
Manhattan, NY Savitt Partners (Savitt), a full service commercial real estate firm, completed three new leases, totaling 15,025 s/f, have been signed at 530 Seventh Ave., located between 38th and 39th Sts., in the Garment District.
“These deals showcase that companies are still finding value in having an office footprint in Manhattan and want to expand,” said Savitt, founder and president of Savitt. “Now more than ever, tenants value a direct deal with ownership over subleases and are attracted to turnkey and customized buildouts, which is what we’re offering at 530 Seventh.”
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,