Ferrari’s prancing horse will soon hoof it from its showroom at 410 Park Ave. to 425 Park Ave, across the street at East 55th St.
Ferrari North America Inc.’s deal for 7,629 square feet on two levels at L&L Holding Co.’s tower brings the tower’s 670,000 square feet of office and retail space to 100% leased — a remarkable feat in less than three years.
The tower designed by Foster + Partners was developed by L&L with co-equity partner and co-developer Tokyu Land US Corp. and co-managing partner BGO. Ken Griffin’s Citadel is the anchor office tenant with 440,000 square feet. Jean-Georges Vongerichten’s acclaimed restaurant Four Twenty Five at the East 56th Street corner was the first retail tenant.
The building at 410 Park Ave, which was the site of Ferrari’s first New York store/showroom, is more than 90% leased to financial tenants. But Ferrari’s ground-floor, low-ceilinged space can’t compare with the floor-to-ceiling visibility it will have at 425, nor with the prestige its architecture conveys.
L&L chairman and CEO David W. Levinson called the Ferrari move “a crowning achievement for L&L Holding and all our project partners.”
Levinson told Realty Check, “We didn’t have to pry them [loose from 410 Park]. They’re making a strong marketing move and wanted to have the best showroom in North America.”
Ferrari’s new home is a block from the impressive Aston-Martin showroom at 450 Park Ave.
“Ferrari is pleased to start a new chapter in our expanding presence in New York City in such an iconic building in the heart of mid-town Manhattan,” said Matteo Torre, president Ferrari North America.
L&L Holding was represented in-house by Jonathan Tootell, Tanya Grimaldo and Giannina Brancato. Ferrari was repped by Patrick Smith of JLL and Frank Recine of Accordia.
Done deal! Apollo Global Management’s talks for 100,000 square feet at 590 Madison Ave., first reported in the Commercial Observer, just resulted in a signed lease, Realty Check has learned.
It brings the 1 million square-foot tower managed by Edward J. Minskoff Equities to 87% leased, up from 77% two years ago following the departures of IBM and two other tenants. It’s a growth move for Apollo, which was subleasing under 72,000 square feet at 3 Bryant Park.
Apollo was repped by a CBRE team led by Stephen B. Siegel and Michael Geoghegan. The landlord was repped by Minskoff’s Jeffrey Sussman and Matthew Pynn in-house and a different CBRE team.
Siegel called 590 Madison “a premier example of the significant demand for renovated office spaces in desirable locations like the Plaza District.”
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