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Newmark arranges 2 leases at 18 East 50th Street.

In two separate leasing transactions arranged by Newmark Real Estate Services, a medical group and a physical therapist have leased 11,480 square feet of space that was previously occupied by Saks Fifth Avenue at 18 East 50th Street. The 11-story office building located between fifth and Madison Avenues in midtown Manhattan was originally built as the rectory for St. Patrick's Cathedral.

In the first transaction, the medical group Wild Apple Corp. leased the building's entire 5,741-square-foot eighth floor. Ronald H. Zimmerman, senior director of Newmark Real Estate Services, represented Pan Am Equities, the building's landlord, and Wild Apple Corp. in the 15-year leasing transaction, which has an aggregate rental valued at $2.2 million.

In a second transaction, Soar Resources, Inc., a physical therapist, has leased the building's entire 5,741-square-foot fourth floor. Zimmerman represented the building's owner in the 10-year leasing transaction, which has an aggregate rental valued at $1.5 million, while Michael Dubin of Michael Dubin & Company represented the tenant.

According to Zimmerman, only a single-floor remains available in the building. The space is in move-in condition and can be divided.

The building is owned by the New York Health and Racquet Club, and houses one of its seven clubs, which has a separate entrance at 20 East 50th Street. The building features a new glass and marble lobby, new windows and a location directly across from St. Patrick's Cathedral, convenient to all bus and subway transportation.

"This building has proven extremely popular with tenants because it is one of the very few urban commercial buildings with country club amenities," asserts Zimmerman. "By joining The New York Health and Racquet Club, tenants can enjoy a variety of classes, exercise machines and one of the only commercial building in the city with its own swimming pool and squash courts."
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Title Annotation:Newmark Real Estate Services Inc.; New York, New York
Publication:Real Estate Weekly
Date:Jun 3, 1992
Words:303
Previous Article:NYC tax assessments up 0.9%.
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