The Real Deal New York

Rents have doubled at the LeFrak Organization’s 40 West 57th Street in the past five years, from the mid-$60s paid by Bank of America in 2002 to the 10-year lease recently signed by Taconic Capital Advisors for 50,000 square feet, at $120 per square foot. Robert Silver of Newmark Knight Frank represented Taconic in the deal, and CB Richard Ellis represented LeFrak. The building is 100 percent leased, but Bank of America is moving to its new headquarters at Douglas Durst’s One Bryant Park in 2009.