Manhattan, NY Motion P/T, a national physical therapy chain has signed a 4,000 s/f commercial lease at 250 West 54th St., Midtown.
Motion provides physical therapy, occupational therapy, sports medicine and serves customers across 40 locations throughout the U.S. The lease for the partial fourth floor is for 10 years. Michael Doetsch of Cresa New York represented the tenant and David Zar represented the landlord Zar Property NY in-house.
According to Costar, three other medical related tenants have signed at the West 54th St. property this year. The 13-story office and retail building is located between Broadway and Eighth Ave. It features 125 ft. of frontage and has 163,000 s/f of rentable space.
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.