Netflix Takes 100 KSF in Manhattan
- Apr 19, 2019
Netflix is expanding in New York City, taking up approximately 100,000 square feet at Normandy Real Estate Partners’ 888 Broadway mid-rise in the Flatiron District, according to a statement by Governor Andrew Cuomo. Last October, the streaming giant had put its foot in the door through a 12-year, 38,000-square-foot lease at the building, according to Yardi Matrix. CBRE oversees leasing operations for the property.
Netflix is set to house 127 new positions in its new space, alongside its existing 32 employees. The company will also use approximately 161,000 square feet for sound stages and support space at another building owned by Normandy, 333 Johnson Ave. in Brooklyn.
Normandy acquired the upper floors of the 237,000-square-foot, 19th-century building in December 2017 as part of a $133 million portfolio deal with ABC Carpet & Home, which continues to operate out of the ground floor. That transaction also included a 130,000-square-foot retail structure at 38 E. 19th St.
Constructed in 1882, 888 Broadway is currently undergoing significant renovations. The project, anticipated to wrap up this summer, is slated to breathe new life into the building with a new office lobby and rooftop space, alongside new elevator systems and updated common areas.
Less than half a mile down the street, Normandy is working alongside Columbia Property Trust to develop a new, 182,000-square-foot Class A office building. In October, Newmark Knight Frank arranged $187 million in construction financing for the project, slated for completion in 2020.