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1 Park Avenue

1 Park Avenue
New York, NY 10016
Office, Leasing/Rental

The 20-story office tower that occupies the block front between 32nd Street and 33rd Street was built in 1925 and offers approximately 1 million square feet of space. New York Universitys Langone Medical Center, the flagship tenant, renewed its lease for 30 years in 2011, expanding to 420,000 square feet.

That renewal came shortly after Vornado Realty Trust injected $180 million in March that year, in a recapitalization deal that valued the property at $427 million and saved it from foreclosure. Norman Sturners Murray Hill Properties and a unit of Cerberus Capital Management retained the remaining 5 percent. Vornado was seeking a buyer for the building for $650 million, it was reported in mid-2014.

-NE

  • Address 1 Park Avenue
  • neighborhood Kips Bay
  • borough Manhattan
  • owner Vornado Realty Trust
  • owner entity VNO ONE PARK LLC
  • floors 18
  • Year Built 1926
  • square feet 922,184
  • block and lot 1-00888-0001
  • BIN 1018472
  • Event Office Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 8,567
notes
The agency signed a lease for the Kips Bay space.
  • Event Office Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 24,538
notes
The music group inked a lease for part of the 18th floor at the Midtown South building.
  • Event Retail Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 60,000
notes
The luxury gym is signed a 15-year lease extension.
  • Event Office Leasing
  • Address 1 Park Avenue
  • Neighborhood NoMad
  • Borough Manhattan
  • Square feet 62,000
notes
The architecture firm signed a lease.
  • Event Financing
  • Address 1 Park Avenue
  • Neighborhood Midtown
  • Borough Manhattan
  • Square feet 947,000
  • Price $ 300,000,000
notes
The company refinanced a $300 million loan.
  • Event Office Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 367,584
notes
The medical center signed an expansion lease. The new space includes floors six through eight, 11 and 16 through 18, as well as portions of the mezzanine and 10th floors.
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 925,000
  • Price $ 180,000,000
  • Price per foot $ 194.59
notes
Vornado spent $180 million to recapitalize and gain control of the building from Murray Hill Properties, which was in danger of losing the property to lenders. The cash infusion included about $30 million in tenant improvement costs and other reserves, while at the same time Vornado secured $250 million in debt from a major investment bank, a person familiar with the deal, which closed last month, said. Murray Hill retained a small portion of the equity on the building. The original capital stack was comprised of a $375 million first mortgage, $100 million in mezzanine debt held by three companies and $120 million in equity.
  • Event Office Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 21,000
  • Price per foot $ 35.00
notes
The wireless services provider signed a lease to relocate to the building's 14th floor.
  • Event Office Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 10,542
  • Price per foot $ 65.00
notes
The Indian bank inked a 20-year lease renewal for its U.S. headquarters.
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 920,000
  • Price $ 550,000,000
  • Price per foot $ 597.83
notes
The class A building is in contract for $550 million, or $585 per square foot.
  • Event Office Leasing
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 37,925
  • Publication Date 01/01/2007
  • Event Date 11/22/2006
  • Party 2 Clarins USA
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Mark Weiss, S. Apple, Ross Eisenberg
notes
The wholesale distributor of cosmetics and perfume products took space.
  • Event Retail Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 52,120
  • Publication Date 09/01/2006
  • Event Date 07/23/2006
  • Party 1 SL Green Realty
  • Party 1 Brokerage in-house
  • Party 1 Broker Steve Durels
  • Party 2 Equinox Fitness Clubs
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Jeffrey Roseman
notes
The health club and spa operator will occupy a portion of the ground floor and the entire second floor of the building following the conversion of former office space into retail space. Under the terms of the 16-year lease, Equinox will construct a private entrance on the 33rd Street side of the building.
  • Event Sales
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 825,815
  • Price $ 60,000,000
  • Price per foot $ 72.66
notes
Bought 75% equity interest; new joint venture also completed refi of property
  • Event Office Leasing
  • Building Name One Park Avenue
  • Address 1 Park Avenue
  • Neighborhood Kips Bay
  • Borough Manhattan
  • Square feet 140,600
notes
Lease includes 80,000 sf renewal and 60,600 sf expansion

10/17/2017
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09/01/2015
Anbang paid Hilton Worldwide $1.95 billion for the 47-story hotel, which is located at 301 Park Avenue in Midtown...

01/02/2015
In another minority-stake deal, the Canadian Pension Plan Investment Board grabbed a 45 percent interest in Vornado Realty Trust’s 941,000-square-foot office building 1 Park Avenue in Midtown South for $560 million...

04/01/2012
“It is definitely slowing,” Peter Goldich, managing director for midtown-based ATCO Brokerage Services, said. ATCO handles leasing for the Hemmerdinger family’s portfolio, which includes 555 Fifth Avenue and 381 Park Avenue South...

05/01/2008
Go to charts Despite a slight drop in its broker ranks, Prudential Douglas Elliman reigns supreme as Manhattan's biggest residential brokerage. But the Corcoran Group, theGo to charts Despite a slight drop in its broker ranks, Prudential Douglas Elliman reigns supreme as Manhattan's biggest residential brokerage. But the Corcoran Group, the...