Co-working firm Jay Suites launches conference-room platform

The firm has launched two Manhattan locations spanning 42K sf

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
Seth Weissman, John Catsimatidis, Mayor Eric Adams
They said what now? Real estate quotes of the week
They said what now? Real estate quotes of the week
From left: Robert Reffkin and Rupert Murdoch (Getty, Compass)
ChatGPT didn’t write this week’s real estate news roundup, we promise
ChatGPT didn’t write this week’s real estate news roundup, we promise
Seth Weissman, Financing
Urban Standard wants to rescue property owners from high interest rates
Urban Standard wants to rescue property owners from high interest rates
From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
Office properties (yes, office!) got Manhattan’s biggest December loans
Office properties (yes, office!) got Manhattan’s biggest December loans
Salim Assa with 15 West 55th Street
Troubled Midtown rental saga headed for a foreclosure finale
Troubled Midtown rental saga headed for a foreclosure finale
Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
Listen: Inside the looming distress across the hotel market
Listen: Inside the looming distress across the hotel market
Businessman arguing with buildings
The bickering bros: Jemals escalate battle over portfolio
The bickering bros: Jemals escalate battle over portfolio
Vornado Realty Trust chairman Steve Roth and 401 Seventh Avenue (Getty, LoopNet, Vornado Realty Trust)
Vornado eyeing NYC’s casino sweepstakes
Vornado eyeing NYC’s casino sweepstakes
arrow_forward_ios

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

Loading...