The Real Deal New York

Laurel’s mixed-use condo space expected to fetch $70M

Tenants include TD Bank, Cornell University and Quik Park garage
July 24, 2014 06:30PM

A nearly 59,000-square-foot mixed-use condominium unit at the Laurel on the Upper East Side is hitting the market and expected to fetch as much as $70 million.

An undisclosed institutional seller hired Savills Studley brokers Daniel Parker, Will Silverman, Eric Negrin and Woody Heller to market the space at the 31-story condo tower at 400 East 67th Street, near First Avenue. The fully-leased unit holds office, retail and garage space.

TD Bank occupies the 3,000-square-foot retail space; Cornell University has four-story, 29,000-square-foot office space and a Quik Park parking garage fits 142 cars into 26,000 square feet. They are each on 10-year leases.

“Offshore, institutional, public and private investors have been clamoring for this type of investment for decades and it’s finally available in New York City,” Heller told the New York Post. [NYP, 3rd item]Mark Maurer