Home News Tiffany & Co. extends lease in Flatiron District

Tiffany & Co. extends lease in Flatiron District

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Tiffany will continue to maintain its global headquarters on 200 Fifth Avenue for many years to come. We reduced the space from just over 400,000 to 287,000 square feet, which is like pruning done by many companies, but a more meaningful step was to extend the lease for another 10 years.

The long-term commitment reported here for the first time reaffirms the landlord L & L Holding Co., Ltd. He overcame a series of challenges by successfully maneuvering a groundbreaking 1909 building that L & L purchased for $ 480 million, almost in ruins. They included a dropout from the Great Recession, a shocking loss of equity partners, and a last-minute collapse of a large lease.

Through the Odyssey, L & L founders David W. Levinson and Robert Rapidus managed to get the property on track. They landed Tiffany and Gray Global Group as office tenants and Italian Food Hall Eataly (which was not known in the United States at the time) as a retail anchor. IMG is also a small office tenant.

Tiffany’s extended lease will run until 2036. The terms weren’t available, but sources said they included a three-digit rent and a “nominal” concession package.

With Tiffany’s space savings, you can secure just 57,691 square feet of space at 800,000 square feet. This is the first office availability since L & L completed a $ 135 million capital upgrade program a few years ago.

David C. Berkey, Executive Vice President of Levinson and L & L, represented ownership internally. Greg Taubin and Matthew Barlow of Savills represented Tiffany.

Meanwhile, restoration and expansion Jeweler flagship store at 727 Fifth Ave. seems to be in the home stretch. The addition of the upper three stories is now clearly visible. After Tiffany subleased the former Nike Town next door at Trump’s 6E.57th St. as a temporary home since 2018, there’s still no official word about when she’ll be back.

The curtain of Pergolades Artists, one of the few surviving bistro in the theater district, is reminiscent of a time when French sailors took a walk in search of beef burgundy and burgundy wine after getting off a passenger ship at a pier on the West Side. It fell quietly.

The space occupied by Pergolades Artists is now on the market.
Steve Quozzo
Pergola des Artistes
Known for its honest French cuisine, the pergola was “temporarily” closed due to a pandemic, but never reopened.
Google map

A hangout for the 252 W. 46th St. Time Warp, which is lovingly remembered for its white tablecloths, red linen napkins and honest French cuisine, is sandwiched between the Imperial Theater and a vacant lot to be developed. I am.

The restaurant was “temporarily” closed during the pandemic However, it will not resume. It was also owned by the family of Christian Ponsol, who owns a four-story building. Pergola Space is currently on the market via Douglas Elliman Commercial’s Louis Puopolo, Matthewlet and Bradford Siderow. Puopolo said new tenants could be announced shortly.

Ups and downs of attractive indoor shopping malls like World Trade Center And the Deutsche Bank Center have received endless media attention. On the other hand, some outdoor retail complexes in less attractive parts of the town have received little praise, despite their prosperity with clear visibility.

Among them is the Bronx Marble Hill shop, formerly known as River Plaza. At the foot of West 225th Avenue Station on Line 1, the 240,000-square-foot midmarket shopping mecca is considered the cornerstone of the revival of the Broadway Corridor in the Autonomous Region.

Bronx Marble Hill Shop
In a struggling retail environment, Marble Hill shops aren’t struggling for tenants.
Google map

In a struggling retail environment, Marble Hill shops are significantly 100% leased. Recently, a new deal of approximately 11,000 square feet was signed for the relocation of Foot Locker, Sally Beauty, Medlight, and Applebee’s within the complex.

This property has been fixed by Target since 2004. Other tenants include Marshalls, City Jeans, Planet Fitness and T-Mobile. The owner is Kingsbridge Associates, a partnership between Curbcut Realty, Kessler-Sachs Family Partnership, James Levin and Washington Square Partners.

Paul Travis, managing partner of Washington Square, said the Marble Hill Complex is in the top 5% of consumer traffic at all shopping centers in the city.

The offer rent was $ 95 per square foot.

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