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“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
NEW YORK—Real estate firm Helmsley Spear, LLC, which was founded in 1866, reported on Aug. 26 it had signed a new four-year sublease with Lincoln Financial comprising almost 16,000 square feet for its headquarters office, in conjunction with Swig Equities, LLC, and Falcon Pacific Construction/Builders, LLC.
“Helmsley Spear and the related Swig Equities companies have experienced tremendous growth in recent months and this new space will accommodate our expansion of personnel,” said Kent M. Swig, president of Helmsley Spear. “We look forward to adding even more accomplished professionals to our growing companies over the next coming months.”
The sublease comprises three-fourths of the third floor at 444 Madison Ave., totaling 15,775 square feet. The subtenant was represented by Helmsley Spear agents including Andrew Simon, Brett Zelner and Kent Swig. Helmsley Spear and the Swig entities will be relocating from space occupied at 599 Lexington Ave.
The sublandlord, Lincoln Financial, has moved to 299 Park Ave. and was represented by Mark Weiss and Jennifer Casey, both of Cushman & Wakefield.
Andrew Simon, executive vice president of Helmsley Spear, said, “This space is in a prime Midtown location and we knew it was an excellent opportunity to accommodate the ongoing growth of all our companies that will be locating there, and particularly Helmsley Spear.”
The various Swig Equities entities owned by Kent Swig, will be moving from approximately 8,000 square feet at 599 Lexington Ave. and doubling their space to accommodate the rapid growth of the firms.
Helmsley Spear has added more than 15 new agents over the past four months for a total of 35 agents, while Falcon Pacific has added several new staff to enable the firm to undertake the construction of several new projects including a new 22-story hotel located at 36 West 38th St., another hotel at 321 West 38th St., as well as a new medical facility located on the Grand Concourse in the Bronx.
“This is an exciting time for our company,” said Joe Caraciolo, chief operating officer for Falcon Pacific Construction, LLC. “As Falcon Pacific continues to take on new projects, we will now have expanded and prime office space for our staff of executives and support personnel managing current and future projects.”
444 Madison Ave., formerly the Newsweek building, is a 42-story, Art Deco skyscraper originally built in 1929. The full block front property is a narrow high rise with setbacks that provide unobstructed views of both St. Patrick’s Cathedral and the New York Palace Hotel located in the historic Villard Houses on Madison Avenue.
Helmsley Spear is independently owned and operated with offices in New York and San Francisco. Helmsley Spear provides property owners and users of real estate with a full array of services including: office and retail leasing; property and asset management; capital advisory services; investment sales and financing; project development and construction management; preventative maintenance and engineering; insurance services and appraisal.
“Homebuying momentum is building after nearly two years of suppressed home sales,” said NAR Chief Economist Lawrence Yun.
Most of the counties in the HGAR market area are considered “high-cost areas” by the FHFA.
NAR officials noted yesterday that the court heard from all parties as well as objectors and the Department of Justice. Once arguments concluded, the court quickly ruled to grant final approval.
Outdoor space was especially important to movers to the Midwest, while movers to the Northeast were particularly driven by the need for more square footage and a better work commute.
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