The Malin to Expand Manhattan Coworking Footprint

Flexible office provider The Malin will open The Malin NoMad, a new coworking location in Manhattan, N.Y. The company will occupy 20,000 square feet at a building owned by TF Cornerstone. This is the firm’s fourth location in New York City, with opening planned for this summer.

The Malin will occupy the entire fifth floor at 387 Park Ave. S. The location is slated to include 10 private offices, three meeting rooms, 16 phone booths, 18 dedicated desks, five communal tables, a boardroom, a library and a kitchen.

Originally completed in 1910, the building rises 12 stories and spans 232,000 square feet, also including some 15,000 square feet of retail space. In 2017, the owner completed a more than $20 million renovation program, improving the lobbies, mechanical systems and façade. Architecture firm Moed de Armas & Shannon designed the upgrades.

In 2015, the property became subject to a $100 million loan with a 15-year term, provided by Equitable Insurance Co., according to CommercialEdge data. Tenants at the property include Atrium Staffing, Silicon Valley Bank and Criteo, the same source shows. The building is close to Madison Square Park and within walking distance of the 28 Street subway station.

As of January, Manhattan remained the priciest market in the nation with listing rates clocking in at $68, marking a 9.9 percent year-over-year drop, according to a recent CommercialEdge report. The vacancy rate in the borough was 16.5 percent, rising by 100 basis points over 12 months and being below the 18 percent U.S. figure.