Newmark Group Inc. announced that the Company has been named by Vornado Realty Trust as the exclusive leasing agent for the next stage in its retail transformation in The Penn District in Manhattan.
Vornado has tapped the Newmark retail team overseen by Chairman of Global Retail Mark Masinter, who will work closely with Newmark’s Retail Vice Chairman Karen Bellantoni, Jackie Totolo, Pierce Thompson and Nick Masinter.
The reinvention of Vornado’s retail holdings is a core component of its $2.5 billion revitalization of The Penn District campus. Over the past decade, Vornado has redeveloped more than five million square feet of Class A office space, introduced more than 300,000 square feet of inviting public plazas, and led a series of public-private partnerships to enhance the area’s transit infrastructure. In conjunction with these projects, Vornado has developed 1.1 million square feet of new retail throughout its Penn District holdings.
The newly created space is now home to a wide array of retailers, including more than 70 curated food and beverage purveyors. Plaza 33, the newly landscaped pedestrian square, is populated with a series of standout restaurants including The Dynamo Room, Bar Primi and Blue Ribbon Sushi & Steak. At the new Moynihan Train Hall, Vornado has created a diverse dining scene anchored by Avra Estiatorio. Vornado also led the expansion and redevelopment of the Long Island Rail Road concourse, Penn Station’s main underground passageway, which is now fully lined with a mix of national and local dining options and retailers.
“It is a privilege to partner with Chairman and CEO Steve Roth, Executive Vice President and Co-Head of Real Estate Glen Weiss and the entire Vornado team – one of the most significant and visionary real estate owners not just in New York City, but across the continent – as we take on this extraordinary responsibility,” Mark Masinter said. “With Madison Square Garden as the world’s premier venue, Penn Station as the western hemisphere’s busiest transit hub, and 34th Street and Seventh Avenue among the most active intersections in North America, the opportunity to help shape the future of The Penn District is a remarkable honor for Newmark to advise.”
Vornado is now in the initial stages of creating a cohesive street-level retail experience along both sides of Seventh Avenue between 33rd and 34th Streets. Working with Newmark, Vornado will develop this corridor to complement existing anchors Macy’s and Primark’s 78,000-square-foot flagship store set to open this spring. Newmark will also work with Vornado on its Moynihan Retail Corridor, which serves as the central spine of the Moynihan Train Hall.
“Through our redevelopment of The Penn District, we have thoughtfully curated a diverse blend of local and nationally owned restaurants, cafes and shops that offer something for all workers, residents, commuters and visitors who experience the neighborhood on a daily basis,” said Weiss. “We have methodically remade The Penn District as a 24/7 neighborhood for every occasion and every taste. The success of our transformative work is evident across all corners of the neighborhood. In partnership with Mark and the Newmark team, we will make The Penn District retail environment New York’s next big event.”
