The investment arm of the retail-focused Gindi family signed a long-term lease this month at 19 West 34th Street, across the street from the Empire State Building.
The family office inked a deal to take 19,055 square feet encompassing the entire 11th floor of the 260,000-square-foot Martin Building, located between Fifth and Sixth avenues. The Gindi family owns the discount retailer Century 21.
The building is owned by the Domansky family’s PRD Realty. With this deal, the building is fully leased, Scott Domansky, told The Real Deal.
The Gindi’s investment arm owns a condominium unit at 15 West 34th Street, next door.
Domansky said mostly media, technology and advertising firms had been eyeing the space.“Rents have been going up the last 12 months considerably in Midtown South, as well as the velocity of showings and offers,” he said. The asking rent was $53 per foot, up about 15 percent over the last 12 months, he said.
A call to Gindi Capital was not immediately returned.
The Gindi family likely has large pool of cash to manage, as it has sold of a long-held portfolio of smaller retail properties, and is likely to reinvest the money in real estate, insiders said.