GFP Real Estate, LLC is pleased to announce it has signed two new leases totaling 5,250 square feet at 171 Madison Ave. in Midtown South.
In the first transaction, PWD-NJ/NY LLC, d.b.a. Pella Windows & Doors, signed a new long-term lease for 2,400 square feet of office and showroom space on the second floor of 171 Madison Avenue. Pella, a leading manufacturer of high-quality windows and doors, will utilize the space as a sales office and showroom, reflecting its commitment to maintaining a strong presence in the New York market.
Allen J. Gurevich of GFP Real Estate represented the landlord, GFP Real Estate in this transaction, while Matthew Colavita of GFP Real Estate represented the tenant. Pella Windows & Doors, which will relocate from 40 Exchange Place, is expected to move in September 2024; the space was previously occupied by PT USA Corp.
In the second transaction, Vondom, a global leader in the design and manufacturing of avant-garde outdoor furniture, has signed a long-term lease for a combined retail and basement space totaling 2,850 square feet at 175 Madison Avenue. The lease encompasses 2,000 square feet on the ground floor and 850 square feet in the basement. Vondom, which is expected to move in Q4 of 2024, plans to create a flagship showroom and retail experience at the new location, replacing its existing showroom at 979 Third Ave.
Allen J. Gurevich of GFP Real Estate, as well as Andrew Taub and Benjamin Birnbaum of Newmark, represented the landlord, GFP Real Estate, in the transaction. Marc Simon of Isaacs and Company represented the tenant, Vondom. The space was previously occupied by Steven Kauftheil, DDS.
“171 Madison Avenue is becoming a prime location for design and furniture companies, and we’re thrilled to welcome both Pella Windows & Doors and Vondom to the building. The area has truly transformed into a hotspot for the industry, offering a vibrant environment that attracts innovative brands. Both tenants will benefit from the building’s excellent location, modern amenities, and proximity to other design-centric businesses.”
While the terms of the transactions were not disclosed, asking rents at the building are in the $50 to $55-per-square-foot range for commercial office space and $150-per-square-foot range for retail space.
171 Madison Avenue was designed by the architect William H. Gompert and originally completed in 1918. The 17-story, 135,000-square-foot property features a brand-new lobby, building entrance and elevators, while office spaces offer excellent natural light with exposure on three sides. Located just one block from the Empire State Building, 171 Madison Avenue’s neo-classical façade is brick with applied masonry. Access to the 6 train is one block away with further connections available at nearby Grand Central Terminal.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 57 buildings and more than 13.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
(Credit: GFPRE; GFP grants permission to use these photos for publication)
