10 Apr 31,000 square foot commercial real estate deal signed at 575 Fifth Avenue in New York City
The 13 ½ year deal was signed on March 16, right before Gov. Andrew Cuomo ordered a lockdown of all non-essential state businesses throughout the state. Terms of the lease were not disclosed, but the original asking rent shared publicly was $95 per square foot.
“I think it’s going to be a while before you see a long-term deal signed again, whether it’s for three months, six months, or eight months,” said Jeffrey Rosenblatt of SquareFoot, who represented the tenant on the deal. “People are probably reevaluating their needs. Prices may change.”
Rosenblatt said rents in some buildings had become more negotiable over the previous six to eight months, which helped push the negotiations forward after they began in September. Andrew Braver of Cushman & Wakefield represented the landlord.
“This is one of those deals where everybody feels good,” said Rosenblatt, who added DRA Advisors is scheduled to move in at some point in September 2020.
“So far it’s on track, but who knows,” he said. “No one really knows what’s to come.”