COMMERCIAL
THE MOINIAN GROUP COMPLETES MULTI-FLOOR MEDICAL OFFICE EXPANSION AT 535 5TH AVENUE
Real Estate Weekly | May 25, 2022
THE MOINIAN GROUP COMPLETES MULTI-FLOOR MEDICAL OFFICE EXPANSION AT 535 5TH AVENUE
COMMERCIAL
THE MOINIAN GROUP COMPLETES MULTI-FLOOR MEDICAL OFFICE EXPANSION AT 535 5TH AVENUE
Real Estate Weekly | May 25, 2022
The Moinian Group announced today that it has completed a two-floor expansion with the Shafer Clinic at 535 5th Avenue, the owner/developer’s prime midtown asset. Led by double board-certified cosmetic surgeon David Shafer, MD, the practice’s medical office footprint in the building is now 25,000 square feet.
The Shafer Clinic, which already occupies the 32nd – 36the floors, has now expanded by 9,700 sf onto the 29th and 30th floors. Dr. Shafer specializes in all aspects of aesthetic and cosmetic surgery, combining and surgical and non-invasive procedures.
“The velocity of leasing activity is accelerating throughout our office portfolio,” said Ted Koltis, Executive Vice President of Commercial Leasing for The Moinian Group. “Dr. Shafer is a long-time tenant with a thriving practice who needed additional space to accommodate the growth of his practice. We are gratified to know that he will continue to be a tenant at 535 5th Avenue for years to come.”
Built in 1927, 535 Fifth Avenue is a 36-story, 329,733-sf office tower located among New York City’s most prominent retail and office buildings in the heart of Midtown Manhattan. Renovated by the architectural firm Gensler, this leasable workspace is well known for its elegant architecture, full-floor spaces, and sweeping views of Fifth Avenue and the city’s skyline.
Tenants and visitors can enjoy opulent retail and high rated restaurants nearby such as Osteria del Bianco, The Capital Grille, and Kaoru.
Inside, this building features a variety of amenities such as 24/7 on-site security, boutique full-floor leasing opportunities, video surveillance, and large windows that flood the workspace with natural light. Lotte New York Palace, The St. Regis New York, and Baccarat are some of the 5-star hotels which are located within a 5-minute drive from the property.
This office building is well connected throughout the city and offers a close proximity to a multitude of transportation options, such as the Amtrak from Grand Central Terminal, LIRR at Penn Station, Port Authority Bus Terminal, Times Square Station, Bryant Park, Herald Square Subway.
535 Fifth Avenue is a sustainable office building, this space boasts an environmentally responsible design, showcased by LEED Gold certification.
The Shafer Clinic expansion continues robust leasing throughout the portfolio. The Moinian Group is also seeing intense demand for office space in Midtown South at 72 Madison Avenue and 60 Madison Avenue, two boutique office properties in close proximity to Madison Square Park.
In addition, The Moinian Group continues construction of its 200,000-sf Hudson Arts Building at 220 11th Avenue, expanding its investment and presence along the Far West Side. Known as The Moinian Mile, the developer owns more than 4 million square feet of real estate on 11th Avenue alone. Those properties include residential—The Oskar at 572 11th Avenue and Sky at 605 West 42nd Street, the largest luxury residential property in Manhattan—and commercial properties including The Hudson Arts Building and 3 Hudson Boulevard, a 1.9-million-square-foot office tower set to rise in the heart of the Hudson Yards District with JV partner Boston Properties.