1 Park Avenue | The Real Deal New York

The Real Deal New York

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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

07/24/17
In the world of mid-market New York City investment sales last week, the Durst Organization picked up two East Harlem lots for $18 million and...

06/09/17
The Real Estate Board of New York is set to hold its 19th annual award ceremony for the most ingenious and most significant retail deals...

05/01/17
Convene, which manages common spaces and amenities for office landlords, raised $68 million in a Series C round led by Brookfield Property Partners, bringing its...

04/28/17
...1 Park Avenue and AutomotiveMastermind 's Marco Schnabl Software company AutomotiveMastermind inked a deal to take 32,000 square...

04/05/17
A team of CBRE brokers skated to victory Tuesday night, winning the Real Estate Board of New York’s Ingenious Deal of the Year award for...

03/14/17
Chinese investment enigma Anbang Insurance filed a “test-the-market” application with the New York State Attorney General’s Office for its planned condominium conversion of part of...

11/26/16
Mid-century design giant Herman Miller is taking its first step into the world of brick and mortar retail with its first ever U.S. showroom at...

11/10/16
Anbag Insurance Group filed plans Thursday to renovate the iconic Waldorf Astoria. The filings offer the first detailed look into the new owner’s vision to...

10/06/16
Joel Gluck’s Spencer Equity is in contract to buy the Noonan Plaza affordable housing complex in the Bronx for $42 million, according to documents filed...

09/13/16
Its aging office buildings are struggling with rising vacancies and competition from new developments at Hudson Yards. And even the seemingly invincible luxury market is having...

08/26/16
Editor’s note: This article originally ran October 21, 2014. In a market where rents are on the upswing and demand is strong, an empty building is...

06/14/16
The new Chinese owner of the legendary Waldorf Astoria is planning to turn up to 1,000 rooms at the storied Midtown hotel into condominiums. Tags: anbang, NYC...

04/13/16
One man’s trash is another man’s treasure, and a trio of brokers from Newmark Grubb Knight Frank now have the plaques to prove it. The team won...

03/23/16
Just because a Midtown South office building isn’t finished with its TAMI-style makeover doesn’t mean the landlord can’t refinance as if it had. By designing...

03/09/16
Convene, an event venue hosting company, inked a lease for 36,000 square feet at Durst Organization’s 114 West 47th Street in Midtown. The firm’s flagship...

03/07/16
Leasing brokers can search CoStar for a host of amenities for their office clients: balconies, a fitness center or even an on-site manager. A regulation-sized...

03/04/16
If the real estate your client wants doesn’t exist, go out and make it. That’s what David Ash, founder of the boutique investment-sales brokerage Prince...

02/05/16
One of Union Square’s most visible properties is now on the market. The W Hotel Union Square is up for sale after owner Host Hotels...

02/01/16
New York’s real estate industry showered Super PACs backing Jeb Bush, Chris Christie and John Kasich with cash in the second half of 2015, but...

12/18/15
From left: Shelley O'Keefe, 505 West 19th Street in Chelsea and Michael Johnson Shelley O'Keefe and Michael Johnson of Corcoran Sunshine topped the list with...

10/28/15
One of the world’s largest hospitality companies, Starwood Hotels & Resorts Worldwide, might soon be the object of the largest-ever takeover of a U.S. company by...

10/02/15
TRD Friday Feature:When Gary Barnett finally won a 14-building portfolio of properties owned by brothers Frank and Michael Ring in late 2013 – after much...

09/14/15
The Waldorf-Astoria’s walls have eyes, federal officials fear. Tags: anbang, new york palace hotel, waldorf astoria...

09/04/15
From left: Ginger Brokaw, Jason Karadus and 1355 First Avenue on the Upper East Side Ginger Brokaw and Jason Karadus of Town Residential topped this...

07/17/15
Eileen Robert and 58 Bank Street in the West Village Eileen Roberts of the Corcoran Group topped this week's residential sales with an $18.1 million...
  • 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
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
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

Just about everyone in the New York City real estate industry knows — or at least think they know — about the city’s priciest deals....

...in Vornado Realty Trust’s 941,000-square-foot office building 1 Park Avenue in Midtown South for $560 million. And UBS took a 49 percent stake for roughly $500 million...

...two floors of about 52,000 square feet each at 1 Park Avenue. Joseph Harbert, COO of the New York region for Cushman & Wakefield, said there...

Despite a slight drop in its broker ranks, Prudential Douglas Elliman reigns supreme as Manhattan's biggest residential brokerage. But the Corcoran Group, the second-biggest firm...
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