Jay Suites Extends Manhattan Shared Space Lease
The firm first committed to the property in 2019.
Jay Suites and Jay Conference have signed a 12-year lease extension for 60,000 square feet of shared space at 515 Madison Ave., a 370,000-square-foot office building in Manhattan’s Plaza District. GFP Real Estate owns the 42-story high-rise.
GFP Real Estate Chair Jeffrey Gural arranged the deal spanning floors eight to 10 on behalf of both parties.
The flex provider, the largest privately held coworking company in New York City, first signed a lease at the property in 2019, when it occupied two floors. Later, the firm committed to another floor that houses Jay Conference, a conference center model catering to large-scale meetings.
READ ALSO: Elevating the Coworking Experience
The 515 Madison coworking location comprises 101 furnished executive suites ranging from single-person units to 20-people team spaces. Additionally, there are four flexible meeting spaces with a capacity of up to 24 people, multiple business lounges and phone booths.
Jay Suites currently has 13 coworking locations across the city. In August, the firm paid $35 million for 8 W. 38th St., a 142,000-square-foot office building in Midtown Manhattan, 1 mile from 515 Madison Ave. That building houses the company’s new conference rental business, located on the mid-rise’s third floor.
A historical building in the Plaza District
Also known as the DuMont Building, the office tower at 515 Madison Ave. is close to Rockefeller Center and 1 mile from the Empire State Building. Designed by John H. Carpenter, the high-rise was completed in 1932 and went through cosmetic renovations in 2010, according to CommercialEdge information.
One of the property’s most notable features is its broadcasting antenna, which was involved in the inaugural broadcasts of Allen B. DuMont’s experimental television station in 1938.
The building features nine passenger elevators and 8,000 square feet of first-floor retail space, with floorplates ranging between 3,956 and 16,346 square feet, the same source shows. Its tenant roster also includes Manhattan Five Partners and Wildes & Weinberg, among others.
Coworking sector is on the rise
The coworking sector is seeing continuous growth, providing solutions that address the evolving needs of the workforce. Nationally, there were 7,538 locations recorded at the end of the third quarter of last year, reflecting a 7 percent increase from the previous quarter, according to a CommercialEdge office report. The total square footage reached 133.5 million, representing a 450-basis-point growth.
Manhattan led nationwide for coworking inventory, with 11.2 million square feet. And the borough’s stock will soon grow, as The Malin announced plans to open a 32,700-square-foot coworking space in the Flatiron District this spring.
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