When The Real Deal signed a lease ten years ago, the rents were $17 a square foot at 158 W. 29 Street. With the new rents at $50 per square foot, publisher Amir Korangy decided to look for a permanent place for the 13-year-old company.
The real estate media company found a new home, in an 11,500 square feet of space on the fourth floor of a commercial co-op at 450 W. 31st Street in Hudson Yards. The company paid $8.5 million for the space. The deal was settled at $739 a square foot.
Another $1 million will be spent for renovations designed by Brooklyn-based MESH Architectures.
The former chocolate factory building built 110 years ago, sits between a tower being planned by former L.A. Dodgers owner, Frank McCourt, and a new hotel.
"Being the worst building on the best block is usually a good real estate play," said Korangy.
According to the NY Post, The Real Deal Company already has an office in Miami while another will open in Los Angeles on Jan. 18. The new office will expand research and promote events around the globe. When The Real Deal will move to its new place in the Spring, Korangy will be hiring 11 new employees, bringing a total of 72 employees.
The first real office of The Real Deal was a former psychic's digs on 23rd Street, just off Madison Square Park. They quickly left the place and moved to its current West 29th Street location. And after 13 years, it's time to move to another, much bigger place.
The New York Post reported on Wednesday that the real estate news magazine is moving to Hudson Yards.
The Real Deal paid $8.5 million or about $739 per square foot for an 11,500-square-foot commercial co-op at 450 West 31st Street. The company will spend another $1 million on renovations to be overseen by MESH Architectures.
Korangy told the New York Post, "Nothing says you believe in New York City real estate more than buying New York City real estate."
