ZMC Advisors Doubles Manhattan High-Rise Footprint

110 E. 59th St. Image courtesy of Jack Resnick & Sons

ZMC Advisors has doubled its 13,284-square-foot office space at 110 E. 59th St., a Midtown Manhattan building owned and managed by Jack Resnick & Sons. Currently occupying the 37-story tower’s 24th floor, the private equity firm signed for a similar space one floor up as part of a 10-year extension and expansion lease.

Tenant of the 612,181-square-foot high-rise since 2017, ZMC shares a roster with companies such as Cantor Fitzgerald, Northwell Health and RP Management. Estee Lauder is an anchor tenant, occupying 216,589 square feet through 2037, CommercialEdge data shows.

Occupying 0.6 acres between Park and Lexington avenues, the tower offers access from both East 58th and 59th streets. Completed in 1969 by the current owner, the high-rise underwent a wide-ranging, $40 million refurbishment program initiated in 2014.

JLL worked on the lease on behalf of ZMC, represented by Managing Director Dan Turkewitz and Vice Chairman Alexander Chudnoff. Jack Resnick & Sons was self-represented by Managing Director Fran Delgorio and Brett Greenberg.

According to Brett Greenberg, managing director at Jack Resnick & Sons, the company will be marketing the top three floors of the building, plus a lower one, which will become available next summer.

Recovery in sight

While the metro’s office sector took a big hit from the pandemic, recovery is in sight. Manhattan recorded a solid 15 percent pipeline boost in office construction year-over-year as of June, with more then 20 million square feet underway, as the market is anticipating accelerated leasing activity once a significant percentage of workers return to the borough. 

Meanwhile, during the first half of 2021, metro New York recorded $12.6 billion worth of commercial and multifamily construction starts, a report by Dodge Data & Analytics shows. While the value of new projects increased by 8 percent year-over-year, the pipeline has not yet reached pre-pandemic levels.