The Real Deal New York

Asset manager leaves Hudson Yards for Astor Place

CBAM inks lease at Minskoff’s 51 Astor
February 21, 2018 08:07AM

A financial firm is leaving Hudson Yards to move to Manhattan’s east side. You read that right. Asset manager CBAM Partners inked a 25,401-square-foot lease at Edward J. Minskoff Equities’ 51 Astor Place.

The firm’s current space, a 5,992-square-foot office at Related Companies and Oxford Properties Group’s 10 Hudson Yards, is now listed for sublease, the New York Post reported.

CBAM will occupy the 12th-floor penthouse in the 476,000 square-foot building. CBRE represented the tenants, while Minskoff was represented in-house. The former occupant, Claren Road Asset Management, ran into financial difficulties and handed the space back to Minskoff, according to the Post.

The Korean Teachers’ Credit Union bought a minority stake in the building in 2015, valuing the property at $600 million. [NYP]Konrad Putzier