New York, NY Norman Bobrow & Co. signed a ten-year lease for XOMOX Jewelry at 240 West 40th St. where they are expanding their business and taking 13,500 s/f, the entire 9th floor.
The fine jewelry manufacturer is moving from 151 West 46th St. where they occupied 6,500 s/f. Michael Nazarian and Matt Kashani of Norman Bobrow & Co. represented XOMOX and Daniel Lolai, Joel Kubie and Eric Siegel of LSL Advisors represented the landlord, the Sioni Group.
"We showed our client many options," said Nazarian, "the landlord also works efficiently and quickly reassuring that our customer can move in on time."
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,