570 Lexington Ave.
The Actual Property Board of New York has prolonged its 23,031-square-foot lease for greater than 10 years at 570 Lexington Ave., a 50-story workplace tower in Midtown Manhattan, owned by The Feil Group. REBNY has been a tenant on the property since 1998.
Lawrence Lenzner, legal professional with Patterson Belknap Webb & Tyler, brokered the lease on behalf of the tenant. The owner dealt with the lease in-house, led by Authorized Counsel Brian Palumbo and Senior Company Counsel Tom Ruggiero.
Initially accomplished in 1932, the 450,622-square-foot 570 Lexington Ave. was utterly renovated in 1998, in line with CommercialEdge. The identical supply reveals that the workplace constructing incorporates 7,521 sq. toes of retail, on-site convention rooms and 150 parking spots. Cornell College, Mukasey Frenchman, R&G Brenner, Newport Group, Urbanspace and Schnipper are among the many different tenants on the property.
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Positioned inside Midtown’s Plaza District submarket, the workplace high-rise is situated near Grand Central. Moreover, the constructing is surrounded by an array of company landmarks, retail, eating and hospitality choices, in addition to varied leisure and cultural locations.
Midtown’s rising leasing exercise
REBNY’s renewal comes alongside a intestine renovation plan for your complete second flooring and the 4,532-square-foot partial concourse stage that the group occupies. Whereas workplaces, classroom, restrooms and customary areas renovations are underway, REBNY will briefly relocate to The Durst Group’s 733 Third Ave. The reopening at 570 Lexington Avenue is slated for the third quarter of 2023.
733 Third Ave.
As highlighted in a latest CommercialEdge report, Manhattan’s emptiness fee elevated by 3.5 p.c over the earlier 12 months, hitting 14.8 p.c as of November 2022. Regardless of a slight improve in workplace emptiness, Midtown’s whole leasing exceeded 22 million sq. toes in 2022, in line with Newmark. This milestone within the borough’s stock marks a 23.2 p.c year-over-year enchancment.
Earlier this month, Fox Corp. and Information Corp. signed two long-term lease extension agreements at Ivanhoé Cambridge’s 1211 Avenue of the Americas, for a complete of 1.2 million sq. toes. In the meantime, personal fairness agency Incline Fairness Companions inked a 18,000-square-foot lease at HJ Kalikow & Co.’s 101 Park Ave. workplace tower in Midtown Manhattan.
