News: Brokerage

Norman Bobrow reps Reidy Contracting Grp. in new 7,723 s/f lease

New York, NY Norman Bobrow & Co. signed a lease for Reidy Contracting Group at 58 West 40th St., the “Banks Building” across from Bryant Park for 7,723 s/f.

Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented Reidy and Laura Belt Ponomarev represented the landlord, John Belt of 58-64 40th St. Corp., in-house.

Reidy Contracting Group, which is doubling its space and expanding their business, will occupy the entire second floor. The lease is for ten years.

Reidy moved from 120 West 31st where they occupied 4,000 s/f.

“After seeing many spaces this was their number one choice in efficiency and size,” said Nazarian. “Reidy loved the character of the building, its views and premiere location opposite Bryant Park.”

Reidy Contracting Group is a one of the city’s top general contracting companies with projects for corporations, schools, hotels, retail, media, residential and health and fitness.

READ ON THE GO
DIGITAL EDITIONS
Subscribe
Columns and Thought Leadership
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
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
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.
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,