Corcoran Sunshine to close Seventh Avenue office

Corcoran Sunshine is behind the lion’s share of New York City’s new development deals, but the firm has an in-house deal of its own. 

The new development brokerage will leave its space at Vornado Realty Trust’s 888 Seventh Avenue for the Corcoran Group’s headquarters, nearby at 590 Madison Avenue.

The company is slated to move out by the second quarter of this year and trim its office footprint by 11,000 square feet. Corcoran will keep its six other Manhattan offices.

“Due to digital tools and the remote nature of the workplace, our team is thriving with increased flexibility which reduces the need for multiple locations in the same area,” the spokesperson said in a statement. “This shift allows us to better allocate resources.” 

Corcoran Sunshine staff will report to the Madison Avenue headquarters, which spans 50,000 square feet across two floors. The Corcoran Group’s west side office at 888 Seventh Avenue will also relocate, with agents transitioning to work from an office of their choosing.

Corcoran Sunshine’s departure from Vornado’s Seventh Avenue, designed by Emery Roth & Sons and spanning 880,00 square feet, leaves the building about eight percent vacant, according to its website. A Vornado representative declined to comment.

The landlord is unlikely to hold a grudge over Corcoran Sunshine’s exit. The brokerage has sold almost all of Vornado’s 220 Central Park South, where revenue climbed above $3 billion and the developer took home more than $1 billion in profit.

Corcoran generated $3.6 billion in sales volume through 1,179 sides. This accounted for nearly 40 percent of its total volume last year and 25 percent of all New York City’s new development deals in 2022, according to TRD Data. 

The firm’s current projects include Extell’s Central Park Tower and One Manhattan Square, Witkoff and Access Industries’ One High Line and Related Companies’ 450 Washington Street.

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