The Durst Organization arranges 31,000 s/f of leases at 675 Third Avenue
The Durst Organization secured 31,000 s/f of leases at 675 Third Avenue. The 32-story 341,000 s/f skyscraper built by The Durst Organization in 1966 and is an anchor of the companies East Side Portfolio. These deals bring The Durst Organization's 1.6 million square foot East Side Portfolio to just below 97% occupancy.
"We are seeing significant velocity in the leasing market along Third Avenue," said Tom Bow, senior vie-president and director of leasing at The Durst Organization. "Third Avenue's access to public transportation, solid value and the tightening of the Midtown South Market is making the class "A" market along Third Avenue more appealing to tenants."
The leases included:
* Edward H. Burnbaum, esq, 7,285 s/f for a new lease the 8th floor for 10 years. Steven Strati of Cushman & Wakefield represented the tenant. The Durst Organization was represented in-house by Brandl Frey
* Arbor Commercial Mortgage, LLC, 6,476 s/f renewal on the 4th floor for two years. Jeffrey Kilmnick of CBRE represented the tenant. The Durst Organization was represented in-house by Brandl Frey.
* Vision Bankcop Metal Inc., 3,955 s/f new lease on the 10th floor for five years. Wayne Van Aken of Cassidy Turley represented the tenant. The Durst Organization was represented in-house by Karen Kuznick
* Washington Square Partners, 2,289 s/f expansion on the 25th floor for five years. Laurence Roberts of Arch Brokerage Ltd represented the tenants. The Durst Organization was represented in-house by Brandl Frey.
* Stempel Bennett, 8, 496square feet renewal on 22nd floor for 10 years. Chris Mongeluzo of Newmark Grubb Knight represented the tenant. The Durst Organization was represented in-house by Brandl Frey and Eric Engelhardt.
* Software Publishes Association, 3,487 s/f expansion on the 22nd floor for two years. Nicholas Farmakis and Joseph DeRosa of Studley represented the tenant. The Durst Organization was represented in-house by Brandl Frey.
Brooklyn, NY Marcus & Millichap brokered the sale of 733 Dekalb Ave., a fully free-market multifamily and retail property in the Bed-Stuy neighborhood. The asset sold for $2.8 million.
New York’s housing crisis remains a hot button topic despite growing consensus that varied and affordable housing is desperately needed statewide. Governor Hochul has recently introduced several initiatives to overcome N.Y.’s anti-housing
Walk down any New York block this year and you can feel it. The sidewalks are crowded, the storefronts are lit, and the energy that defines this city is back at full volume.
Yes, there are lessons to be learned from the largest companies in America when comes to managing your real estate. But the decision to buy or lease real estate may not be one of
Being a small to midsize landlord in NYC is an increasingly demanding endeavor. From navigating complex regulations, increased compliance demands to dealing with tenant issues and remediating violations. It is wise to enlist the assistance of a partner, a professional