Witkoff Relocating to 40 West 57th Street
Lauren Elkies Schram Nov. 20, 2014, 2:37 p.m.
The Witkoff Group is moving to the LeFrak Organization’s 40 West 57th Street, The Real Deal reported.
Steve Witkoff‘s firm signed a 10-year lease for 21,000 square feet in the building between Fifth Avenue and Avenue of the Americas. Its current digs are in 9,400 square feet at 130 East 59th Street.
Citing CompStak data, The Real Deal said the rents are in the $80s per square foot on West 57th Street. Newmark Grubb Knight Frank’s Lance Korman represented Witkoff in the deal, and CBRE’s Arkady Smolyansky and Howard Fiddle represented LeFrak. Mr. Smolyansky declined to comment and Mr. Korman didn’t immediately respond to a request for comment. Mr. Korman is also listing the lease for Witkoff’s current 15th-floor space, which reportedly has seven years left on it.
The building is largely filled with financial services firms. Tenants include JP Morgan‘s Highbridge Capital Management, Two Creeks Capital Management, Northern Trust, hedge fund Elliot Management and VF Sportswear, the owner of popular brands like Nautica, North Face, Timberland, as Commercial Observer previously reported.