Ferrari Takes 8K SF for New Showroom in Midtown East
By Isabelle Durso April 14, 2025 2:45 pm
reprints
Ferrari is reparking its Midtown East showroom.
The North American arm of the luxury car company signed a 10-year lease for 7,629 square feet on the street and mezzanine levels of L&L Holding’s 425 Park Avenue, according to the landlord.
The new site will be a very short drive for Ferrari, which currently has its showroom across the street at Global Holding Management Group’s 410 Park Avenue, according to the New York Post, which first reported the news.
“Our agreement with Ferrari is a crowning achievement for L&L Holding and all our project partners,” L&L CEO David Levinson said in a statement. “We set out to create a tower that would appeal to the world’s most esteemed companies and brands, and that is exactly what we have accomplished.”
The asking rent was not provided, but a report from CBRE found retail rents in Manhattan averaged $659 per square foot during the first quarter of 2025.
JLL’s Patrick Smith and Accordia’s Frank Recine brokered the deal for the tenant, while the landlord was represented by an in-house leasing team of Jonathan Tootell, Tanya Grimaldo and Giannina Brancato. A spokesperson for JLL did not immediately respond to a request for comment.
Ferrari, which recently moved its North American headquarters from Englewood Cliffs, N.J., to 568 Broadway in SoHo, also has a showroom at 92 Prince Street, Commercial Observer previously reported.
It’s unclear when Ferrari will move into its new spot at 425 Park, but Ferrari North America President Matteo Torre said the company “is pleased to start a new chapter in our expanding presence in New York City in such an iconic building in the heart of Midtown Manhattan.”
The deal also brings L&L’s 47-story tower to 100 percent leased after it was redeveloped by the landlord and completed in October 2022, according to a release.
“We designed 425 Park to reflect its prestigious address, and in many ways the street-level experience sets the tone,” Tootell said in a statement.
“Just like 425 Park, Ferrari is an icon that is both of its time and timeless,” Tootell added. “Ferrari’s emphasis on design, technology and style makes it the ideal brand to complete the tower’s prestigious tenant roster.”
Ferrari will join several other tenants at the building between East 55th and East 56th streets, including financial services firm Citadel, the State Bank of India and restaurant Four Twenty Five in the ground-floor retail space.
Isabelle Durso can be reached at idurso@commercialobserver.com.
