Town Residential, a leading luxury real estate services company is opening a new office branch in the meatpacking locality of Manhattan. The new space is just a stone throw away from the story- high park. This will be the company’s 10th Manhattan office since its entry into the real estate industry in 2010.
Town Residential penned down a 15-year deal for the new office space, which is 7,100 square feet and occupies the whole 2nd floor of 446 W. 14th Street. The new space is also characterized by 16-foot ceilings and a private roof deck overhead the 3-storey building. It epitomizes the creativity of Mr. Andrew Heiberger has showcased in building the Town Residential brand as a brokerage firm for luxury real estate sales.
The new office branch is also meant to attract brokers. According to Mr. Heiberger, the new space features an outdoor space which will allow brokers to work and schedule meetings with clients. Indeed, the effective design of the new space really sets apart Town Residential from other real estate companies. He further added that the new office branch would be home to the boutique brokerage Thomas & Ingram, which specializes in sales transactions in the West Village. What’s more, a smaller office run by Town, which is located at 45 Horatio St. in the West Village will also relocate into the new office space.
The locality where the new space sits has turned into a hub of high-end residential homes as more condo buildings continue to spring up. According to Mr. Heiberger, Town considers the entire West Side as a single continuous string of neighborhoods and the new office space sits right in the center of it all. Due to its prime location, this new office will cater to real estate markets from Hudson Yards all the way down to Tribeca. Only just a few months ago, Town Residential opened its head office on the ground floor of 33 Irving Place almost east of Union Square and another space at 530 LaGuardia in Greenwich Village.
The agreed rental fees to be paid by Town for the new office at 446 W. 14th St. remains sketchy, although lease fees for office spaces in the Manhattan region have shot up to about 90 dollars per square foot. This is because the area has developed into a popular business hub for both retailers and renters.
The owner of the building where the new office space sits is Town’s avid financier, Thor Equities, who owns a large chunk of the retail space in the meatpacking region. According to Mr. Heiberger, the close association with Thor played a key role in Town securing the space amidst competition from other keen tenants. Indeed, that partnership with Thor has been beneficial.