Art Institute moves to Kaufman’s 218 West 40th Street

TRD New York /
Dec.December 05, 2013 06:23 PM

The Art Institute of New York City is bidding adieu to Soho and moving to Midtown digs, The Real Deal has learned.

The institution for education in art, fashion, filmmaking and design will vacate its longtime headquarters — a 62,539-square-foot spread at HFZ Capital’s 30 Varick Street — for a 45,000-square-foot sublease at 218 West 40th Street, according to CompStak.

The 12-story, 157,516-square-foot building, between Seventh and Eighth avenues, is owned by a partnership of the Kaufman Organization and Block Buildings, according to CoStar Group. The Art Institute will pay rents in the mid-$40s per square foot for the space, CompStak data show.

The sublessor appears to be the New School, data from CoStar indicate, which had a total of 78,400 square feet at the building but currently only occupies about 22,900 square feet. This fall, the New School moved to a spanking new 354,000-square-foot campus designed by Skidmore, Owings & Merrill at 65 Fifth Avenue.

Representatives for the New School couldn’t immediately be reached, nor could representatives for HFZ.

CBRE’s Michael Politi and David Kleinhandler represented the sublessor, while Cassidy Turley’s Jonathan Schindler represented the Art Institute. One of the brokers involved in the deal confirmed the transaction but declined to comment further, while the other brokers could not be reached by press time.


Related Articles

arrow_forward_ios
56 West 22nd Street and Michael Kasmierski (Credit: Google Maps)

Kaufman, AXA make $50M Midtown South buy

Kaufman, AXA make $50M Midtown South buy
Creston Apartments at 2030 Creston Avenue in the Bronx (Credit: Google Maps, iStock)

Construction firm with alleged mob ties worked on Bronx affordable housing project

Construction firm with alleged mob ties worked on Bronx affordable housing project
Former HFZ Capital Group executuve John Simonlaca (Credit: HFZ, iStock)

Meet the HFZ exec accused of taking mob bribes

Meet the HFZ exec accused of taking mob bribes
HFZ managing director John Simonlacaj and The XI development (Credit: LinkedIn and Wikipedia Commons)

HFZ’s High Line condo-hotel project was ATM for the mob, prosecutors say

HFZ’s High Line condo-hotel project was ATM for the mob, prosecutors say
40 West 25th Street and Kaufman Organization's Michael Kazmierski (Credit: Google Maps and Kaufman)

Unizo strikes deal to sell one of its last New York properties

Unizo strikes deal to sell one of its last New York properties
From left: The Chrysler Building, Beny Steinmetz, and 76 Eleventh Avenue (Credit: Unsplash, Getty Images, and The XI)

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal
From left: Graeme Hart, The XI and HFZ Capital Group's Ziel Feldman (Credit: Getty Images)

New Zealand’s richest man buys condo at Ziel Feldman’s the XI

New Zealand’s richest man buys condo at Ziel Feldman’s the XI
Michael Kazmierski and 19 West 24th Street (Credit Kaufman Organization and Google Maps)

Kaufman Org lands $120M refinancing for Madison Square portfolio

Kaufman Org lands $120M refinancing for Madison Square portfolio
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...