New York- March 8, 2010 –Cassidy Turley, one of the nation’s largest commercial real estate service firms in the U.S. announced today that the New York School of Interior Design (NYSID) has signed a 20-year lease at 401 Park Avenue South for 40,000 square feet of space. The space will accommodate NYSID’s graduate programs, including two unique MFA programs in Interior Design, and master’s degree programs in Sustainable Interior Environments, Interior Lighting Design, and Historic Preservation.
Over the next two years NYSID expects to complete its expansion at 401 Park Avenue South. In the first phase, which is expected to be completed this Fall, NYSID will occupy 20,000 square feet on the entire third floor. In the second phase of the expansion, expected to be complete by Fall 2011, NYSID plans to renovate and move in to the entire 2nd floor of the building. “We are pleased to have the New York School of Interior Design join our prestigious roster of Tenants at 401 Park Avenue South,” said Stephen J. Meringoff, the building’s Owner.
“This transaction comes at a very exciting time for The New York School of Interior Design,” said Neil Lipinski, Principal/Senior Managing Director at Cassidy Turley. “We are very pleased to have identified the perfect space, building and its Ownership for the school to house their graduate programs. The space fits many of NYSID’s requirements: an abundance of natural light from the oversized windows; direct subway access to NYSID’s Upper East Side campus; and a separate entrance on East 28th Street that provides NYSID with terrific branding opportunities. Finally, given that the school will house its sustainable design programs at this location, it is only fitting that the space be LEED-certified, which NYSID is pursuing. Importantly, the landlord, Meringoff Properties, is familiar with the special requirements of schools of higher education, fully embraces the use, and is enthusiastic about NYSID being its first LEED-certified tenant in 401 Park Avenue South. We could not have found a more accommodating landlord.”
Mark S. Stein, Senior Vice President and Director of Leasing and Jason Vacker, Assistant Vice President, represented the landlord. Assisting Mr. Lipinski was his associate, Tim Kucha, Director, and David Lebenstein, Senior Managing Director in the Not-for-Profit practice at Cassidy Turley. Jonathan Rose Companies is acting on behalf of NYSID as well.
”NYSID feels exceptionally fortunate to have found in 401 Park Avenue South a home for the college’s growing complement of graduate programs in a variety of design disciplines,” said NYSID president, Dr. Christopher J. Cyphers. “This expansion represents an important step towards realizing our vision to become a national leader in design education. NYSID is grateful to Mr. Lipinski and his colleagues for unearthing a space we all fell in love with during the first visit, and we are gratified by the property ownership’s support of our educational mission.”
The New York School of Interior Design, founded in 1916, is New York’s only private, not-for-profit college devoted exclusively to interior design education and related disciplines.
The New York School of Interior Design is currently located at 170 East 70th Street and offers certificate, undergraduate and graduate programs in the field of interior design, design history and theory, sustainable design, and lighting design. The college is an accredited institutional member of the National Association of Schools of Art and Design (NASAD) and NYSID’s BFA is accredited by the Council for Interior Design Accreditation (CIDA).
About Cassidy Turley
Cassidy Turley is one of the largest commercial real estate service providers in the U.S., with 420 million square feet of managed space in 57 locations and $16 billion in completed transactions for 2008. The firms comprising Cassidy Turley include Cassidy & Pinkard Colliers in Washington, DC, Colliers Turley Martin Tucker in the Midwest, Colliers ABR in New York City and Colliers Pinkard in Baltimore, Charlotte and Raleigh, along with the addition of BT Commercial and CPS in Northern California (formerly affiliated with NAI and CORFAC, respectively), BRE Commercial in Southern California and Phoenix (both formerly affiliated with Grubb & Ellis) and Colliers Houston & Co. of New Jersey. Collectively, the Cassidy Turley firms have over 360 shareholders. Through its team of experienced service professionals, Cassidy Turley focuses on the needs of its clients, offering end-to-end services delivered across a full spectrum of commercial real estate including Capital Markets, Corporate Services (which supports more than 22,000 locations), Landlord and Tenant Representation and Property and Project Management. The firm also offers specialty services and industry focused practice groups as well as first class market research. In addition, Cassidy Turley is a leader in assisting clients to create more sustainable workplace environments.