May 28, 2020
Returning Back to Business — Renovations Continue and Deals Are Closing in NoMad
Despite concerns about the slowdown of the real estate industry — particularly in New York, where we have seen a temporary exodus of people seeking lower-risk cities to stay are suffering from the shutdown of our bustling restaurants, hotels, and offices — business is still moving forward in NoMad.
In recent weeks, we learned that Canada’s largest private sector trade union Unifor will be moving into the neighborhood. Unifor, represented by Newmark Knight Frank, closed an agreement in late April with ABS Partners Real Estate on behalf of the owner, Heskel’s, to lease the entire eighth floor at 152 Madison Avenue. The deal gives Unifor 5,000 square feet of new space in the 23-story, pre-war, brick office building.
Even back in March, when we first saw a significant decline in normal activity, good news was still trickling in. To name one exciting project, Gorjian Real Estate Group announced in late March it had completed renovations for the 17-story Art Deco office building at 192 Lexington Avenue. Gorjian started the changes after acquiring the building in 2018 — revamping the lobby into a more elegant space and adding a series of modern, glass-walled conference rooms, kitchens, and terraces to the upper floors — making it a satisfying accomplishment to see the project come to fruition.
In another breath of fresh air to the real estate industry as a whole, it seems that hospitality is also preparing to restart operations. President of GFI Hospitality Joel Rosen recently shared that the company “can see some light at the end of the tunnel.” Its properties, including the beloved James Hotel here in NoMad, have opened their booking windows for June and are already receiving requests for reservations in the third and fourth quarters of the year.
The wheels of business have continued turning in our neighborhood, and each new deal that closes fuels our motivation to remain patient, safe, and eager to see NoMad return to a new kind of normalcy.