Despite a downturn in leasing across Downtown NYC, 28 Liberty stands out with an impressive occupancy rate of over 89%. This success is partly attributed to the MKDA-designed amenities within the building. Notable features include Halo, a premier 750-person event space; Manhatta, a refined dining experience; and Court 16, an innovative recreation area with pickleball courts.
Two major towers on Liberty Street shrugged off the pandemic’s worst damage and their owners are putting the final touches on their ongoing success.
The first is at 28 Liberty St. – owned by Fosun Hive Holdings, the real estate division of Chinese conglomerate Fosun International. Fosun has gone from success to success at the 60-story, 2.5 million square-foot tower since buying it from JPMorgan Chase for $750 million in 2017 and spending $160 million more to modernize.
The skyscraper, a designated city landmark, is more than 89% office-leased and will soon reach percentages in the mid-90s when several pending deals are completed, according to Thomas Costanzo, a global partner of Fosun and CEO of Four Trees Asset Management which runs the building.
Most of the retail space is leased as well. Now, Fosun is turning its attention to the final piece of the puzzle — roughly 30,000 square feet for a flexible event space it’s branding as Halo, set at the tower’s base, which can accommodate up to 750 guests.
Costanzo said Halo would complement the tower’s top-floor restaurant, Union Square Hospitality’s Manhatta, which does a thriving events business.
The new, ground-floor venue is adjacent to the tower’s famed 2.5-acre plaza designed around sculptures including Jean Dubuffet’s “Group of Four Trees.”
Costanzo said Halo, still partly under construction, has already been booked for events including one for this month’s Fashion Week, although he wouldn’t name the designer. Halo is run by Jason Berkeley, the COO of Four Trees Capital Management
After Chase moved out, Fosun drew new tenants such as the New York State Attorney General’s office and AIG.
“We basically re-leased the whole building,” Costanzo said.
Office asking rents range from the mid-$50s to mid-$70s per square foot.
The tower’s 200,000 square feet of retail space are home to a 45,000 square-foot, 15-screen Alamo Drafthouse Cinema complex; a 20,000 square-foot indoor soccer facility called Socceroof, and Court 16, a 13,000 square-foot tennis and pickleball club.
Source: New York Post
