Jay Suites doubles up at 1441 Broadway

Office space provider takes entire third floor in 21,300 sf deal
By Hiten Samtani | May 13, 2013 02:30PM

Office space provider Jay Suites has signed a nearly 21,300-square-foot lease at 1441 Broadway, doubling their space in the L.H. Charney Associates-owned building, Jack Srour, Jay Suites’ chief operating officer, told The Real Deal

Jay Suites currently has 21,700 square feet on the fifth floor of the 470,563-square-foot building, also known as 575 Seventh Avenue and located at West 41st Street. The latest deal, which runs until 2024, will see them take the entire third floor and pay rent in the mid-$50s per square foot.

“The market is a little stronger,” Srour said. “We paid a bit more this time.”

Murray Hill Properties’ Richard Doolittle, who brokered the deal for both parties, was not immediately available for comment.

The company, which also has roughly 17,000 square feet at 1370 Broadway, is now the largest office space provider in the Times Square district, following the expansion, Srour said.

“We’ve seen a lot of demand from media and tech types, as well as mom-and-pops that need a plug-and-play office space,” he said of the expansion, noting that the space was “very high-end, with marble floors and high ceilings.”

Jay Suites, which set up shop in 2007, leases about 120,000 square feet of Manhattan office space and is in talks for space in the Empire State Building district and in Chelsea, Srour added.

The expansion comes hot on the heels of office space giant Regus’ deals at Edward Minskoff’s 101 Sixth Avenue  and 1250 Broadway, and WeWork’s 120,537 square feet lease at 222 Broadway.

L.H. Charney’s founder Leon Charney is worth $1.2 billion according to Forbes, and Also Owns 1410 Broadway and 114 West 41st Street in the Times Square district.