Trending
Durst Organization puts 825 Third on the market, with a twist
Ground lease likely wouldn't include upfront payment
The Durst Organization is hunting for a tenant or investor to rent 825 Third Avenue under a ground lease.
The 40-story tower will be vacant by 2019, when the current lease with Advance Publications expires. Any ground-lease deal likely won’t include the customary up-front payment, the New York Post reported. Durst is gunning for steady rental income and seeks a tenant able to renovate the tower.
CBRE is marketing the property. The building’s current occupants are all Advance Publication’s subtenants.
A ground lease deal could also include a restack similar to what L&L Holding Company did at 425 Park Avenue and 390 Madison Avenue, the Post reported.
Durst developed the 544,000-square-foot building in 1969. In July, the company landed a $600 million loan package for a portfolio of Manhattan properties, including 825 Third. [NYP] — Konrad Putzier