Coworking operators are continuing to ride off post-pandemic demand for flexibility.
Jay Suites is the latest company to open a new location, this time in the Chelsea neighborhood of Manhattan. The 60,000 square foot lease will mark Jay Suites’ tenth location and feature both coworking and event space amenities.
The new location is situated on 159 West 25th Street, a 102,500 square foot building in Midtown South, which cofounder Juda Srour says the company got for a solid deal. According to Srour, the company signed the lease for $30 per square foot – a massive discount compared to the $82.50 per square foot average in the borough.
“We only take deals that are very aggressive,” said Srour. “We’re finding rates that you’re never going to see again. … We’re talking below 2009 and 2010 [prices].”
Earlier this year, Jay Suites also signed leases for an events space close to Bryant Park, as well as a coworking space at the Trump Organization’s 40 Wall Street tower.