Grand Central BID Renews for Decade
Laura Kusisto April 18, 2011, 6:31 p.m.
The unofficial mayors of Grand Central have renewed their ground-floor space at 370 Lexington Avenue for another 10 years.
The Grand Central Partnership is one of the oldest and most powerful business improvement districts in the city, with more than 76 million square feet of some of the country’s most valuable commercial space under its watch. You can also, of course, thank it for the hundreds of tulips that will bloom in the area this spring.
The partnership has used the 3,800-square-foot space on the ground floor and basement for its field operations since 2001. “The appeal for them was the location,” Adam Weissleder of Sherwood Equities told The Observer. “They were already there, and it’s in the heart of Grand Central.” The ground floor also plays host to such tenants as a Café Metro and a Dunkin Donuts.
Sherwood Equities purchased the building in 2008, and the parties approached each other before the lease was set to expire, in June of this year. The asking rent was north of $100 a square foot.
“Like so many locations in this thriving neighborhood, this space ticks all the boxes in terms of accessibility, convenience and adaptability to our needs,” Alfred C. Cerullo III, president of the Grand Central Partnership, said in a statement.
Mr. Weissleder and Jill Burrowes represented the landlord in-house. George Twill of Twill Realty represented the tenant.