Promontory Financial Group has renewed its lease near Grand Central Terminal at 280 Park Avenue.
The strategy, risk management and regulatory compliance consulting firm will move from its 19,495-square-foot space on the 40th floor of the building to the 11th floor where it will span the entire 49,541-square-foot floor plate.
When Viacom pulled the trigger on its 1.6-million-square-foot renewal and expansion at 1515 Broadway last year, SL Green Realty served up a stinging rebuke to swirling rumors that the media giant would relocate.
But company executives with the city’s largest landlord were well aware that the firm’s most coveted tenant had toyed with the idea Read More
City records confirm real estate powerhouse SL Green Realty’s acquisition of a six-story retail, office and residential building at 131-137 Spring Street for $122.3 million late last year.
The acquisition of the prime retail location, adjacent to Chanel‘s Soho Flagship store, capped off what company executives lauded as a stellar fourth quarter given the economic uncertainty that permeated the industry in 2012.
“It was an excellent, excellent quarter as a standalone, and particularly in light of the headwinds,” SL Green CEO Marc Holliday said during the firm’s fourth quarter earnings call, referring specifically to the impacts of Hurricane Sandy, the uncertain election and the fiscal cliff crisis.
Mayor Michael Bloomberg’s plan to spur development in the Grand Central area, Manhattan’s biggest office submarket with almost 44 million square feet of inventory, is winning mixed praise from real estate executives, who say New York may be at risk of losing its preeminence over such business hubs as London, Hong Kong, Tokyo and Shanghai.
“I think Mayor Bloomberg has this right,” said Stuart Eisenkraft, vice chairman at CBRE and co-chairman of the firm’s global cities practice. “It’s sort of a no-brainer the global economy is here and it’s here to stay.” Developers in Asia, he said, “don’t have the challenge of site logistics or governance that prevents them from building magnificent Class A buildings.”
The new Midtown East district would loosen restrictions in a 78-block area between Fifth and Second Avenues and East 57th and East 39th Streets, where buildings are more than 70 years old on average and have low ceilings and interior columns that are undesirable to Class A tenants, the Department of City Planning said in an overview. Most of the new development would be focused on the area around Grand Central Terminal, because it has the best transportation access and largest concentration of aging office stock, according to the department’s Midtown East study.
Some urban planners, community boards and City Council members have expressed concern that the addition of towers that may be taller than the 77-story Chrysler Building would worsen crowding, The New York Times reported.
SL Green Realty Corp. said Wednesday that it had, along with partner Jeff Sutton, restructured and recapped the retail condo at 717 Fifth Avenue, home of Dolce & Gabbana, Armani and Escada.