Craig Deitelzweig

What is the status of the 430 Park Avenue repositing? 

We’re excited to Marx-ify 430 Park Avenue! Construction of our $68 million repositioning is just getting underway, with completion targeted for next summer. 

Our goal is to embrace the classic Park Avenue elements that we all love while giving them a modern twist and bringing our hospitality-driven approach to one of the city’s most iconic office corridors. We’re creating a distinctive amenity experience that feels more like an exclusive club or fine hotel, including a dramatic loggia with an indoor/outdoor bar — which is a piece of artwork. The 63-person boardroom doubles as a classic library, while a relaxing parlor, a fireplace and intimate seating areas, plus a golf club lounge with a private bar, create different gathering spaces. 

It’s shaping up to be a truly special experience fueled by the success of our hospitality-infused strategy across our portfolio.

Is Marx working on any ground-up projects?  

Yes. We’re working on a dramatic new park, entry experience and two new retail buildings at Cross County Center in Yonkers, N.Y.  The more than 4-acre lush park will feature an allée of trees and beautiful gardens, while grassy lawns will host farmers markets and concerts. 50,000 square feet of new retail will feature brick, bronze, stone and expansive glass storefronts, supported by underground parking.  

This expansion will act as the new front door of the Center, and we’re already negotiating leases for almost all of the available space. Cross County Center is the nation’s first open-air shopping center, and this new development will help ensure it remains one of the premier experiential outdoor retail destinations. We’re incredibly excited about the transformation and expect the project to be completed in fall 2027. 

Give us a rundown of that quintessential Marx Real Estate office-hospitality mission.

We deliver experiences that are the antithesis of commodity office space. Our mission has always been to bring an inspired hospitality experience to the workplace and create beautifully designed environments where people feel good and do their best work. Our spaces are meant to be experienced from “cappuccino to cocktails.” 

From the moment someone enters a Marx building, they are greeted with elevated design, white-glove service and glamorous amenities that make them feel welcomed. Doormen, concierges and MarxMobile drivers know our tenants and genuinely strive to improve the experience every day. At 10 Grand Central, that philosophy comes to life through everything from club-like lounges and curated meeting spaces to terraces, conference areas and our recently launched speakeasy, Highball Ltd. 

Ultimately, we’re creating places people actually want to come to, and we believe that hospitality-driven experience is what sets Marx apart. 

What do you love most about repositioning properties?

What I love most is to completely rethink how a property performs and how people experience it. Repositioning is about seeing the potential in a building that may have been overlooked and finding the right mix of design, amenities, branding and leasing strategy to bring that potential to life. 

We always draw inspiration from the building’s heritage and reinvoke the “soul,” while creating something distinctive, cohesive and supported by white-glove service. You’re not just improving a building, you’re creating an entirely new environment and identity unlike anything in the market. Our goal is to create timeless designs and experiences as part of New York’s architectural fabric for the broader community to enjoy. 

Is there an asset class Marx avoids?

Yes, we generally avoid more commodity-driven asset classes, including industrial and self-storage, where there is less opportunity to create a distinctive experience. We’re most interested in properties where vision, design, hospitality and creativity can materially transform how assets perform and how people experience it.

What is the most surprising item in your portfolio?

It surprises some people that Marx Realty operates in 16 states and owns the iconic Cross County Center in Yonkers. We’re best known for our success in repositioning office properties, but the evolution of Cross County has been equally successful. We’ve transformed a 1.15 million-square-foot retail destination into a thriving mixed-use town center. The incredible demand prompted the addition of 60,000 square feet of retail along with a new 4-acre green space.  

Cross County reflects the same philosophy that drives everything we do: Envision the full potential of an asset and execute at the highest level. It also demonstrates the growing convergence of retail, hospitality and office, creating the kind of experience we aim to deliver across our portfolio.

What has been Marx’s biggest success over the last year?

Our biggest success has been the strength of leasing across the portfolio. We significantly exceeded our leasing goals for the year, are approaching full occupancy across many of our properties and have achieved meaningful rent growth. It’s been a strong validation of our strategy and the hospitality-driven experiences we’ve created. 

That performance has given us tremendous momentum and positioned us to pursue additional office acquisitions where we see opportunities to apply the Marx approach.

Lightning Round:

Your AI platform of choice? Claude.

Who would play you in a movie? Matt Damon. 

One prompt you’d never give AI. Make this building look as generic and institutional as possible. 

Jalen Brunson or Aaron Judge? Jalen Brunson, the king of New York!

“Oppenheimer” or “Odyssey”? “Oppenheimer.”

Tom Holland, Andrew Garfield or Tobey Maguire? Tobey Maguire.

Have you ever eaten pizza with a knife and fork? Never! That’s embarrassing — isn’t that something that de Blasio did?!

The most money you’ve ever spent on a hamburger? $50 on my honeymoon in the South of France 30 years ago. My wife and I just celebrated 30 years of marriage, but I still can’t believe burgers were that expensive. 

Bank or non-bank? We are happy to go with whomever has the best terms. 

Last book you read? The series of LBJ biographies by Robert Caro.

Borrowing costs: Up or down in 2027? Neutral.

What was your nickname when you grew up/started out? Diesel.

How long do we have before AI kills us all? Long enough to finish 430 Park’s successful repositioning.

Where’s your secret escape compound? (Think Peter Thiel’s New Zealand Plan B.) I’m going to just enjoy my small farm in Bedford, N.Y., and hopefully be self-sustaining there!