The Real Deal New York

Volvo cruises into 60K sf space at Moinian’s Sky

Auto company inked 15-year deal for dealership

September 06, 2016 11:41AM
By Katherine Clarke

 Moinian's Sky at 3 Columbus Circle and a Volvo car

Moinian’s Sky at 605 West 42nd Street on the Far West Side and a Volvo car

The Moinian Group is revving up its retail game with a 60,000-square-foot deal with automotive giant Volvo.

Volvo has inked a 15 year-lease for a dealership at Sky, the 60-story rental building the company recently completed at 605 West 42nd Street on the Far West Side. The deal comprises about 10,000 square feet on the ground floor of the building, with the remainder under ground.

Mark Kapnick of SRS Real Estate Partners represented Moinian, while Michael Kadosh of CBRE represented Volvo. Neither broker would comment on the deal or the asking rents, though sources said they were aggressive.

A representative for Volvo did not immediately return a request for comment.

Moinian’s Gregg Weisser confirmed the deal, saying the space was “perfect for Volvo’s needs.”

The deal leaves Moinian with just 9,200 square feet of retail space left to lease at the building, which counts Knicks star Kristaps Porzingis and “Million Dollar Listing New York” star Luis Ortiz as residents.

Earlier this year, SL Green Realty bought a 20 percent stake in the 1,175-unit, 927,000-square-foot property for an undisclosed price.

Volvo is just the latest big-name car company to take space on Auto Row. BNF Automotive Group recently announced a plan to relocate its Maserati of Manhattan franchise to 639 11th Avenue, on the corner of West 47th Street and 11th Avenue, and Jaguar recently renewed a deal for its home at 787 11th Avenue.