News: Brokerage

Kessler and Gosin of Newmark Knight Frank handle six leases at 625 Broadway - 42,800 s/f; Includes a 2,800 s/f retail lease to Chipotle

Newmark Knight Frank has completed six office and retail leases totaling 42,800 s/f at the 625 Broadway in NoHo. The 12-story loft building built at the turn of last century runs through the block to Mercer St. Newmark Knight Frank's Howard Kesseler and Jordan Gosin signed on two merchants for ground floor and basement space when they decided to split up what was originally one retail site into two spaces. National burrito chain Chipotle took the 2,800 s/f space on Broadway and opened in mid-November. Gonzalez Y Gonzalez, the previous tenant, had closed shop in the last year but now will re-open under new ownership at the Mercer St. (The name was purchased by the bar's previous head bartenders). Existing tenants Manic and jumP re-upped for long-term leases. Media designer Manic renewed for the entire second floor, spanning 8,000 s/f, while editorial boutique jumP renewed its 8,000 s/f space on the seventh floor and expanded for an additional 8,000 s/f on the eighth floor. jumP is building out its space on the eighth floor and plans to occupy it next month. Online content provider Studio One Networks signed a new lease for 8,000 s/f, or the entire 11th floor. The company's offices will nearly double in size, when it relocates from 584 Broadway this spring. In another expansion and relocation move, a real-time information services and analytics provider signed an 8,000 s/f lease for the 10th floor. "This really is a comeback story," said Kesseler, executive managing director at Newmark Knight Frank. "The fact the property fell into receivership was an opportunity rather than a challenge. What we have now is a building that offers tenants the ability to create a space that fits their needs and price point." "Creative loft space is still available on floors three through six, and on the ninth floor. Potential tenants will be offered market concessions and may include a new building installation and rent abatement subsequent to construction," said Gosin. About Newmark Knight Frank Newmark Knight Frank is one of the largest real estate service firms in the world. Headquartered in New York, Newmark Knight Frank and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com. Newmark Knight Frank is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.
READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
A fresh start - by Shallini Mehra and Amit Doshi

A fresh start - by Shallini Mehra and Amit Doshi

For the past several years, the New York City multifamily housing market has been defined by disruption. The combined impact of the HSTPA rent laws and a sharply higher interest rate environment has fundamentally reduced
Tri-state capital  migrates nationally amid  regulation pressure - by Reese Weaver

Tri-state capital migrates nationally amid regulation pressure - by Reese Weaver

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,

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

The anticipated effect of Basel III and ISO 20022 implementation on commercial real estate - by Michael Zysman

July 1, 2025 is the deadline for US banks to begin to adopt Basel III banking standards and July 14, 2025 is the deadline for U.S. banks to adopt ISO 20022 messaging standards. Both will have a significant effect on the banking and commercial real estate (CRE) finance sectors.
The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

The death of the generic offering memorandum: What buyers expect in 2025 - by Kimberly Zar Bloorian

There was a time when an offering memorandum (OM) was pretty bare bones, some photos, a few bullet points on income, and a rent roll thrown in at the back. That used to get the job done. Not anymore. In 2025, buyers are sharper, faster, and more selective. They’re looking