Coinbase to create its first office in New York
Coinbase, the San Francisco-based trading platform for bitcoin and other digital currencies, is setting up its first office in New York City, Realty Check has learned.
The big-ticket startup, with a market valuation of $ 85.7 billion based on outstanding shares, went public via a much-anticipated direct listing in April – the first major cryptocurrency company in the United States to sell. actions publicly.
Now he’s taking a brick and mortar stake in the Big Apple. Coinbase quietly sublet 30,000 square feet to Point72 Asset Management from Steven A. Cohen at 55 Hudson Yards from Related Co., sources reported.
That’s a small portion of Point72’s 339,000 square foot total at the tower, but a big move from Coinbase, which has increased its user count to 56 million as interest in cryptos skyrockets. It’s also worth noting that Hudson Yards is best known for its corporate, media, and law tenants, not tech.
“This is a new brand of users not only for Related’s Hudson Yards, but also for the entire Far West Side region,” said a market observer.
Representatives for Related, Point72 and Coinbase could not be reached over the weekend.
Coinbase allows customers to trade cryptocurrencies relatively easily using a “digital wallet” and charges a fee for each transaction.
The operation was reported for security breaches that affected a handful of customers, but said it was taking action to address the issue.
However, the trade has been choppy since its listing. The stock rose initially, trading above $ 341 per share in April as the price of bitcoin climbed to a record high of around $ 65,000. Shares on Friday closed at $ 223.93 per share.
Meanwhile, the city-wide glut of sublets – which threatened to overwhelm the office market – is easing somewhat.
According to a new report from CBRE, the volume of new sublet offers has started to slow. Perhaps more significantly, some tenants are now “pulling [sublease space] out of the market, ”because they plan to reoccupy the space when remote workers return to their desks, according to the study.
CBRE did not specify which companies were doing this. But we’ve learned from CoStar listings and some brokers that they include State Street Corp., Bank of Montreal, Gap, Inc., and Avon Cosmetics.
The 2 million square feet withdrawn from the sublet market this year is only a small part of the 19 million to be gained since the start of 2020. But a trend seems to be in the air as more than half of withdrawals took place in April and May. .
Reflecting the improvement in the retail space market, the trendy bespoke furniture chain ModShop has expanded from 26 W. 20th St. to larger digs at 40 E. 19th St., where it has Took 3,000 square feet for a new showroom. The location was once home to Beckenstein Fabrics. The rent charged was $ 100 per square foot.
ModShop is present in five cities, including Los Angeles where it manufactures most of its products.
The East 19th Street lease was negotiated by Stacey Kelz, manager of Stacey-Robins Realty for the tenant and Yitzak Loria of Loria Management for the landlord.
Last week, the openings of chef Andrew Carmellini’s magnificent split-level restaurant, Carne Mare, and his burger and candy restaurant, Mr. Dips, marked a major milestone for Pier 17 in the Seaport District, the Howard Hughes Corp.’s $ 750 million transformation from the old south Rue du port maritime.
All the restaurants on the pier are finally fully operational after years of postponement. We first reported on Carmellini’s lease in 2018, but it has remained dark even though construction mostly ended last year.
Jean-Georges Vongerichten’s Fulton was launched in 2019 but closed in March 2020. It is now running at full speed after a gradual reopening in stages.
David Chang’s Fuku died out for over a year before being replaced by an outpost of his Ssam Bar.
The missing restaurants were the painful black hole of the indoor-outdoor complex. But now, with Malibu Pier also open in the arcade and the Greens on the roof also making patrons happy (except in the rain), Pier 17 has finally delivered on its promise.