Madison Mortgage Services, a real estate and mortgage services firm, is relocating to Garden City.
The mortgage firm subleased 16,414 square feet of office space at 900 Stewart Ave. from Flagstar Bank. The company will be moving from 3 Dakota Drive in Lake Success.
“While we truly enjoyed our many years in Lake Success, we felt that Garden City offered the best long-term fit for the future of Madison Mortgage Services,” Shah Tehrany, the company’s founder and CEO told LIBN. “Garden City is one of Long Island’s most dynamic business hubs, centrally located, vibrant, and full of energy. The community is growing, new restaurants and businesses are opening, and the environment is incredibly supportive for companies looking to scale. We’re thrilled to be in 900 Stewart Avenue, and we believe this move positions us to better serve our clients, our partners, and our team for years to come.”
Founded in 2019, Madison Mortgage is licensed in 44 states and Washington D.C. The firm provides a variety of mortgage services involving home purchases and refinancing and offers nearly instant rate quotes on its website at madisonmortgage.com.
The Long Island office market continues to gradually improve, though large amounts of sublease space remain. The overall vacancy rate in the third quarter was 13 percent, down from 13.9 percent in the previous quarter, according to a report from Cushman & Wakefield. However, there was still 870,492 square feet of sublease space available at the end of Q3, about two-thirds of which is Class A, with 494,705 square feet of the available sublease space in Nassau County.
Daniel Oliver and Scott Berfas of Newmark represented Madison Mortgage, while Phil D’Avanzo of Cushman & Wakefield represented main tenant Flagstar Bank in the Garden City sublease transaction.
David Winzelberg
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