Manhattan, NY GFP Real Estate, LLC signed three new leases at 630 Ninth Ave., also known as The Film Center Building, totaling 3,733 s/f.
Matthew Mandell of GFP R.E. represented the landlord, GFP Real Estate, in all three transactions.
The city of New York, represented by the Dept. of Citywide Administrative Services, signed a long-term lease for 1,878 s/f on the second floor, which will be occupied by Manhattan Community Board 4 for its general and executive office use. Sean Wilson of CBRE represented the City of New York.
In the second transaction, A. Elizalde LLC, a hair stylist, makeup artist, signed a new five-year lease for 955 s/f on the 12th floor, where Elizalde will operate a hair cutting studio, HighLoNYC. Tim Intravia of Conrad Real Estate represented the tenant.
In the third transaction, The Forest of Arden, Inc. and Squid Pro Quo, Inc. jointly signed a new three-year lease for 900 s/f on the eighth floor. Mandell represented the tenant.
Built in 1929 by architect Ely Khan, 630 Ninth Ave. is a 13-story office building comprising more than 275,000 s/f. The newly renovated building once only catered to businesses involved in theater, film and music and is in Hell’s Kitchen neighborhood, just moments away from the Theater District. The location provides access to many dining options and transportation services, including the Port Authority Bus Terminal, The NY Waterway Ferry, the Lincoln Tunnel, and multiple subway lines.
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,