The Real Deal New York

Witkoff moving HQ to LeFrak building in Plaza District

Developer takes 21k sf at 40 West 57th St.

November 20, 2014 01:00PM
By Rich Bockmann

From left: Steve Witkoff, 40 West 57th Street and Richard LeFrak

From left: Steve Witkoff, 40 West 57th Street and Richard LeFrak

Steve Witkoff is shifting shop to the LeFrak Organization’s 40 West 57th Street in the Plaza District, The Real Deal has learned.  

The Witkoff Group just signed a 10-year, 21,000-square-foot lease, according to data from CompStak. It will be moving from its current 9,400-square-foot space at 130 East 59th Street.

“The building was centrally located, and most importantly, owned and managed by one of the most professional and respected families in the business,” Witkoff told TRD. “When I called Richard (LeFrak) up to discuss the deal, he picked up the phone immediately. That’s how I do business and that’s the type of ownership where I want my headquarters to be.”

The developer will pay rents in the $80s per square foot, CompStak data show. Newmark Grubb Knight Frank’s Lance Korman represented Witkoff, while CBRE’s Arkady Smolyansky represented LeFrak. Witkoff is also looking to sublease its current 15th-floor space at 130 East 59th Street, which has seven years remaining on the lease. Korman has that listing.

Witkoff currently has a full slate of development projects, including a condo conversion at one of the former International Toy Center buildings on Madison Square Park and a mixed-use glass tower planned for 20 Times Square.

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