Marx Realty’s Midtown retail building to break ground tomorrow

August 15, 2011 01:53PM

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From top left: CBRE’s Susan Kurland, Gregory Tannor and Sloane Rhulen; right: Rendering of 201 East 57th Street

More than a year-and-a-half after razing the 136-year-old building that stood at 201 East 57th Street, developer Marx Realty & Improvement said it will finally break ground on a four-story glass replacement tomorrow. Marx held off construction on the new 30,814-square-foot structure on the corner of Third Avenue until it landed a ground-floor tenant, according to previous reports.

In June, CB Richard Ellis, which is the leasing agent for the entire project, inked a deal with TD Bank for 4,069 square feet of ground-floor space putting construction on track. Sloane Rhule, Susan Kurland and Gregory Tannor are the CBRE agents on the project. TD Bank will pay $300 per square foot for the first year of the lease, according to the earlier report.

The entire TPG Architecture-designed building, to be known as the Manufacturers & Builders, or M&B, Building will house retail tenants. Marx has owned the site since the 1920s. — Adam Fusfeld