Newmark Secures 75,000 SF of Leasing at Upper Manhattan’s Largest New Development, 4650 Broadway

August 26, 2024 9:00 AM

Newmark has secured 75,000 square feet of leases at mixed-use development 4650 Broadway, which is set to be delivered later this year. Overlooking The Cloisters and Fort Tryon Park in Manhattan’s Inwood neighborhood, leases at the neighborhood’s largest new development include 60,000 square feet for educational institution School in the Square and 15,000 square feet for Fine Fare Supermarkets. Newmark Executive Managing Director Justin DiMare and Director Christopher Ventura are the exclusive leasing agents on behalf of the owner and developer, Arden Group.

School in the Square will occupy space on the building’s second and third floors, which include a regulation-size basketball court. The expansion is part of the school’s plan to welcome its first class of high school students this coming year. Fine Fare Supermarkets’ ground floor corner lease features 16-foot ceilings and 100 feet of wraparound frontage along Broadway and Sherman Avenue. The company’s new flagship location will be one of the largest supermarkets in Inwood.

Designed by Handel Architects and developed by Arden Group, 4650 Broadway is setting a new standard for residential living while also offering premier office and retail space. With 222 residences and over 25,000 square feet of on-site amenities, the building includes three expansive outdoor terraces, a fitness center, a game room, a children’s playroom, an indoor-outdoor resident lounge and bike storage. The property also features View, Inc.’s state-of-the-art smart windows, designed to reduce the building’s energy consumption by adjusting the windows’ tint level with AI. The building’s parking garage has 111 ground-floor parking spaces and seven EV chargers operated by Metropolis Technologies, the largest parking network operator in North America.

Remaining availability includes 36,000 square feet of medical or education space on the second floor and 16,500 square feet in the basement, both with private entrances on Broadway that can be combined for a single user. Well-suited for a modern medical clinic or outpatient facility, these spaces offer an opportunity for expansion within one of Manhattan’s most densely populated, diverse and rapidly growing neighborhoods.

“The remaining space at 4650 Broadway is the largest floorplate available within Department of Health specifications for ambulatory care and surgery in Washington Heights. It includes 12 to 16-foot ceilings, wide column spans and high-performance façade and mechanical systems,” says DiMare.

About Arden Group
Arden Group is a vertically integrated middle market private real estate fund manager. Founded in 1989 by current CEO Craig A. Spencer, Arden has a seasoned executive team with experience through multiple market cycles. Arden has in-house expertise in acquisitions, development, capital markets, property management, asset management, and dispositions, which enables us to manage the full life cycle of our investments with an operator mindset. The firm employs a proactive investment approach driven by long term secular macro trends. Arden applies in-depth knowledge and expertise to identify sector themes with positive trends and then actively transitions asset allocation to align with its high conviction views. Arden is steadfast in its commitment to responsible investing and fostering a culture of diversity and inclusion.

Since its inception, Arden has acquired over $7 billion of real estate properties and asset managed in excess of $12 billion of commercial real estate assets. In 2017, Arden established what is now Arden Logistics Parks, a fully integrated industrial operating platform, with 58 professionals and a portfolio of 11M square feet across 15 markets in the U.S. In 2023, Arden Logistics Parks was named Best Places to Work in PA by Central Penn Business Journal and Lehigh Valley Business. In 2019, the firm established Arden Living, a vertically integrated multifamily and student housing platform, which now has a portfolio that spans over 1,400 multifamily units in NYC, Jersey City, Miami, Nashville and Salt Lake City and over 1,300 student housing beds in Tallahassee (FSU) and Las Vegas (UNLV).

For more information, please visit www.ardengroup.com.

About Newmark
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate, seamlessly powering every phase of the property life cycle. Newmark’s comprehensive suite of services and products is uniquely tailored to each client, from owners to occupiers, investors to founders, and startups to blue-chip companies. Combining the platform’s global reach with market intelligence in both established and emerging property markets, Newmark provides superior service to clients across the industry spectrum. For the year ended December 31, 2023, Newmark generated revenues of approximately $2.5 billion. As of June 30, 2024, Newmark’s company-owned offices, together with its business partners, operate from approximately 170 offices with 7,800 professionals around the world. To learn more, visit nmrk.com or follow @newmark.

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