Ferrari’s prancing horse will soon hoof it from its showroom at 410 Park Avenue to 425 Park Avenue across the street at East 55th Street.
It isn’t just another retail relocation. Ferrari North America Inc.’s deal for 7,629 square feet on two levels at L&L Holding Co.’s tower brings its 670,000 square feet of office and retail space to 100 percent 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 Corporation and co-managing partner BGO. Ken Griffin’s Citadel is the anchor office tenant with 440,000 square feet. Jean-Georges Vongerichten’s restaurant Four Twenty Five was the first retail tenant.
The building at Global Holdings’ 410 Park is healthy at more than 90 percent leased. But Ferrari’s ground-floor, low-ceilinged space can’t compare with the 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.” He told Realty Check, “Ferrari is making a strong marketing move and wanted to have the best showroom in North America.”
According to Levinson, he and tower architect Norman Foster “always conceived of the space as an auto showroom,” and a model of it before the tower went up presciently depicted it as a Ferrari showroom.
Why? “Superior design. When you think of Ferrari, you think of enduring quality, power, leading innovation, which is precisely what 425 Park represents,” Levinson said.
The corner’s 3,000 square feet of ground space and 5,000 square feet on the mezzanine boast floor-to-ceiling glass 45 feet high.
“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.”
This story originally appeared on NYPost
