Ferrari Prancing Horse quickly hoofed it from the showroom 410 Park Avenue In 425 Park Avenue across the street On East 55th Avenue.
It’s not just another retail transfer. A 7,629 square feet of Ferrari North America Inc. deal at two levels at the Tower of L&L Holding Co., bringing 670,000 square feet of office and retail space to 100% lease. This is an amazing feat within three years.
The tower, designed by Foster + Partners, was developed by L&L with joint equity partners and co-developers Tokyu Land US Corporation and co-management partner BGO. Ken Griffin’s Citadel is a 440,000 square foot Anchor Office Tenant. Jean-Georges Vongerichten’s Restaurant Four Twenty Five was the first retail tenant.
Global Holdings Buildings 410 Park Over 90% leases are healthy. However, the Ferrari’s low-order wedding space on the first floor is neither compared to its visibility at the 425 nor conveying its architecture.
L&L Chairman and CEO David W. Levinson calls the Ferrari Move “the best achievement for L&L Holding and all our project partners.” He told RealtyCheck: “Ferrari is in a strong marketing move and wanted to have the best showroom in North America.”
According to Levinson, he and Tower architect Norman Foster “always thought of space as an auto showroom.” And before the tower rose, the model mostly portrayed it as a Ferrari showroom.
why? “A great design. When you think about Ferrari, you think about permanent quality, power, key innovations. This is exactly what the 425 Park represents,” Levinson said.
There is 3,000 square feet of ground space at the corner and 5,000 square feet of floor-to-ceiling glass on the mezzanine.
“Ferrari is pleased to launch a new chapter of our expanding presence in New York City in such an iconic building in the heart of midtown Manhattan,” said President Ferrari North of America, Matteo Torre.
L&L Holdings was represented in-house by Jonathan Tortel, Tanya Grimaldo and Giannina Blancat. Ferrari was represented by JLL’s Patrick Smith and Accordia’s Frank Recine.
I made a deal! The 100,000-square-foot speech at 590 Madison Ave. at Apollo Global Management was first reported by the Commercial Observer, and only brought a signed lease, Realty Check learned.
The 1 million-square-foot tower managed by Edward J. Minskoff shares is leased 87% from 77% two years ago, after IBM and two other tenants set out. This is a growth move for Apollo, who was sublimating at less than 72,000 square feet at 3 Bryant Park.
Apollo was represented by the CBRE team led by Stephen B. Siegel and Michael Siegegan. The landlord was represented by Minskoff’s Jeffrey Sussman and Matthew Pin internally and another CBRE team.
Siegel was called the 590 Madison.
