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Newmark has announced the market debut of 11-20 46th Road, a completely renovated 34,725 rentable square-foot office building in the heart of Long Island City. Newmark Senior Managing Directors Bernard Weitzman, Eric Cagner and Associate Director Ryan Gessin are representing the developer, Caerus Group, who provided a complete retrofit of the former warehouse, which included demolition down to the building’s base and adding 19,000 square feet on two additional floors. Caerus Group is known for its ability to create and redevelop properties into modern and desirable office spaces, such as 74 Kent Street in Greenpoint, Brooklyn.
This four-story property boasts expansive views of the Manhattan skyline in a prime location, half a block away from MoMA PS1 and near major transportation lines. “Unlike many buildings in Long Island City, which are large industrial conversions in the Factory district, 11-20 46th Road is for all intents and purposes a brand-new building,” said Weitzman. The impressive gut renovation encompasses a dramatic new lobby, new façade, all new building systems, new elevators, soaring ceilings, new floor-to-ceiling windows and large private terraces located on the 2nd, 3rd and 4th floors. Floor sizes range from 6,000 to 12,000 square feet.
“We took a defunct jewelry manufacturing facility and turned it into a jewel framed by the spectacular setting of outdoor spaces on every floor and Manhattan’s skyline on the background,” said Nadir Saigol. “This has been a rewarding project in every sense,” added Leo Tsimmer, both of Caerus Group.
With renovation scheduled to be completed by Summer 2018, this new boutique office building, with state-of-the-art infrastructure, is a unique branding opportunity for prospective tenants. The property is also eligible for REAP benefits.
About Caerus Group
Caerus Group is a New York based real estate investment and development company, committed to realizing compelling returns from investing and operating high quality assets in commercial and residential segments. The company is known for its creative deal-making, construction expertise and firm belief in good design, which result in accretive value to its partners and investors. The Company’s current pipeline consists of residential and commercial properties with over $300 million in ongoing development projects in Manhattan, Brooklyn and Queens. Caerus Group places capital through its proprietary REDOP platform innovating alternative asset investments. For more information, visit www.caerusgp.com.
About Newmark
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark”), is one of the world’s leading commercial real estate advisory firms. Newmark has over 4,600 employees in over 120 offices. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents. With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. We offer a complete suite of services and products for both owners and occupiers across the entire commercial real estate industry.
Our investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting and, under trademarks and names like Berkeley Point and Newmark Capital Markets, government sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Our occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. We enhance these services and products through innovative real estate technology solutions and data analytics designed to enable our clients to increase their efficiency and profits by optimizing their real estate portfolio. We have relationships with many of the world’s largest commercial property owners, real estate developers and investors, as well as Fortune 500 and Forbes Global 2000 companies. For further information, visit www.ngkf.com.
Newmark, which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s and BGC’s Securities and Exchange Commission filings, including, but not limited to, any updates to such risk factors contained in subsequent Forms 10-K, 10-Q, or Forms 8-K.