The Newmark leasing team of JD Cohen has successfully signed six leases in an early 20th Century garment district building. Faced with a challenging leasing environment and a global pandemic, the father and son ownership team of Bradley and Kenneth Fishel of Renaissance Properties, owners of 264 West 40 Street, consulted with Mr. Cohen during the first days after the permitted reopening in June. Several tenants had vacated the building during the shutdown and the Fishels needed wise advice as to how to re-tenant the building.
Mr. Cohen advised the owners that despite the challenging leasing environment their building was among the best in class offering in the submarket. Despite a softening climate JD Cohen observed robust activity in smaller Tenant demand. So, the Fishel team elected to focus on re-leasing those spaces first. Within the first 90 days of reopening 4 leases were signed one of which was represented by JD Cohen with no outside cooperating broker involvement.
Based upon the success of leasing the smaller spaces, the building owners decided to divide the larger floors. “Independently-owned businesses appreciate our attention to detail. We offer spaces from 636 rentable square feet to 12,780 square feet, and they all have high-end white modern wet pantries and dedicated tenant-controlled split system air conditioners. The electricity is billed directly by Con Edison and without landlord markup. Our spaces feature a mix of glass fronted private offices with open areas that allow users the greatest flexibility to adapt to their needs. We elected to divide the 13th floor into three suites of 1149 RSF, 2400 RSF, and 2770 RSF with each suite featuring at least two sides of light and one has a terrace.” says Bradley Fishel.
The JD Cohen leasing team always personally meets a potential tenant onsite and presents accurate colorized furniture plans. “It’s important to understand the tenant’s space needs and their type of business from the very start. If I know that information, I conduct the tour based on that knowledge. I can personally attest to the Fishels’ supportive management style where tenant satisfaction is their highest priority. It’s an easy sell in this submarket once the tenant sees their building and then compares the space to other buildings in the area. The spaces are full of light and feature polished concrete floors as well as loft like exposed ceilings. The building really is well managed and features new glass elevator cabs. It also doesn’t hurt that the Fishels always pay cooperating broker’s quickly!
For leasing information please contact:
JD Cohen
Director
Newmark
Mobile (203) 858-6375
Email jcohen@ngkf.com
For hires images, visit: https://bit.ly/3osZHhP
About Renaissance Properties:
With an eye towards distressed assets, Renaissance specializes in value-add investments with a focus on Prewar Prime Properties. From commercial & retail building ownership, to leasing, management and construction, Renaissance has built its reputation on the superior capabilities and efficiency of its people, its most important resource. With an emphasis on quality and attention to detail, Renaissance brings a high level of comfort and modern technology, including the most elegant build-outs and the fastest services to all of its treasured tenants.https://renaissancepropertiesny.com/
