For Pembrook and Manhattes, Success Is Helped by a Future Walk in the Park

NEW YORK, Aug. 30 /PRNewswire/ -- The Manhattes Group, LLC ("Manhattes"), a commercial leasing and development company located in New York City, has been retained by Pembrook Capital Management, LLC ("Pembrook"), a commercial real estate investment management company to assist in the development, marketing and leasing of a three building, 180,000 square foot commercial loft project known as 511-541 West 25th. Since taking over the project earlier this year, Pembrook and Manhattes have significantly renovated and repositioned the property, which is located directly on the High Line Park, and increased occupancy from 45% to 75%.

"There's a lot of excitement in the community as the High Line Park continues to develop, and I believe that the property has directly benefited from that excitement. The property is now home to a mix of fashion, public relations, technology, and art-related tenants," said Jamie Weiner, founder of Manhattes, "The building is almost fully renovated and we are currently negotiating six pending leases representing an additional 20,000 square feet. This would bring the property to 86% occupancy."

The project is bound by the Chelsea Arts Tower to the west and the future High Line Park to the east. The High Line Park is currently under construction adjacent to our building, and is expected to be complete within 12 months. The property underwent a $15 million renovation, which improved and updated the building common areas, facade, and lobbies. Each tenant engaged their own architect to design a custom space for their own needs.

Tenants include IMG Worldwide Holdings; Tesla Motors; CD Network, one of the fashion world's largest reps of European fashion designers; and Bismarck Phillips, one of the most prominent Fashion PR firms in New York City. IMG, CD Network, and Bismarck Phillips each leased 10,000 square feet of commercial space, while Tesla Motors leased a 7,000 square foot showroom on the ground floor level of the project.

Mr. Weiner went on to add, "Other tenants include Minimal Cucine, an Italian kitchen cabinet manufacturer, Axelle Fine Arts, Dreams Studio Photography, Buzz Kelly Interiors, and the Eleanor Ettinger Gallery. Our strategy for the building is to target 'creative type tenants' and then execute first class construction and management during the leasing and move-in phases."

Pembrook Capital Management, LLC is a commercial real estate investment management company that provides capital to developers and owners of real estate on a national basis through the acquisition and/or origination of real estate debt and equity. The firm was founded by Stuart J. Boesky, the Chief Executive Officer of CharterMac from 1997 to 2005 (now Centerline Capital Group), who led that firm to become one of the largest real estate financial services firms in the nation.

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SOURCE The Manhattes Group, LLC