#USA #New York #Newmark Group #Vornado Realty #THE PENN DISTRICT

Newmark Partners with Vornado Realty Trust

Newmark Group, Inc. (Nasdaq: NMRK) has officially been selected as the exclusive leasing agent by Vornado Realty Trust for the next phase of retail development in the iconic PENN DISTRICT in Manhattan. This collaboration marks a significant step in transforming the area into a vibrant commercial hub. Newmark's retail team, led by Chairman Mark Masinter, will work closely with Vice Chairman Karen Bellantoni and their experts, including Jackie Totolo, Pierce Thompson, and Nick Masinter, to shape this project.

A Vision for Reinvention

Vornado Realty Trust has ambitious plans for the PENN DISTRICT as part of its broader $2.5 billion revitalization initiative. Over the past decade, Vornado has successfully redeveloped over 5 million square feet of Class A office space. The redevelopment has also seen the introduction of numerous public plazas, enhancing the area's appeal for both locals and visitors. As part of this transformation, the company has developed 1.1 million square feet of new retail space, designed to cater to the diverse tastes of the community.

The newly created spaces boast over 70 curated food and beverage offerings, adding a dynamic edge to the shopping experience. Notable dining spots like The Dynamo Room, Bar Primi, and Blue Ribbon Sushi Steak populate the beautifully landscaped Plaza 33. Moreover, the recently revamped Moynihan Train Hall features a thriving dining scene led by Avra Estiatorio, significantly enhancing the commuter experience.

A Street-Level Experience

As Newmark steps into the role of leasing agent, they will focus on crafting a cohesive retail experience along Seventh Avenue, specifically between 33rd and 34th Streets. This newly developed corridor aims to complement prominent anchors such as Macy's and Primark's flagship store, slated to open in Spring 2026. Additionally, Newmark will assist Vornado in enhancing the Moynihan Retail Corridor, positioned as the backbone of the Moynihan Train Hall.

Mark Masinter expressed his enthusiasm for the partnership, stating, "It is an honor to collaborate with Steve Roth and the talented team at Vornado, renowned for their visionary real estate leadership. The energy of Madison Square Garden, the bustling Penn Station, and the excitement surrounding Seventh Avenue offers a remarkable opportunity for us to shape the future of THE PENN DISTRICT."

Glen Weiss, Executive Vice President and Co-Head of Real Estate for Vornado, echoed this sentiment, highlighting their commitment to fostering an inclusive environment that caters to everyone who visits the area—whether they're workers, residents, or tourists.

The Future of THE PENN DISTRICT

The ongoing development at THE PENN DISTRICT is an exciting reminder of the potential for urban spaces to evolve and meet the needs of a modern populace. Vornado’s transformative efforts are paving the way for a bustling neighborhood that combines convenience, variety, and vibrancy. As the project progresses, it will cement THE PENN DISTRICT's status as one of New York City’s next hot retail destinations.

For those eager to explore what the future holds, keep an eye on this exciting transformation. Newmark is committed to ensuring that this revitalized setting becomes a thriving hub, offering an array of shopping and dining experiences.

About Vornado Realty Trust

Vornado Realty Trust (NYSE: VNO) is a highly influential real estate investment trust (REIT), with a diverse portfolio spanning premier office, retail, and multifamily assets in New York City and beyond. Its commitment to sustainability is evident, with all in-service office buildings LEED certified, with over 95% receiving LEED Gold or Platinum certification.

About Newmark

Newmark Group, Inc. operates as a leading player in commercial real estate, adeptly managing every phase of the property lifecycle. With groundbreaking services tailored to fit various client needs, Newmark has established its presence across four continents with a workforce of over 8,500 professionals. To stay updated on Newmark's endeavors, visit their website or follow them on social media.