Commercial Real Estate & Advisory

FDNY Counsels in SoHo

By Shira Boss | June 17, 2002

The Design and production companies in the loft-style building at 594 Broadway will soon get an out-of-the-ordinary neighbor: The Counseling Service Unit of the city’s Fire Department.

The FDNY, which has been offering counseling for post- 9/11 trauma at its Lafayette Street firehouse, wanted to expand the program and move it to a separate space. Its requirements included a building within walking distance of the local firehouse, and a “pleasant” atmosphere, says Michelle Stone, managing director of Sinvin Realty Corp., the tenant’s broker.

In a reflection on the economy, there were plenty of vacant spaces to view. The one Fire Department officials liked best was an airy, high ceilinged office with columns, large windows and wooden floors on the fifth floor of a large building between Prince and Houston Streets.
Another priority was move-in space. Newmark, which owns and manages the building, gave the FDNY a break on the $33 per-square-foot asking price, and agreed to quickly build two additional offices and a conference room – all floor-to-ceiling walls for privacy.

“When you think of a government agency, you think of paperwork and red tape and everything taking a long time,” Ms. Stone says. “This all happened in a few days.”

From signing the lease to move-in will take about a month. The two-year lease includes a three-year option. The deal was structured that way because of founding stipulations from project Liberty, a federal program that was established after the Oklahoma City bombing to provide outreach and counseling in areas affected by disasters.

Who: New York City’s Fire Department
Where: 594 Broadway in SoHo
How Big: 4,140 square feet
Asking Rent: $33 per square foot
Lease: 2 years with 3-year option
Landlord: Newmark
Owner’s Broker: Donna Vogel, Newmark
Tenant’s Broker: Michelle Stone, Sinvin Realty Corp.