Third Avenue is so 10 years ago: Marx Realty changes tower name to 10 Grand Central

Change is part of $45M repositioning

TRD New York /
Jul.July 10, 2018 08:19 AM

The current entrance and a rendering of 155 East 44th Street (Credit: Marx Realty and Liquid Space)

The old 708 Third Avenue is dead: The 35-story office tower will soon go by 10 Grand Central.

Marx Realty, which has owned the property for roughly a decade, is moving the building’s primary entrance to 44th Street, as part of a $45 million repositioning that includes shaking the tower’s connection to Third Avenue, the New York Post reported. Marx CEO and President Craig Deitelzweig said he’s “100 percent done” with Third Avenue.

“We don’t want to be associated with Third Avenue,” he said. “We want to be a Grand Central building. Most of our tenants come to work through Grand Central Terminal every day and so do our visitors.”

The building is a bit of an outlier on Third Avenue: It was built in 1931 and designed by Ely Jacques Kahn, the architect behind the Bergdorf Goodman. Most of the avenue’s office towers were constructed after 1955.

Studio Architecture’s David Burns will redesign an existing secondary entrance at 155 East 44th Street, which was the building’s original entrance. The Third Avenue entrance will be converted into space for a fast-casual restaurant.

The name change could significantly impact the building’s rent. According to JLL’s Howard Hersch and Clark Finney, who are marketing 10 Grand Central, average asking rents along Third Avenue are at $64.76 per square foot while the Grand Central submarket boasts $91.26 per square foot. [NYP] — Kathryn Brenzel 


Related Articles

arrow_forward_ios
Gov. Andrew Cuomo (Getty; iStock)

New York City lifts lockdown for some Covid hot spots

New York City lifts lockdown for some Covid hot spots
518 Broadway (Google Maps)

Four years vacant: Landlord offers dire outlook for Soho building

Four years vacant: Landlord offers dire outlook for Soho building
Sam Chang and TownePlace Suites by Marriott at 324 West 44th Street (Google Maps)

Hotelier Sam Chang’s businesses snagged millions in PPP loans

Hotelier Sam Chang’s businesses snagged millions in PPP loans
Vornado CEO Steven Roth with 1535 Broadway and 220 Central Park South (Getty, VNO, Google Maps)

Vornado sees $100M retail JV loss, $190M in 220 CPS gains

Vornado sees $100M retail JV loss, $190M in 220 CPS gains
Gov. Andrew Cuomo (Getty, iStock)

Commercial eviction and foreclosure ban extended until January

Commercial eviction and foreclosure ban extended until January
The Manhattan office market’s overall vacancy rate rose to a 24-year high of 13.3% in the third quarter (iStock)

Cushman & Wakefield paints bleak picture for Manhattan office market

Cushman & Wakefield paints bleak picture for Manhattan office market
Travis Kalanick (Getty; iStock)

Travis Kalanick cooks up a real estate empire

Travis Kalanick cooks up a real estate empire
Nightingale's Elie Schwartz and Madison's Brian Shatz (Whale Square)

Nightingale buys Whale Square in Sunset Park for $84M

Nightingale buys Whale Square in Sunset Park for $84M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...