Co-working firm Jay Suites launches conference-room platform

The firm has launched two Manhattan locations spanning 42K sf

TRD New York /
Feb.February 22, 2019 04:00 PM

Juda Srour and 15 West 38th Street (left) and 515 Madison Avenue (Credit: Rosen Group and Green Map System)

Flexible office space firm Jay Suites is venturing into the conference-room leasing business.

The New York-based firm, which has 700,000 square feet of office leased in the city catering to mid-size enterprise clients, has opened a 20,000 square foot space at 515 Madison Avenue and a 22,000 square foot space at 15 West 38th Street. The spaces, named Jay Conferences, will be filled with conference rooms and equipment for hire, starting at $99 a day per person.

The need for conference room-leasing, an arm of the flexible office phenomenon, has traditionally been met by hotels. The largest player in the space, Convene, a New York-based firm that rents conference rooms, has raised $280 million, from the likes of the Durst Organization, Brookfield, RXR Realty and others. It currently has 23 locations with plans to double that figure this year, according to the firm’s CEO, Ryan Simonetti.

“There’s not too many people in the game right now,” said Juda Srour, Jay Suites’s president. “I see more people working in less space and there’s not too many places beside Convene and hotels that have these kind of places.”

Jay Suites, which was founded by Juda and his brother Jack in 2008, has not raised any funding. Juda said the firm has currently invested $10 million into the new venture, and added that the company is profitable.


Related Articles

arrow_forward_ios
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
Investors worry that New York City’s battered commercial real estate sector is indicative of larger issues nationwide with hotels, restaurants and retail. (iStock)

New York’s CRE woes could spread nationwide: investors

New York’s CRE woes could spread nationwide: investors
Subversive CEO Richard Acosta (Photos via ICSC; iStock)

Riding high: Inception, Subversive to launch publicly traded cannabis REIT

Riding high: Inception, Subversive to launch publicly traded cannabis REIT
arrow_forward_ios

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

Loading...