Newmark tapped to lease two Grand Central towers.Newmark Knight Frank has been named exclusive leasing agent for two office buildings in the Grand Central district--286 Madison Avenue Madison Avenue, celebrated street of Manhattan, borough of New York City. It runs from Madison Square (23d St.) to the Madison Bridge over the Harlem River (138th St.). In the 1940s and 50s, some of the major U.S. and 290 Madison Avenue--with plans to reposition the properties as star players in what has become a submarket with surprisingly few vacancies. This announcement follows the sale of those buildings by SL Green Realty realty n. a short form of "real estate." (See: real estate) REALTY. An abstract of real, as distinguished from personalty. Realty relates to lands and tenements, rents or other hereditaments. Vide Real Property. Corp. to APF APF, n the abbreviation for acidulated phosphate fluoride. Properties for a combined price of $63 million, or approximately $400 per square foot. According to according to prep. 1. As stated or indicated by; on the authority of: according to historians. 2. In keeping with: according to instructions. 3. Howard J. Kesseler, senior managing director at Newmark Knight Frank, the buildings represent an unusual opportunity for office tenants who want to establish themselves in the Grand Central area. "The principals of APF Properties, including Kenneth Aschendorf and Berndt Perl, are planning to reposition 286 Madison as a premier boutique building, and they have the resources and the knowledge to do it," Kesseler notes. "Right now, it's a solid Class B building, and blocks of space ranging from 500 to 5,496 square feet are available, including full floors, with flexible lease terms and generous work for the right tenant. The 23story, 124,340-square-foot building is situated on the northwest corner of Madison Avenue and has great natural light with four exposures. "The other building, 290 Madison, stands at 40,000 square feet and six stories, and is fully occupied with some well-established tenants such as Young & Rubicam and Career Blazers The Blazers (in some cases, short for Trail Blazers) is the name of several professional and collegiate sports teams:
"They are classic buildings--286 was built in 1918 and 290 in 1952--that have been well maintained by SL Green, including some recent renovations," Kesseler adds. "They're very attractive properties now, and we intend to make them more so. The current tenant roster is enthusiastic about the idea, and we're hearing a lot of interest from prospective new tenants." The acquisition of 286 Madison Avenue and 290 Madison Avenue included the purchase of air rights that add about 47,000 s/f of developable space. APF made the purchase as a reverse 1031 exchange with the air rights to 1156 Avenue of the Americas (which it recently sold to an undisclosed buyer), thus deferring practically all capital gains tax. APF Properties LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , formed in 1994, is a real estate investment partnership comprised of Berndt Perl, Kenneth Aschendorf and German developer Robert Faktor. The firm invests in real estate in New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. and Germany. |
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