GFP Real Estate Secures New Lease in Manhattan

October 13, 2024

Brokerage New York News NortheastMoreOffice

A fintech company is relocating at the 156,000-square-foot property.

10 Astor Place is an office building totaling 156,000 square feet in Manhattan's NoHo. — 10 Astor Place is part of a three-building office campus totaling 390,000 square feet. *Image courtesy of GFP Real Estate*

Fintech company Maybern has signed a three-year, 11,000-square-foot lease at GFP Real Estate’s 10 Astor Place, a 156,000-square-foot office building in Manhattan.

The tenant will relocate from 598 Broadway this month. Maybern will use the new location as its executive and administrative office and will occupy an entire floor. Previously leased by Force Therapeutics, the company’s new turnkey office space was renovated in 2021.

The landlord had in-house representation, while two Newmark teams negotiated on behalf of both parties.

The seven-story building is part of Astor Place Plaza, a three-building office campus totaling 390,000 square feet that offers creative office, shared space and a retail component. The property’s tenant roster includes New York University, Chase Bank, Centennial Properties and Exbo Group, CommercialEdge shows.

Originally built in 1876 as a factory and printing office by architect Griffith Thomas, the building at 10 Astor Place features two passenger elevators, 19,400-square-foot floorplates and a recently upgraded common-area lobby.

The property is in the NoHo district and has access to multiple subway and bus stops. John F. Kennedy International Airport is 20 miles away.

GFP Real Estate’s Asset Management & Leasing Associate Neith Stone, together with Newmark’s Executive Managing Director Robert Silver, Managing Director Anthony Sciacca and Associate Director Brittany Silver represented the landlord. Managing Director Jonathan Franzel and Associate Leo Koné with Newmark worked on behalf of Maybern.

A drop in asking rents prices

Rental rates in Manhattan stood at $68.56 per square foot, showing a 1.5 percent year-over-year decline as of August, a recent CommercialEdge office report shows. The metro maintained its spot as the leader in asking rents, while all Northeastern markets recorded asking rents above the national average of $32.78 per square foot. Manhattan’s vacancy rate stood at 16.6 percent, registering an 80-basis-point drop over a 12-month period.

Earlier this month, fintech company Ramp signed a 132,000-square-foot, long-term deal at 28 & 40 W. 23rd St., a 561,000-square-foot office complex in Manhattan. The deal involved an extension and expansion at the two-building campus, owned by Williams Equities.