First National Bank of New York Wins Bidding War at 1450 Broadway
First National Bank of New York had to fight off competition before it signed a lease for the entire 3,771-square-foot 37th floor at 1450 Broadway, where asking rents for the tower floors range from $65 to over $70 per square foot.
“We actually had a bidding war for the 37th floor,” Jonathan Fanuzzi, broker at Jones Lang LaSalle, who represented the landlord The Zar Group, told The Commercial Observer. “We had four different tenants looking at that, so we were able to shake out some additional demand.”
The property at 1450 Broadway, which was acquired by The Zar Group for $204 million in 2011 from a partnership comprised of The Chetrit Group, The Moinian Group and Minskoff Equities, is currently undergoing a significant renovation, including a new lobby.
“[The property] is really being transformed into a Times Square building,” Mr. Fanuzzi told The Commercial Observer last week, adding the building boasts availability of 50,000 square feet which the JLL leasing team is currently marketing.
First National Bank of New York, a commercial bank headquartered in Melville, Long Island, also operates a New York office at 152 West 57th Street. The bank operates branch locations in Merrick, Melville and Massapequa, Long Island.
The tenant was represented by Matthew Leon and Britney Silver of Newmark Grubb Knight Frank. The landlord was represented by Mr. Fanuzzi, Barbara Winter, Ben Bass and Mitchell Konsker.