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Travel Agency SmartFlyer Takes 8K SF At 530 West 25th Street

Luxury travel agency SmartFlyer booked its own trip across town to 530 West 25th Street.

SmartFlyer signed a 10-year lease for 7,900 square feet on the seventh floor and penthouse of the 77,500-square-foot Chelsea office building, landlord The Feil Organization announced.

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A spokesperson for Feil declined to share the asking rent, but average asking rent for office space in Chelsea was $74.06  per square foot in the first quarter of 2024, according to a Cushman & Wakefield report.

SmartFlyer's current headquarters are at 347 West 36th Street in the Garment District, according to its LinkedIn page. It also lists addresses in Hohokus, N.J.; Clayton, Mo.; Atlanta; Philadelphia; and several in Australia on its website.

The agency specializes in full-service travel packages for corporate clients and deep-pocketed vacationers. 

SmartFlyer's founder and CEO, Michael Holtz, said in a statement that the location and type of building were particularly important to the company in its search for a new home in New York City. 

"We wanted to be in a creative area to reflect our team's brand value, as well as a space that will encourage excitement about coming to a space that most of us call home," Holtz said. 

Compass' David Graff arranged the deal for SmartFlyer while Andrew Wiener, Rob Fisher and Henry Korzec represented Feil in-house. Graff did not respond to a request for comment.

Weiner said in a statement that Feil is taking a "detail-oriented approach" to design SmartFlyer's space, which includes a private roof deck and a spiral staircase connecting the penthouse to the floor below.

Feil purchased 530 West 25th and neighboring 520 West 25th Avenue in 2019 for $72 million and redeveloped both loft buildings into boutique office properties. The ground floor of 530 West 25th is currently occupied by two art galleries: Agora Gallery and Winston Wächter Fine Art.

Abigail Nehring can be reached at anehring@commercialobserver.Com.

Travel Agency Sales Strong To End March

One month before the end of bookings and travel, the 2023/24 winter season has seen sales growth of 21% compared to the previous year and 16% compared to the pre-crisis winter of 2018/19.

This is the first time since the outbreak of the pandemic that the winter season has achieved a positive final sales result, following the previous summer season in 2023. This is not surprising. Several German tour operators had a number of offers for early bookers. Bookings for summer 2024 were generally strong, as reported by DER Touristik.

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Two further examples: Bookings of classic package holidays from the Alltours summer programme 2024 could still be cancelled or rebooked free of charge until 31 December 2023. At TUI Group, early bookers for the 2024 summer holiday benefited from discounts of up to €300.

However, the shortfall in bookings has decreased by around 2% from month to month — currently a minus of 8% remains.

As already mentioned, demand for summer holidays was particularly high in the booking month of March 2024. After all, this month accounted for 68% of monthly sales. According to the current booking situation, Turkey and Spain are the top summer destinations, followed by Greece.

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TUI recently spoke of a "wave of early bookings in the Mediterranean". According to the tour operator, Turkey, Spain, and Greece are all on the rise. "You don't often see that in tourism," said Stefan Baumert, Chairman of the TUI Deutschland Management Board.

In addition to Turkey (up 45%), Portugal and the Spanish mainland (both up 22%) and the United Arab Emirates (up 25%) are also enjoying increasing popularity among German holidaymakers compared to the previous year. Also, cruises stand out with cumulative summer growth of 29% compared to the current booking situation and the previous year. Germans spent almost €8.8 billion on their summer holidays this year.

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This means that the occupancy rate has already reached 63% compared to last year's peak sales season. Cumulative sales growth currently stands at 21% with a 16% increase in the number of people booked. Compared to the 2019 summer season, which was not affected by the pandemic, the shortfall in bookings is still 14%.

Taking into account the total number of German citizens who went on holiday with a tour operator in summer 2019, the occupancy rate is currently only 46%.

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