Gurals lease 41K sf to two tenants at 318 West 39th Street

One of the firms is led by Gary Green, son of SL Green’s Stephen

New York /
May.May 27, 2016 08:30 AM

Two new tenants signed leases for three floors, about 41,000 square feet, at a Garment District office building owned by Newmark Holdings.

First Quality Maintenance, a commercial cleaning firm, took 27,000 square feet at 318 West 39th Street in a 10-year deal. The firm is a subsidiary of Alliance Building Services, which is led by Gary Green, the son of SL Green Realty chairman Stephen Green.

In a second deal, HVAC contractor Kaback Enterprises took 13,500 square feet there, also for 10 years. The asking rent for both the deals was $38 per square foot, Commercial Observer reported.

The Gural family has owned the 150,000-square-foot office building since the 1980s under the name Quadri-Planetary Associates.

The mobile marketing firm Appboy also leased out 27,000 square feet there in December.

Matthew Mandell, who represented Newmark in-house on both deals along with Eric Gural, said the brisk leasing activity had to do with changes to the neighborhood.

“The West 39th Street block used to be lined mainly with garages and parking lots,” he told Commercial Observer, “but a number of new developments have recently emerged, including several hotels and a luxury residential building.”

SL Green’s Gary Rosen and Howard Tenenbaum represented First Quality, and Cushman & Wakefield’s Douglas Dolgoff and Brett Longo represented Kaback in their respective negotiations. [CO]Ariel Stulberg


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