Federal Home Loan Bank of New York has signed a deal to relocate and expand within its current home at 101 Park Avenue, Commercial Observer has learned.
The federally chartered bank, which helps community lenders for housing, is currently based in roughly 42,700 square feet on the fifth floor of the 1.3-million-square-foot Midtown property between East 40th and East 41st Streets, according to a press release from landlord representative Cushman & Wakefield. Asking rent in the deal was not immediately available, but asking rates on the building’s lower floors has ranged from $75 to $90 per square foot, as CO has previously reported.
Now, the company will move its offices to the seventh floor of the H.J. Kalikow & Co.-owned building, as well as take another 20,344 square feet on the sixth floor according to the brokerage. The release indicated that the expansion will give the firm about 68,000 square feet at the property.
Federal Home Loan Bank of New York’s new lease is for 15 years, per C&W. The bank has been based at the Midtown East tower since 2002. It is slated to move out at the end of October 2017, according to CoStar Group.
“We are very pleased that the [bank] has chosen to make its home here at 101 Park Avenue for another 15 years,” Peter Kalikow, the president of H.J. Kalikow & Co., said in prepared remarks. “The bank has been a tremendous tenant, and we are thrilled that it has honored us with its continued tenancy.”
John Cefaly, Augustus Field, Brooks Hauf and Nicholas Dysenchuk of C&W represented the landlord, while Michael Geoghegan, Christopher Mansfield, Harly Stevens and Brett Shannon of CBRE represented the tenant.
“101 Park Avenue has provided a tremendous home for us over the past fifteen years, and we look forward to our continued relationship in the future,” José R. González, the bank’s president and chief executive officer, said in a statement.