Brandon Miller’s East Village mission is lastly touchdown workplace tenants.
Two companies have signed 10-year leases totaling greater than 16,000 sq. ft at 1 St. Mark’s Place, the nine-story boutique workplace mission constructed by the late developer’s firm, Real Estate Equities Corporation, or REEC.
An funding agency leased 9,500 sq. ft spanning the constructing’s sixth and seventh flooring, whereas a technology-focused funding agency took 6,800 sq. ft throughout the eighth and ninth flooring, in accordance with leasing and growth supervisor GDSNY. The names of the tenants and asking rents weren’t given.
The offers mark a big step ahead for the 60,000-square-foot property, which had weathered its fair share of challenges, even earlier than Miller’s tragic loss of life virtually two years in the past. The mission was nonetheless underneath growth when Miller, a REEC principal and husband of way of life influencer Candice Miller, died by suicide in July 2024.
Questions lingered concerning the constructing’s future as REEC remained silent after Miller’s loss of life. At one level, REEC fell behind on mortgage funds on the mission, Parkview Monetary CEO Paul Rahimian mentioned that summer time.
The timing of the workplace growth couldn’t have been worse. The mission kicked off simply earlier than the onset of the pandemic. REEC purchased the leasehold on the property for $29 million from Edward Gabay and filed plans in 2018 to construct a 53,000-square-foot workplace constructing fully on spec. Earlier than foundations had been even dug, Madison Capital Realty tried foreclosing on the property in 2021.
Parkview rescued the mission with a $70 million refinance the next yr. Development on the curved brick and glass constructing was lastly accomplished final summer time however leasing appeared to stall. Parkview brought in GDSNY in January to supervise leasing and growth administration on the property.
GDSNY has since sought to reposition the property, unveiling plans for a redesigned foyer. Sephora opened a 7,800-square-foot retailer on the bottom flooring in Might.
Learn extra
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