Newmark Group, Inc. announced that it has been selected as the exclusive leasing agent for the next phase of Vornado Realty Trust’s $2.5 billion PENN District retail revitalization, a project that has already added 1.1 million square feet of new retail space to the area.
The new leasing mandate focuses on a street‑level retail corridor along Seventh Avenue between 33rd and 34th Streets, a location that will be anchored by Macy’s and the upcoming Primark flagship store. The corridor is intended to complement the district’s existing retail mix and to create a vibrant 24/7 destination for shoppers and visitors to Penn Station and Madison Square Garden.
For Newmark, the partnership expands its footprint in the New York City market and reinforces its three‑engine business model, which prioritizes U.S. retail leasing, commercial real estate advisory, and capital markets. The mandate positions Newmark to capture a larger share of the city’s premium retail leasing activity and to generate recurring revenue from tenant representation and landlord agency work.
Newmark’s Q3 2025 earnings, reported on October 30 2025, showed a revenue of $863.46 million and an EPS of $0.42, beating analyst expectations and underscoring the firm’s strong execution. Vornado’s Q3 2025 earnings also beat expectations, with an EPS of $0.57, indicating that both companies are performing well in a resilient retail environment.
The exclusive leasing role gives Newmark a high‑profile platform to showcase its expertise in a dynamic urban corridor, signals confidence in the long‑term viability of the PENN District, and may influence future leasing activity in the area, positioning Newmark as a key player in the city’s retail transformation.
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