Manhattan Psychiatry Group Signs 5K-SF Lease at 515 Madison Avenue

GFP Real Estate has signed three new leases at 515 Madison Avenue spanning about 12,000 square feet.

The largest of the three deals was for Manhattan Psychiatry Group, which signed a lease for 4,558 square feet on the 16th floor of the 42-story Plaza District building for a term of three years, according to the landlord.

The asking rent in the building was not disclosed, but the average asking rent for office space in Midtown in the fourth quarter of 2025 was $84.24, according to a report from CBRE.

Matthew Mahland of Savills negotiated on behalf of Manhattan Psychiatry Group in the deal, while Martin McGrath and Kephra Stone represented GFP Real Estate in-house alongside William Grover of Newmark.

Newmark and Savills did not immediately respond to requests for comment.

Meanwhile, alternative asset management firm Whitebox Advisors signed a four-year, 3,956-square-foot lease on the 34th floor of the building. Owen Reda of CBRE, who handled negotiations for the tenant, did not immediately respond to a request for comment.

Lastly, home equity lending company Spring EQ inked a three-year deal for 3,956 square feet on the 42nd floor, with Jonathan Anapol of Manhattan Prime Realty representing the tenant in the transaction.

Spring EQ, which is relocating from Midtown East, was looking for a full floor with ambiance and found it on the top floor of 515 Madison, which has views facing three directions, according to Anapol.

The leases follow a January announcement that GFP closed on an $86.5 million deal with Apple Bank to refinance the 350,000-square-foot Class A office tower, which helped them buy out ATCO Properties & Management’s remaining 40 percent stake in the property.

Mark Hallum can be reached at mhallum@commercialobserver.com.