Ferrari’s prancing horse will quickly hoof it from its showroom at 410 Park Ave. to 425 Park Ave, throughout the road at East fifty fifth St.
Ferrari North America Inc.’s deal for 7,629 sq. ft on two ranges at L&L Holding Co.’s tower brings the tower’s 670,000 sq. ft of workplace and retail area to 100% leased — a exceptional feat in lower than three years.
The tower designed by Foster + Companions was developed by L&L with co-equity associate and co-developer Tokyu Land US Corp. and co-managing associate BGO. Ken Griffin’s Citadel is the anchor workplace tenant with 440,000 sq. ft. Jean-Georges Vongerichten’s acclaimed restaurant 4 Twenty 5 on the East 56th Road nook was the primary retail tenant.
The constructing at 410 Park Ave, which was the location of Ferrari’s first New York retailer/showroom, is greater than 90% leased to monetary tenants. However Ferrari’s ground-floor, low-ceilinged area can’t examine with the floor-to-ceiling visibility it should have at 425, nor with the status its structure conveys.
L&L chairman and CEO David W. Levinson known as the Ferrari transfer “a crowning achievement for L&L Holding and all our project partners.”
Levinson advised Realty Test, “We didn’t have to pry them [loose from 410 Park]. They’re making a strong marketing move and wanted to have the best showroom in North America.”
Ferrari’s new house is a block from the spectacular Aston-Martin showroom at 450 Park Ave.
“Ferrari is pleased to start a new chapter in our expanding presence in New York City in such an iconic building in the heart of mid-town Manhattan,” mentioned Matteo Torre, president Ferrari North America.
L&L Holding was represented in-house by Jonathan Tootell, Tanya Grimaldo and Giannina Brancato. Ferrari was repped by Patrick Smith of JLL and Frank Recine of Accordia.
Completed deal! Apollo International Administration’s talks for 100,000 sq. ft at 590 Madison Ave., first reported within the Industrial Observer, simply resulted in a signed lease, Realty Test has discovered.
It brings the 1 million square-foot tower managed by Edward J. Minskoff Equities to 87% leased, up from 77% two years in the past following the departures of IBM and two different tenants. It’s a progress transfer for Apollo, which was subleasing below 72,000 sq. ft at 3 Bryant Park.
Apollo was repped by a CBRE staff led by Stephen B. Siegel and Michael Geoghegan. The owner was repped by Minskoff’s Jeffrey Sussman and Matthew Pynn in-house and a special CBRE staff.
Siegel known as 590 Madison “a premier example of the significant demand for renovated office spaces in desirable locations like the Plaza District.”
