Manhattan, NY Lee & Associates NYC represented Prestige Health & Wellness (Prestige), a chiropractor, in a 10-year lease for 6,500 s/f at 31 East 32nd St. in NoMad. Prestige will occupy 4,500 s/f on the ground floor and 2,000 s/f on the lower-level and is expected to move in this month. The space was previously occupied by Exhale.
Rory O’Connor, David Scher, and Catherine O’Toole from Lee & Associates NYC represented Prestige and the landlord, Windsor Management, was represented in-house.
“We’re thrilled to bring Prestige to their fourth Manhattan practice and first ground floor location,” said O’Toole, executive managing director and principal at Lee & Associates NYC. “31 East 32nd offers Prestige an opportunity to continue expanding their Manhattan presence.”
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,