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NEW YORK CITY-The New York Mortgage Company LLC is expanding from space it has occupied at 304 Park Avenue South since June 1998 and moving its headquarters into 62,600 sf at 1301 Avenue of the Americas. The space is subleased from Price Waterhouse Coopers who is consolidating its Manhattan offices. The term of the sublease for the entire seventh floor in the property, part of Rockefeller Center, is seven and a half years. The broker for NYMC is Dan Rapaport of Newmark Real Estate and the moving date was June 6. The financial terms were not released, however sublease space in Class A offices in the Rockefeller Center vicinity averaged $52.02 per sf in May, according to a report. An NYMC spokesperson says the lease rate is considerably lower than the current sublet space average.

“Our lease at 304 is not up until December 31, 2008, but our expansion needs were so great-and the PWC deal was so favorable-that we really had no choice,” says Steven Schnall, NYMC president. “Our 19,500 sf at 304 are now available for immediate sublease and on excellent terms, of course.”

The New York Mortgage Company closed on nearly $2 billion of mortgages in 2002. The firm is licensed/authorized to do business in 24 states and plans are under way for additional expansion.

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