New York magazine is leaving its buttoned-down Madison Avenue location for more spacious digs in trendier SoHo.
Sources at the weekly say a deal is expected to be inked by today to move its headquarters from 444 Madison Ave to One Hudson Square, otherwise known as 75 Varick St.
The move is expected to take place in late August. There was no word on the details of the lease.
According to some familiar with the pending deal, the new space will comprise approximately 73,000 square feet, or the entire fourth floor of the 17-story building – larger than the three full floors and two half floors the magazine presently occupies.
“It’s an ideal space for a growing staff,” said a well-placed source, of the workforce that now numbers over 200. “And we’ve grown a lot since we were bought by Bruce Wasserstein.”
New York Media Holdings, LLC, an entity controlled by Wasserstein family trusts, bought the 39 year-old publication in 2003 from Henry Kravis’ Primedia Inc for $55 million in cash and the assumption of some liabilities.
Those liabilities came as a result of flat sales, following magazine’s heady days of cutting edge reporting in the early to mid 1990s.
“We believe New York has significant long-term value and growth potential. It is the leading magazine for successful New Yorkers and we intend to build from this position to enhance this historic franchise and extend the brand,” Bruce Wasserstein, the chairman of New York Media Holdings and the CEO of Lazard investment house, said at the time.