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1 Park Avenue

1 Park Avenue
New York, NY 10016
Office, Conversion
1 Park Avenue
The 20-story office tower that occupies the block front between 32nd Street and 33rd Street was built in 1925 and offers approximately 1 million square feet of space. New York Universitys Langone Medical Center, the flagship tenant, renewed its lease for 30 years in 2011, expanding to 420,000 square feet. That renewal came shortly after Vornado Realty Trust injected $180 million in March that year, in a recapitalization deal that valued the property at $427 million and saved it from foreclosure. Norman Sturners Murray Hill Properties and a unit of Cerberus Capital Management retained the remaining 5 percent. Vornado was seeking a buyer for the building for $650 million, it was reported in mid-2014. -NE
  • Address 1 Park Avenue
  • neighborhood Kips Bay
  • borough Manhattan
  • owner/developer Vornado Realty Trust
  • floors 18
  • Year Built 1926
  • residential units 0
  • square feet 922,184
  • block and lot 1-00888-0001
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  • Event Financing
  • Address 1001 Park Avenue
  • Neighborhood Upper East Side
  • Borough Manhattan
  • Price $ 1,000,000
  • Publication Date 09/01/2014
  • Event Date 07/23/2014
  • Party 1 1001 Tenants
  • Party 2 NCB
notes
A $1 million third mortgage was arranged for the 24-unit apartment building.
  • Event Financing
  • Address 281 Park Avenue South
  • Neighborhood Gramercy Park
  • Borough Manhattan
  • Square feet 32,000
notes
A $40 million loan was arranged for the church. 6-story
  • Event Financing
  • Address 1001 Park Avenue
  • Neighborhood Upper East Side
  • Borough Manhattan
  • Price $ 3,000,000
  • Publication Date 12/01/2007
  • Event Date 10/22/2007
  • Party 1 1001 Tenants
  • Party 2 NCB
notes
A $3 million first mortgage and a $1 million line of credit were arranged for the property. 21-unit apartment building.
  • Event Sales
  • Building Name W New York - Union Square
  • Address 201 Park Avenue South
  • Neighborhood Gramercy Park
  • Borough Manhattan
  • Price $ 2,000,000
  • Publication Date 01/01/2010
  • Event Date 11/22/2009
  • Party 1 Istithmar
  • Party 2 LEM Mezzanine
notes
The hotel sold in a foreclosure auction last month for $2 million, plus the assumption of $212 million in debt. Istithmar had acquired the property in 2006 for $285 million. The $212 million in debt includes the $115 million mortgage note, the $60 million A note and the $37 million B note, plus the costs of capital improvements and undetermined amount of defaulted debt from recent months.
  • Event Sales
  • Address 201 Park Avenue South
  • Neighborhood Gramercy Park
  • Borough Manhattan
  • Price $ 185,250,000
notes
The W New York - Union Square hotel sold for $185.25 million to a new venture led by Host Hotels & Resorts. The seller had acquired the property last year in a foreclosure sale.
  • Event Sales
  • Building Name W New York Union Square Hotel
  • Address 201 Park Avenue S
  • Neighborhood Gramercy Park
  • Borough Manhattan
  • Price $ 285,000,000
  • Publication Date 12/01/2006
  • Event Date 10/22/2006
  • Party 1 Related Companies
  • Party 2 Istithmar
notes
The Dubai government's investment arm bought the landmarked hotel for $285 million, or $1.055 million per room. The purchase marks Istithmar's fifth consecutive acquisition in Manhattan.
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 825,815
  • Price $ 60,000,000
notes
Bought 75% equity interest; new joint venture also completed refi of property
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 920,000
  • Price $ 550,000,000
  • Price per foot $ 585.00
notes
The class A building is in contract for $550 million, or $585 per square foot.
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 925,000
  • Price $ 180,000,000
notes
Vornado spent $180 million to recapitalize and gain control of the building from Murray Hill Properties, which was in danger of losing the property to lenders. The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last month, said. Murray Hill retained a small portion of the equity on the building. The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity.
  • Event Sales
  • Address 301 Park Avenue
  • Neighborhood Plaza District
  • Borough Manhattan
  • Price $ 1,400,000,000
  • Publication Date 01/01/2008
  • Event Date 11/22/2007
  • Party 1 Hilton Hotels Corporation
  • Party 2 BH Hotels LLC
notes
The package of hotels and lots sold for $1.4 billion. The properties included the Waldorf-Astoria Hotel at 301 Park Avenue, which sold for $572.34 million; the Hilton New York at 1334 Sixth Avenue, which sold for $757.80 million; and two contiguous lots at 102-108 West 57th Street, which sold for $68.99 million. The deal was part of the Blackstone Group's $26 billion buyout of Hilton in October.
  • Event Sales
  • Address 591 Park Avenue
  • Neighborhood Lenox Hill
  • Borough Manhattan
  • Square feet 8,900
  • Price $ 7,000,000
notes
[EMPTY]
  • Event Sales
  • Address 1661 Park Avenue
  • Neighborhood East Harlem
  • Borough Manhattan
  • Price $ 4,800,000
  • Publication Date 11/01/2013
  • Event Date 09/22/2013
  • Party 1 Brokerage Ariel Property Advisors
  • Party 1 Broker Shimon Shkury, Victor Sozio, Michael Tortorici, Jesse Deutch, Marko Agbaba
notes
The property sold for $4.8 million.
  • Event Retail Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 52,120
notes
The health club and spa operator will occupy a portion of the ground floor and the entire second floor of the building following the conversion of former office space into retail space. Under the terms of the 16-year lease, Equinox will construct a private entrance on the 33rd Street side of the building.
