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Last fall, the average asking rent in the location Broadway between Houston and Broome streets was $358 per square foot, or 25 percent lower than a year previously, according to a report by the Realty Board of New York. The property owner's brokers the Maglio, Shuster, Zisholtz Commercial Group at Douglas Elliman said the brand-new lease brings "much needed energy" to the location, however declined to comment on prices.

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While the renovation, led by INC Architecture & Design, occurs over the coming months, the large windows will be plastered with pop-culture quotes and recommendations to the city. Amongst the sources will be Jay-Z, the television program "Pals" and comic Jerry Seinfeld, whose face and words beautified the facade of one of Miki Naftali's condominium projects on the Upper East Side in 2015.

A lounge, show cooking area and i, Pad showing listings will inhabit the building's lower level and part of the ground level, with conference room and co-working space for representatives on the leading 2 floorings. Serhant stated his brand-new workplace, dubbed "SERHANT.  More Discussion Posted Here ," was the outcome of his now 42-person company outgrowing its inaugural workplace area in Tribeca.

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"All company resources will be under the very same roofing system," stated Serhant, though he kept in mind that the new lease isn't a relocation towards a traditional office. His representatives are still outfitted to work from another location; the office is created to be a conference center and will also be accessible to non-agents and workers.

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To be a Serhant member, representatives need to have completed the broker's $500 initial course. Month-to-month subscription charges start at $10, while "professional" membership bundles costing $10,000 to $24,000 include mentorship from Serhant and other coaching services. Serhant is not the only brokerage investing in office in the city. The Corcoran Group is also remodeling an office at the IBM Building in Midtown, which will serve as its new corporate head offices and the office of 400 agents.