HAP Investments Relocating to 3 East 54th Street



HAP Investments has signed a nine-and-a-half year lease for the entire 11,200-square-foot 15th floor of Cohen Brothers Realty Corporation’s 3 East 54th Street, Commercial Observer has learned. Asking rent for the space was in the low-$50s per square foot.

The tenant, a real estate investment and development company, expects to relocate its New York headquarters from 347 Fifth Avenue during the third quarter. HAP also operates an office in Tel Aviv, Israel.

3 East 54th Street. (Credit: PropertyShark)
3 East 54th Street. (Credit: PropertyShark)

“We’re delighted that this expanding development firm has chosen 3 East 54th Street, one of the most prestigious office locations in midtown, for its new Manhattan offices,” said Charles Cohen, president and chief executive of Cohen Brothers Realty, in a prepared statement.

HAP Investments is involved in a number of development projects in Harlem and Upper Manhattan. As reported by Commercial Observer, the company agreed to acquire a development site located at 247-249 East 117th Street in East Harlem for $3.2 million in January.

The 20-story, 200,000-square-foot building at 3 East 54th Street boasts availability on a few floors at the base and tower portions of the building, according to press release.

David Glassman of Cushman & Wakefield represented the tenant in the leasing transaction. Marc Horowitz, a senior vice president and the director of office leasing for Cohen Brothers Realty, represented the landlord in-house.