Manhattan, NY Williams Equities leased 100,000 s/f of office and retail space at 470 Park Avenue South since acquiring the building 18 months ago.
Williams welcomed several new office tenants to the property, including impact.com, which signed a 10-year, 41,000 s/f lease across two floors. In addition, Yoga Joint, a premier fitness and yoga studio, leased the last remaining ground-floor retail space.
“470 Park Avenue South epitomizes the type of asset that Williams Equities seeks to acquire – high-quality, transit-oriented buildings with amenities that can be activated to attract and retain long-term tenants,” said Michael Cohen, principal at Williams Equities.
The firm enhanced the building’s shared amenities, which include a private outdoor patio and event space (with a firepit), communal work lounge, and coffee bar.
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,