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Five new tenants signed leases with Zar Property NY at 250 West 54th Street in Midtown, Commercial Observer has learned.
Mobile advertising firm Bidease took the largest amount of space among the newcomers with 4,000 square feet for a term of five years, according to the landlord, which did not disclose the asking rent.
Average asking rent in Midtown, however, was $76.95 per square foot in the first quarter of 2023, according to a Cushman & Wakefield report.
“Growing demand for multi-tenanted suites in the building has allowed us to differentiate ourselves from other Class B buildings in the neighborhood with the ability to provide turn-key installations in a modernized, Midtown loft property” David Zar, principal at Zar Property, said in a statement. “Our product continues to be competitive in the marketplace.”
David and Julian Zar represented the landlord in-house while the tenants did not use outside brokers.
Psychotherapy clinic Center for Wise Mind Living signed a 3,400-square-foot lease for 10 years, along with Tannenholtz Consulting, which agreed to a 10-year lease for 3,000 square feet. NYC Athletic Training took a 10-year lease for 2,750 square feet.
Massage therapist Zen Body Mechanics signed a 10-year lease for 2,575 square feet with representation from David Scher of Lee & Associates. The tenant broker did not immediately respond to a request for comment.
Mark Hallum can be reached at mhallum@commercialobserver.com.
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