The Malin Plans to Open Fourth New York City Space, on Manhattan’s Park Avenue
The Malin, a NYC-based coworking operator known for providing chic neighborhood flex workspaces with a focus on design and community building, announced its plans to open its fourth location this upcoming summer – The Malin NoMad.
The new Malin space is set to reside at 387 Park Ave. S., occupying the entire fifth floor of the newly renovated building owned by TF Cornerstone, more precisely, a total of 20,000 square feet. The space will include 10 private offices, 18 dedicated desks, 16 phone booths and three meeting rooms, as well as a boardroom, an equipped kitchen, a library and five communal tables, all for the benefit and comfort of the Malin members.
The building, which was first finished in 1910, is 12 floors tall and 232,000 square feet in size. Approximately 15,000 square feet of retail space is also included. The owner improved the façade, mechanical systems, and lobbies with a more than $20 million rehabilitation program that was finished in 2017. The improvements were created by the architecture company Moed de Armas & Shannon.
The property was the subject of a $100 million loan from Equitable Insurance Co. in 2015 with a 15-year duration. According to the same source, tenants at the building include Criteo, Silicon Valley Bank, and Atrium Staffing. The 28 Street subway station and Madison Square Park are both easily accessible by foot from the building.
According to a recent CommercialEdge research, Manhattan was still the most expensive market in the country as of January, with listing rates peaking at $68, a 9.9 percent decrease from the previous year. The borough’s vacancy rate was 16.5%, which was lower than the 18% US rate and increased by 100 basis points in a year. Moreover, New York City has been declared one of the most expensive metro areas in the nation in terms of pricing for both open workspaces and dedicated desks.
Apart from the upcoming Park Avenue office, The Malin currently has three other spaces in NYC – in Soho, Williamsburg and West Village – as well as two others in Nashville and offers various membership options, including day passes or monthly options for open workspaces and dedicated desks.
Read more about The Malin on the official website.
