The Prancing horse of Ferrari will soon do so from its exhibition room in 410 Park Ave. to 425 Park Ave, on the other side of East 55th St. Street.
Ferrari North America Inc. agreement for 7,629 square feet on two levels in L&L Holding Co
The tower designed by Foster + Partners was developed by L&L with the co-capital partner and co-developed tokyu Land Corp. and its co-management partner BGO. The Ken Griffin citadel is the tenant of the anchor office with 440,000 square feet. The acclaimed restaurant of Jean-Georges Vongichten four twenty-five in the corner of East 56th Street was the first retail tenant.
The building in 410 Park Ave, which was the site of the Ferrari’s first exhibition store/room, is more than 90% leased to financial tenants. But the space on the ground floor of Ferrari and the low -ceiling space cannot be compared with the visibility of the floor to the ceiling that it will have in 425, nor with the prestige that its architecture transmits.
The president and CEO of L & L, David W. Levinson, described the Ferrari movement “an achievement crowned for L&L Holding and all our project partners.”
Levinson told Realty Check: “We didn’t have to take them [loose from 410 Park]. They are doing a strong marketing movement and wanted to have the best exposure room in North America. “
Ferrari’s new home is one block from Aston-Martin Showroom printing in 450 Park Ave.
“Ferrari is pleased to begin a new chapter in our presence in expansion in New York City in such an emblematic building in the heart of Manhattan in the middle of the city,” said Matteo Torre, President Ferrari North America.
L&L Holding was represented internally by Jonathan Tootell, Tanya Grimaldo and Giannina Brancato. Ferrari was represented by Patrick Smith of Jll and Frank Recine or Accordia.
Agree! The conversations of Apollo Global Management for 100,000 square feet in 590 Madison Ave., first reported in the commercial observer, only resulted in a signed lease contract, has learned Realty Check.
It carries the tower of 1 million square feet administered by Edward J. Minskoff Equities at 87% leased, compared to 77% two years ago after the exits of IBM and two other tenants. It is a growth movement for Apollo, which was climbing less than 72,000 square feet in 3 Bryant Park.
Apollo was represented by a CBRE team led by Stephen B. Siegel and Michael Geoghegan. The owner was represented by Jeffrey Sussman and Matthew Pynn from Minskoff and a different CBRE team.
Siegel called 590 Madison “a first example of the important demand for renewed office spaces in desirable places such as the Plaza district.”