Home News East Midtown is NYC’s most in-demand market as Grand Central proximity beckons

East Midtown is NYC’s most in-demand market as Grand Central proximity beckons

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East Midtown is Manhattan’s most sought after office market.

Great deals Still taking place in the Hudson Yards areaTimes Square, Midtown South, At the World Trade CenterHowever, brokers say the momentum has shifted to the eastern 1940s and 1950s. And it seemed to lose their luster a while ago.

“Companies with resources are drawn to the blocks around Grand Central Terminal,” said one insider. “they Like the energy that came from Wonder Built And the recent rezoning of East Midtown. They like LIRR arriving at the terminal soon. And they like reinvesting to renew the old tower. “

Major Lease is said to be under construction for the Macquarie Group on 660 Fifth Avenue in Brookfield. The redesigned tower has removed the previous 666 “devilish” addresses.. Other transactions are also ready to take place in an unrecognizablely deformed tower.

Meanwhile, the source The fortress of Ken Griffin, who hires a big applePre-consultation with 550 Madison Avenue in Orayan America, former Sony Tower relocated Where the Chubb Group recently signed on as an anchor tenant. Citadel is already the largest tenant on 425 Park Avenue near L & L Holding.

660 Fifth Avenue in New York City
The former 666 Fifth Avenue (now renamed 660 Fifth Avenue) has a lot of debt to the construction, sources told Post.
Getty Images / Drew Angeler

Apart from this, it is believed that unidentified tenants are taking up nearly $ 300 per square foot of space on the upper floors of SL Green’s One Vanderbilt.

Recently, new leasing momentum was reported at 320 Park Ave. In Mutual of America and Munich Re. These, like many other Avenue Towers, have undergone a major capital upgrade program.

One broker predicted, “Once you get out of the pandemic, you’ll see more activity in Midtown East.” Center. “

Ken Griffin’s Citadel is in high-level negotiations with Orayan America for space on 550 Madison Avenue, sources told Post.
Chicago Tribune via Getty Images
550 Madison Avenue
The 550 Madison Avenue is gaining new attention due to its proximity to Grand Central.Formerly known as the Sony Building, this building was able to see large debts from the Kenneth Citadel.
Bloomberg via Getty Images

Areas near Bloomie’s get a “Blu” lift

The struggling retail scene just south of Bloomingdale’s is getting the long-awaited lift. BluDot, a mecca for modern furniture, has signed a rental agreement for 12,346 sq ft and an additional 2,700 sq ft roof decks on three levels at Vornado’s 715 Lexington Ave. in East 58.th City.

It will be the second Manhattan store in BluDot based in Minneapolis. Success of the Emporium of the same scale 79 at Madison Avenue Downtown.

Blue dot store
Furniture retailer BluDot has signed a rental agreement at 715 Lexington Avenue in Vornado
San Francisco Chronicle / Hearst Newspaper via Getty Images
715 Lexington Avenue
715 Lexington Avenue retail space will attract large new tenants with furniture retailer BluDot joining the neighborhood.
Google map

Most of the retail “glass box” deals were negotiated internally by Sarah Shannon, Managing Director of Sinvin, for BlueDot, and Edward Hogan and Jason Morrison of Vornado.

John Christakos, Co-Founder and CEO of BluDot, said:

Sara Shannon of Shinbin
Sarah Shannon, Managing Director of Sinvin, has negotiated a lease of BluDot space.
CEOPORTRAIT

Shannon of Singh Bin said: “Blu Dot has a strong presence with over 120 feet of wraparound glass frontage on the 2nd and 3rd floors. With a roof deck, Blu Dot introduces a line of outdoor furniture to customers and special events. Can be hosted. “

The 715 Lexington low-rise building is one of two buildings that Vornado built a few years ago to add a classy retail environment to the south of East 58.thOpposite the developer’s Condominium and office tower at 731 Lexington.

The space that Blu Dot will open is probably empty by the end of the year. The condition was not available. The branch of Banco Santander, which is also at the address, remains.

Extras, Extras: New Starbucks! (true)

Long ago, in galaxies far away, the pre-pandemic galaxy, Starbucks’ new opening wasn’t worth a look.

But as far as we can remember, since the barista giant launched a new outpost in the heart of Midtown. Here, mainly Starbucks closures and “integrations” were seen.

Starbucks is currently leasing a prime corner on Westbrook partner 444 Madison Avenue. Previously, the rent for Florsheim Space was $ 350 per square foot.

Steven Soutendijk and Sean Moran of Cushman & Wakefield were the landlords, and David Firestein was the Starbucks.

Grand Central Station Hall
Grand Central Station is a charm of commercial buildings in the Midtown East area, real estate watchers said.
AP Photo / Frank Franklin II

This transaction is actually a move, not an expansion, as the new 444 Madison store will replace a nearby store. But the return of Starbucks, a long-time symbol of Manhattan’s high caffeine energy, is a welcome sign.

Westbrook’s 444 Madison has recently signed a non-profit Doris Duke Management Foundation and financial firm EOS Investors, as reported by a commercial observer last month, and has seen new energies in terms of office leasing.

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