News: Shopping Centers

Shadrokh of Moinian Group negotiates 8,000 s/f at 60 Madison; Park of PD Properties acts for tenant

According to The Moinian Group it has secured the closing of an 8,000 s/f ground floor and lower level retail lease for Café Today (d/b/a 27 Madison Corp.), a high quality provider of breakfast, lunch and dining options and other essentials, at 60 Madison Ave. Kimia Shadrokh, director of commercial assets for The Moinian Group, negotiated the long-term lease on behalf of the owner, The Moinian Group, while Tony Park, executive vice president of retail of PD Properties, LLC, represented the tenant. "We are gratified to welcome Café Today and complete the major long-term retail leasing campaign at 60 Madison," said Shadrokh. "The property's prime location, park views, convenient access to mass transit, as well as the owner's hands-on management, are prime factors for a variety of tenants' interest in this stellar property on the border of Midtown South and the Flatiron District." Located in the city's Design District, the property has a separate entrance and address at 25 E. 26th St., across from the northeast corner of Madison Square Park. A recent renovation has transformed the lobby with double glass doors and marble floors. There is new fiber optic direct connectivity, advanced telecommunications, and a full-time attended lobby with 24/7 access. The property also features a freight entrance on East 27th St. and camera surveillance in the elevators and freight hall. Other corporate tenants include Material Connection and Weight Watchers.
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What noteworthy transactions or deals from this year best exemplified key market trends or shifts? I would like to say there was an outstanding transaction for me this past year but 2024 was more a culmination of long-term relationships, most of which continued to transact. Deals were smaller in many cases but we saw robust leasing both on the agency side as well as on the tenant side.

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