May 11, 2016
NoMad Real Estate News: The Redbury, Reorg Research, Rafael Vinoly Tower
It’s hard to keep up with all the new neighbors and construction happening in NoMad, so here is the latest in hotel openings, lease signings and new construction in The District That Inspires.
The Redbury New York
The Martha Washington Hotel, a historic woman’s hotel at the center of the suffragette movement, has undergone extensive renovations by the Los Angeles based hospitality company sbe. It has now reopened as The Redbury New York. This will be the third hotel for The Redbury, a music-centered hospitality brand led by photographer and creative director Matthew Rolston. The New York location is at 29 East 29th Street between Park and Madison Avenues, and it has taken inspiration for its interior design from nearby Tin Pan Alley. The new hotel is decorated with gramophones and vintage New York photography to capture the feel of the Tin Pan Alley heyday, when the neighborhood was filled with the music of the likes of George M. Cohen, Jerome Kern and Scott Joplin. Dakota Development and Avenue Interior Design, which handled the design for the first two Redbury locations in Hollywood and South Beach, have partnered again on the reimagining of this location.
The New York location is the largest Redbury so far, with 256 rooms, modern amenities, Juliet balconies and in-room dining from Danny Meyer’s Marta.
In leasing news, the financial analysis and information firm Reorg Research is moving into a 12,083 square-foot space at 11 East 26th Street. The building is owned by East Twenty Sixth Associates and Reorg will occupy the entire 12th Floor. The 10 year-lease was signed for a reported $65 per square foot, according to a report in the New York Post. Reorg Research is moving from a smaller space at 1140 Broadway. As broker James Buslik from Adams & Co. explained to the Commercial Observer, “11 East 26th Street…is ideal for Reorg Research because the firm needed a larger workplace and wanted to stay in the area.”
Rafael Vinoly Tower Rendering Released
281 Fifth Avenue, a new condo building at the southeast corner of Fifth Avenue and 30th Street, has been in the works for at least five years, co-developed by Victor Group and Lendlease. Finally the 55-story tower, designed by the renowned architect Rafael Vinoly, who also designed 432 Park Avenue, is underway. The foundation is finally being poured, and a new rendering of the tower has just been released (see above), illustrating commanding views of NoMad, Madison Square Park and the Flatiron Building to the south, along with the pinnacles of lower Manhattan.
NoMad already is home to collaborative work spaces like WeWork, and now another company in the same field, Grind, is moving in. Grind is a members only collaborative environment, which provides a warm and modern work space. The company is moving into an 18,000 square-foot space at 1216 Broadway and and is launching this new location in partnership with the building owner, Raizada Shubindu Vaid. Grind splits profits with Vaid in exchange for a below market rate lease. Grind pursued a similar joint approach with Verizon at Verizon’s Financial District location.