{"id":1004546431,"date":"2021-08-06T01:58:35","date_gmt":"2021-08-06T09:58:35","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004546431"},"modified":"2022-12-09T01:46:53","modified_gmt":"2022-12-09T09:46:53","slug":"zmc-advisors-doubles-manhattan-high-rise-footprint","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/zmc-advisors-doubles-manhattan-high-rise-footprint\/","title":{"rendered":"ZMC Advisors Doubles Manhattan High-Rise Footprint"},"content":{"rendered":"
\"\"

110 E. 59th St. Image courtesy of Jack Resnick & Sons<\/p><\/div>\n

ZMC Advisors has doubled its 13,284-square-foot office space at 110 E. 59th St., a Midtown Manhattan building owned and managed by Jack Resnick & Sons. Currently occupying the 37-story tower\u2019s 24th floor, the private equity firm signed for a similar space one floor up as part of a 10-year extension and expansion lease.<\/p>\n

Tenant of the 612,181-square-foot high-rise since 2017, ZMC shares a roster with companies such as Cantor Fitzgerald, Northwell Health and RP Management. Estee Lauder is an anchor tenant, occupying 216,589 square feet through 2037, CommercialEdge data shows.<\/p>\n

Occupying 0.6 acres between Park and Lexington avenues, the tower offers access from both East 58th and 59th streets. Completed in 1969 by the current owner, the high-rise underwent a wide-ranging, $40 million refurbishment program initiated in 2014.<\/p>\n

JLL worked on the lease on behalf of ZMC, represented by Managing Director Dan Turkewitz and Vice Chairman Alexander Chudnoff. Jack Resnick & Sons was self-represented by Managing Director Fran Delgorio and Brett Greenberg.<\/p>\n

According to Brett Greenberg, managing director at Jack Resnick & Sons, the company will be marketing the top three floors of the building, plus a lower one, which will become available next summer.<\/p>\n

Recovery in sight<\/h2>\n

While the metro’s office sector took a big hit from the pandemic, recovery is in sight. Manhattan recorded a solid 15 percent pipeline boost<\/a> in office construction year-over-year as of June, with more then 20 million square feet underway, as the market is anticipating accelerated leasing activity once a significant percentage of workers return to the borough.\u00a0<\/p>\n

Meanwhile, during the first half of 2021, metro New York recorded $12.6 billion worth of commercial and multifamily construction starts, a report by Dodge Data & Analytics shows. While the value of new projects increased by 8 percent year-over-year<\/a>, the pipeline has not yet reached pre-pandemic levels.<\/p>\n\n\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

The company will occupy an additional floor at Jack Resnick & Sons’ tower. <\/p>\n","protected":false},"author":1367,"featured_media":1004546432,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21784,1600,21742,10,21747],"tags":[35143,32796],"class_list":["post-1004546431","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-brokerage","category-new-york","category-latest","category-northeast","category-office","tag-jack-resnick-sons","tag-jll"],"acf":[],"yoast_head":"\nZMC Advisors Doubles Manhattan High-Rise Footprint - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/zmc-advisors-doubles-manhattan-high-rise-footprint\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"ZMC Advisors Doubles Manhattan High-Rise Footprint\" \/>\n<meta property=\"og:description\" content=\"The company will occupy an additional floor at Jack Resnick & Sons' tower.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/zmc-advisors-doubles-manhattan-high-rise-footprint\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2021-08-06T09:58:35+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-12-09T09:46:53+00:00\" \/>\n<meta name=\"author\" content=\"Agnes Nagy\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2021\/08\/110_east59th-e1628176212290.jpg\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/zmc-advisors-doubles-manhattan-high-rise-footprint\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/zmc-advisors-doubles-manhattan-high-rise-footprint\/\",\"name\":\"ZMC Advisors Doubles Manhattan High-Rise Footprint - 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