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1 Park Avenue

1 Park Avenue
New York, NY 10016
Office, Leasing/Rental
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 Vornado Realty Trust
  • owner entity VNO ONE PARK LLC
  • floors 18
  • Year Built 1926
  • square feet 922,184
  • block and lot 1-00888-0001
  • BIN 1018472

1661A83785
09/13/16
Its aging office buildings are struggling with rising vacancies and competition from new developments at Hudson Yards. And even the seemingly invincible luxury market is having...

Gary Barnett
08/26/16
Editor’s note: This article originally ran October 21, 2014. In a market where rents are on the upswing and demand is strong, an empty building is...

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06/14/16
The new Chinese owner of the legendary Waldorf Astoria is planning to turn up to 1,000 rooms at the storied Midtown hotel into condominiums. Tags: anbang, luxury...

Mark-Weiss-FB
04/13/16
One man’s trash is another man’s treasure, and a trio of brokers from Newmark Grubb Knight Frank now have the plaques to prove it. The team won...

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03/23/16
Just because a Midtown South office building isn’t finished with its TAMI-style makeover doesn’t mean the landlord can’t refinance as if it had. By designing...

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03/09/16
Convene, an event venue hosting company, inked a lease for 36,000 square feet at Durst Organization’s 114 West 47th Street in Midtown. The firm’s flagship...

Mirante-REBNYFB
03/07/16
Leasing brokers can search CoStar for a host of amenities for their office clients: balconies, a fitness center or even an on-site manager. A regulation-sized...

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03/04/16
If the real estate your client wants doesn’t exist, go out and make it. That’s what David Ash, founder of the boutique investment-sales brokerage Prince...

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02/05/16
One of Union Square’s most visible properties is now on the market. The W Hotel Union Square is up for sale after owner Host Hotels...

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02/01/16
New York’s real estate industry showered Super PACs backing Jeb Bush, Chris Christie and John Kasich with cash in the second half of 2015, but...

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12/18/15
From left: Shelley O'Keefe, 505 West 19th Street in Chelsea and Michael Johnson Shelley O'Keefe and Michael Johnson of Corcoran Sunshine topped the list with...

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10/28/15
One of the world’s largest hospitality companies, Starwood Hotels & Resorts Worldwide, might soon be the object of the largest-ever takeover of a U.S. company by...

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10/02/15
TRD Friday Feature:When Gary Barnett finally won a 14-building portfolio of properties owned by brothers Frank and Michael Ring in late 2013 – after much...

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09/14/15
The Waldorf-Astoria’s walls have eyes, federal officials fear. Tags: anbang, new york palace hotel, waldorf astoria ...

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09/04/15
From left: Ginger Brokaw, Jason Karadus and 1355 First Avenue on the Upper East Side Ginger Brokaw and Jason Karadus of Town Residential topped this...

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07/17/15
Eileen Robert and 58 Bank Street in the West Village Eileen Roberts of the Corcoran Group topped this week's residential sales with an $18.1 million...

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05/27/15
Real estate crowdfunding firm Prodigy Network is in contract to buy two former Ring portfolio buildings for $100 million, The Real Deal has learned. The deal comes less...

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04/17/15
David Kornmeier and 278 West 11th Street in the West Village David Kornmeier of Brown Harris Stevens topped this week's residential sales with a $25...

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04/17/15
Aby Rosen’s RFR sold a tower in Frankfurt, Germany to IVG Immobilien AG’s institutional funds unit for $510 million. Tags: Aby Rosen, rfr realty ...

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04/16/15
Screenshot of Fredrik Eklund (credit: BuzzFeed) Watch Fredrik Eklund advertise garage sale junk. An inside look at Hillary’s campaign headquarters. Morgan Lewis & Bockius expands...

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04/14/15
The Feil Organization and Boston-based private equity firm Rockpoint Group paid a shade over $120 million to purchase a majority stake in RCG Longview’s 200...

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03/31/15
Rendering of a new hotel in the Alps, which could be Europe's tallest tower New Darren Star show takes place in Brooklyn. Blackstone sells three...

Markit NYC Office
03/27/15
Markit, a London-based global financial data provider, is consolidating its New York City offices into a 140,000-square-foot space at Brookfield Property Partners’ 5 Manhattan West,...

Aby Rosen and Mitch Konsker-
03/23/15
Looking to boost its office leasing, Aby Rosen’s RFR Realty replaced a mainly in-house team of agents with a JLL team, which will now be...

60 Warren Street
03/20/15
Stephen McRae and 60 Warren Street in Tribeca Stephen McRae of Sotheby's International Realty topped the week's residential sales with a $24.5 million condo at...
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  • Event Financing
  • Address 1 Park Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 947,000
  • Price $ 300,000,000
notes
The company refinanced a $300 million loan.
  • Event Office Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 367,584
notes
The medical center signed an expansion lease. The new space includes floors six through eight, 11 and 16 through 18, as well as portions of the mezzanine and 10th floors.
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 925,000
  • Price $ 180,000,000
  • Price per foot $ 194.59
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 Office Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 21,000
  • Price per foot $ 35.00
notes
The wireless services provider signed a lease to relocate to the building's 14th floor.
  • Event Office Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 10,542
  • Price per foot $ 65.00
notes
The Indian bank inked a 20-year lease renewal for its U.S. headquarters.
  • 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 $ 597.83
notes
The class A building is in contract for $550 million, or $585 per square foot.
  • Event Office Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 37,925
notes
The wholesale distributor of cosmetics and perfume products took space.
  • 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 Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 825,815
  • Price $ 60,000,000
  • Price per foot $ 72.66
notes
Bought 75% equity interest; new joint venture also completed refi of property
  • Event Office Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 140,600
notes
Lease includes 80,000 sf renewal and 60,600 sf expansion

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Just about everyone in the New York City real estate industry knows — or at least think they know — about the city’s priciest deals....

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Low interest rates, brisk sales, a more active commercial mortgage-backed securities market and white-hot land prices helped drive a surging investment sales market in 2014...

Manhattan office stats April 2012
The large financial, media and legal firms that drive much of Manhattan’s office leasing market stood on the sidelines during 2012’s first quarter, allowing activity...

Cover_Image.jpg
Despite a slight drop in its broker ranks, Prudential Douglas Elliman reigns supreme as Manhattan's biggest residential brokerage. But the Corcoran Group, the second-biggest firm...
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