The Real Deal New York

Signature Bank expands presence at Sapir’s 261 Madison Ave.

Building also slated to house NYC's first Zuma restaurant
June 12, 2013 10:00AM

Signature Bank has signed a renewal and expansion deal at 261 Madison Avenue, increasing its presence at the Sapir Organization-owned building to 28,000 square feet, Real Estate Weekly reported.

The new lease gives Signature 18,000 square feet of office space in the 385,046-square-foot 28-story office building, located between 38th and 39th streets, as well as 10,000 square feet of retail space. The retail space at the building was being marketed at $250 per square foot.

Colliers International’s Howard Kaplowitz represented the bank on the deal, while Cushman & Wakefield’s Bruce Mosler and Alan Wildes represented Sapir.

New York’s first Zuma restaurant will also take 23,000 square feet in the building, the building’s co-owner Rotem Rosen told Real Estate Weekly.

“We are extremely pleased by the momentum we have seen at 260-261 Madison and throughout our entire NYC portfolio,” the Sapir Organization’s Alex Sapir added. [Real Estate Weekly]  – Hiten Samtani