For One Developer, a Terrace Was Essential


745 fifth avenue prop sha For One Developer, a Terrace Was EssentialThe demand? A terrace. The answer? Two stunning views of Central Park. Hotel and resort developer Coastal Development wanted a room with a view—a terrace, to be exact.

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After an exhaustive search by Peter Buckley of Colliers ABR (apparently, only 18 Manhattan office buildings feature balconies), it turned out the solution was just a block away from Coastal’s former quarters on East 57th Street.

The space in the Paramount Group–owned building boasts not one but two terraces, each overlooking Central Park and one large enough to host a small party. Coastal signed a 10-year lease for the entire 18th floor—about 13,000 square feet—and plans to move in early next year, reports Crain’s. Newmark Knight Frank’s Erik Harris and Scott Klau represented landlord Paramount, along with its own vice president of leasing, Arthur Bocchi.