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
SL Green's Harrison Sitomer and 450 Park Avenue (SL Green, Taconic Partners)
SL Green closes on Park Avenue office tower
SL Green closes on Park Avenue office tower
240 Sullivan Street and Sky Management’s Jonathan Ohebshalom (Sky Management, Google Maps, iStock)
Sky buys Greenwich Village mixed-use building in quiet week for i-sales
Sky buys Greenwich Village mixed-use building in quiet week for i-sales
Marble Collegiate Church, HFZ's Ziel Feldman and Vanbarton’s Gary Tischler (Getty, iStock)
Church seeks to escape hellish partnership with HFZ
Church seeks to escape hellish partnership with HFZ
From left: 121 West 26th Street, Watermark’s Brendan Medzigian and Two Kings Principal Christopher Wang (Google Maps, Watermark , LinkedIn)
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Watermark Capital sells Holiday Inn in Chelsea for $80 million
Jim Chanos, president and founder of Chanos & Company LP (Getty Images, iStock/Photo Illustration by Steven Dilakian for The Real Deal)
Jim Chanos’ next Big Short: data centers
Jim Chanos’ next Big Short: data centers
From left: Lawrence Friedland and Stanley Zabar in front of 2231 Broadway (Getty Images, Friedland Properties, iStock)
Friedland sues Zabar family in UWS dispute
Friedland sues Zabar family in UWS dispute
Allure’s Joel Landau and 9036 7th Avenue in Brooklyn (Allure, Google Maps)
Abe Leser’s ailing hospital deal revived for $160M
Abe Leser’s ailing hospital deal revived for $160M
Skylight Real Estate's Bennat Berger with 300 Grand Street (Skylight Real Estate, Street Easy, iStock)
Scarcity play: Hoboken apartments fetch $56M
Scarcity play: Hoboken apartments fetch $56M
arrow_forward_ios

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

Loading...