  • Event Retail Leasing
  • Address 401 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 10,645
  • Publication Date 06/01/2011
  • Event Date 04/22/2011
  • Party 1 Meringoff Properties
  • Party 1 Brokerage In-house
  • Party 2 Duane Reade
  • Party 2 Brokerage Winick Realty Group
  • Party 2 Broker Ann La Centra
notes
The drugstore signed a lease renewal.
  • Event Retail Leasing
  • Address 381 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 9,160
  • Publication Date 10/01/2006
  • Event Date 08/22/2006
  • Party 1 Dale Hemmerdinger
  • Party 2 Stephen Hanson
notes
The restaurateur inked a direct lease with the landlord for a reported asking rent of $125 per square foot. The site, which is currently home to the Park Avenue Country Club, will be recast as either a steakhouse or an entirely new format.
  • Event Office Leasing
  • Address 401 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 40,000
  • Publication Date 09/01/2006
  • Event Date 07/23/2006
  • Party 1 Meringoff Properties
  • Party 1 Brokerage Meringoff Properties
  • Party 1 Broker Mark Stein, Jared Solomon
  • Party 2 Absolut Spirits Company
  • Party 2 Brokerage Isaacs & Company
  • Party 2 Broker Joel Isaacs, Marc Simon
notes
The vodka vendor took the entire 6th and 7th floors as it relocates to a space that is nearly twice the size of its current space at 1370 Sixth Avenue.
  • Event Office Leasing
  • Address 401 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 21,100
  • Publication Date 01/01/2014
  • Event Date 11/22/2013
  • Party 1 Meringoff Properties
  • Party 1 Brokerage Meringoff Properties
  • Party 1 Broker Mark Stein, Jason Vacker
  • Party 2 xAd
  • Party 2 Brokerage Cushman & Wakefield
  • Party 2 Broker Jon Mayeske
notes
The mobile advertiser signed a 10-year lease for the entire 11th floor.
  • Event Office Leasing
  • Address 401 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 40,000
  • Price per foot $ 45.00
  • Publication Date 04/01/2010
  • Event Date 02/20/2010
  • Party 1 401 Park Avenue South
  • Party 1 Brokerage Meringoff Properties
  • Party 1 Broker Mark Stein, Jason Vacker
  • Party 2 New York School of Interior Design
  • Party 2 Brokerage Cassidy Turley
  • Party 2 Broker Neil Lipinski, Tim Kucha, David Lebenstein
notes
The school signed a 20-year lease for the second and third floors, each of which is 20,000 square feet. The new space will house the college's graduate center.
  • Event Office Leasing
  • Address 401 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 42,200
notes
The technology company signed a 10-year lease renewal on the 12th and fourth floors. The tenant converted a sublease to a direct lease on the fourth floor, and extended its existing, direct lease with the landlord on the 12th floor.
  • Event Office Leasing
  • Address 381 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 913
  • Publication Date 04/01/2014
  • Event Date 02/20/2014
  • Party 1 ATCO Properties & Management
  • Party 1 Brokerage In-house
  • Party 2 Tataway
  • Party 2 Brokerage Bloom Real Estate Group
  • Party 2 Broker Scott Bloom, Susann Eaton
notes
The tattoo-removal-services provider signed a four-year lease for part of the seventh floor.
  • Event Office Leasing
  • Address 381 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 5,450
  • Publication Date 03/01/2007
  • Event Date 01/20/2007
  • Party 2 National Center for Learning Disabilities
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Jordan Gosin, Stephen Schofel
notes
The charitable organization inked a new lease.
  • Event Office Leasing
  • Address 381 Park Avenue South
  • Neighborhood Flatiron
  • Borough Manhattan
  • Square feet 1,925
  • Publication Date 02/01/2011
  • Event Date 12/23/2010
  • Party 1 373-381 PAS Associates
  • Party 2 Howard Karagheusian Commemorative Corporation
  • Party 2 Brokerage Vicus Partners
  • Party 2 Broker Waite Buckley, Sadah Ali
notes
The nonprofit signed a lease for 10 years and three months on the sixth floor.
  • Event Office Leasing
  • Address 461 Park Avenue South
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 8,800
  • Price per foot $ 40.00
  • Publication Date 07/01/2007
  • Event Date 05/22/2007
  • Party 1 Rose Hill Property Associates/Brown Companies
  • Party 1 Brokerage In-house
  • Party 2 Spitzer 2010, New York State Democratic Party
  • Party 2 Brokerage PBS Real Estate
  • Party 2 Broker Robert Emden, Stephen Gordon, David Emden
notes
Gov. Eliot Spitzer's reelection committee and the New York State Democratic party signed a lease for space.
  • Event Office Leasing
  • Address 461 Park Avenue South
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 4,775
  • Price per foot $ 40.00
  • Publication Date 03/01/2012
  • Event Date 01/21/2012
  • Party 1 Rosehill Property Associates
  • Party 1 Brokerage Murray Hill Properties
  • Party 1 Broker Randy Sherman
  • Party 2 Bunk1/Ackercamps.com
notes
The Internet firm signed a six-year lease.
  • Event Office Leasing
  • Address 461 Park Avenue South
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 2,825
  • Price per foot $ 40.00
  • Publication Date 03/01/2012
  • Event Date 01/21/2012
  • Party 1 Rosehill Property Associates
  • Party 1 Brokerage Murray Hill Properties
  • Party 1 Broker Randy Sherman
  • Party 2 Park Urologic
notes
The medical office signed a four-year lease.
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