The Malin to Open Fourth NYC Coworking Location at TF Cornerstone's 387 Park Ave. South

Flexible office provider, The Malin, announces the opening of The Malin NoMad, a new coworking space in Manhattan, New York. This marks the company's fourth location in the city, set to launch in the upcoming summer.

Location and Facilities

The Malin will occupy the entire fifth floor of 387 Park Ave. S., offering a comprehensive workspace spanning 20,000 square feet. The space will feature amenities such as private offices, meeting rooms, phone booths, dedicated desks, communal tables, a boardroom, library, and kitchen.

Building Renovation and Design

Originally built in 1910, the building has undergone significant renovations, including a $20 million upgrade program completed in 2017. These renovations, carried out by architecture firm Moed de Armas & Shannon, focused on enhancing the lobbies, mechanical systems, and facade.

Property Details and Tenants

With a total area of 232,000 square feet, the building also includes 15,000 square feet of retail space. It secured a $100 million loan in 2015 from Equitable Insurance Co. The property hosts tenants such as Atrium Staffing, Silicon Valley Bank, and Criteo. Its proximity to Madison Square Park and the 28th Street subway station adds to its appeal.

Manhattan Market Overview

As of January, Manhattan retained its position as the nation's most expensive market, despite a 9.9% year-over-year drop in listing rates, which stood at $68. The borough's vacancy rate reached 16.5%, a slight increase over 12 months but still below the national average of 18%.