. taking the entire 13th floor.
Opening a new office, Forest Hills Financial Group, a subsidiary of The Guardian Life Insurance Co. of America, leased 7,175 s/f, with plans to occupy in Q1 2024.
“The new lease at 535 Fifth Ave. further showcases that credit tenants are seeking high-end build-outs in prime locations,” said Omar Sozkesen, vice president, commercial leasing for The Moinian Group, which is celebrating its 40th year in operation. “Forest Hills Financial Group was drawn to a turnkey installation in the heart of Manhattan.”
Mitchell Arkin and Will Yeatman, of Cushman & Wakefield, and James Cassidy of DHC Real Estate Services represented ownership in the new transaction. Robert Gallucci, of Colliers International, represented the tenant.
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,