Ferrari’s NYC showroom is moving just across the – Business News
Ferrari’s prancing horse will quickly hoof it from its showroom at 410 Park Ave. to 425 Park Ave, across the avenue at East fifty fifth St.
Ferrari North America Inc.’s deal for 7,629 sq. toes on two ranges at L&L Holding Co.’s tower brings the tower’s 670,000 sq. toes of workplace and retail space to 100% leased — a exceptional feat in much less than three years.
The tower designed by Foster + Partners was developed by L&L with co-equity companion and co-developer Tokyu Land US Corp. and co-managing companion BGO. Ken Griffin’s Citadel is the anchor workplace tenant with 440,000 sq. toes. Jean-Georges Vongerichten’s acclaimed restaurant Four Twenty Five at the East 56th Street nook was the first retail tenant.
425 Park Ave. Alan Schindler Photography
The building at 410 Park Ave, which was the web site of Ferrari’s first New York store/showroom, is more than 90% leased to financial tenants. But Ferrari’s ground-floor, low-ceilinged space can’t evaluate with the floor-to-ceiling visibility it is going to have at 425, nor with the status its structure conveys.
L&L chairman and CEO David W. Levinson referred to as the Ferrari transfer “a crowning achievement for L&L Holding and all our project partners.”
410 Park Ave. 410 Park Ave
Levinson advised Realty Check, “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 home 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.
Done deal! Apollo Global Management’s talks for 100,000 sq. toes at 590 Madison Ave., first reported in the Commercial Observer, just resulted in a signed lease, Realty Check has discovered.
590 Madison Ave. MICHAEL HICKS
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 growth transfer for Apollo, which was subleasing below 72,000 sq. toes at 3 Bryant Park.
Apollo was repped by a CBRE group led by Stephen B. Siegel and Michael Geoghegan. The landlord was repped by Minskoff’s Jeffrey Sussman and Matthew Pynn in-house and a completely different CBRE group.
Siegel referred to as 590 Madison “a premier example of the significant demand for renovated office spaces in desirable locations like the Plaza District.”
