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

03/22/19
A socialite grifter who posed as a German heiress was able to scam banks, other con artists and white-shoe law firms out of hundreds of...

03/18/19
Manhattan’s luxury market saw 27 contracts signed last week for a total of about $202 million, according to the latest report from Olshan Realty. The...

03/15/19
The Museum of the Dog has a new neighbor. Alliant Insurance Services will move to H.J. Kalikow & Co.’s 101 Park Avenue in Midtown East,...

03/08/19
UPDATED, March 8, 2019, 3:35 p.m.: Aby Rosen’s RFR Holding is purchasing the Chrysler Building, one of the world’s most recognizable skyscrapers, The Real Deal...

02/11/19
Manhattan’s luxury market saw 16 contracts signed last week for a total of about $114 million, continuing its lackluster winter, according to the latest report...

02/04/19
UPDATED, 1:19 p.m., Mar. 4: This story was updated to include the lease at 28 Liberty Street. Gyms maintained a strong presence in January’s retail...

01/31/19
Another day, another refinancing of a Harlem multifamily portfolio owned by Isaac Kassirer’s Emerald Equity Group. The real estate firm landed roughly $90 million from...

01/18/19
At least 22 people have been killed in passenger elevators or shafts in New York City since 2010. In that same span of time, there...

01/03/19
At least 22 people have been killed in passenger elevators or shafts in New York City since 2010. In that same span of time, there...

At least 22 people have been killed in passenger elevators or shafts in New York City since 2010. In that same span of time, there...

12/06/18
Shonda Rhimes, the powerhouse showrunner behind TV hits like “Scandal,” “How to Get Away With Murder” and “Grey’s Anatomy,” dropped $11.75 million on a penthouse...

11/07/18
The Assemblage Rodrigo Niño, the 49-year-old crowdfunding entrepreneur, took ayahuasca in Peru one summer and achieved enlightenment. What people needed was a new kind of...

The Assemblage Rodrigo Niño, the 49-year-old crowdfunding entrepreneur, took ayahuasca in Peru one summer...

10/26/18
From time to time, Lauren Muss flips open a folder on her desk called “lost exclusives.” The Douglas Elliman broker, who was among the top...

09/19/18
August was a low-key month for the Manhattan real estate debt market, with the top ten deals totaling just $1.6 billion, less than half of...

09/11/18
Westbrook Partners has secured a $100 million loan to fund its purchase of the W New York Union Square hotel. HSBC is providing the loan...

08/24/18
The Durst Organization is refinancing its Harlem project along Park Avenue courtesy of a $95 million loan from M&T Bank. The Buffalo-based bank had already...

08/21/18
AECOM Tishman signed a new deal with Anbang Insurance Group to start construction work at the Waldorf Astoria, which is now scheduled to reopen in...

08/09/18
H.J. Kalikow & Co. secured a $365 million mortgage for 101 Park Avenue in Midtown. The new mortgage replaces a $300 million Bank of America...

07/31/18
It may not be open yet, but Swedish photography museum Fotografiska is already growing its footprint. Fotografiska, which signed a lease for the entirety of...

07/23/18
Peter Kalikow is president of the development and management firm H.J. Kalikow & Company and a third-generation executive in the Kalikow family real estate business....

07/05/18
...Clockwise from top left: 1 Park Avenue, 230 Park Avenue, 140 58th Street in Brooklyn, and 167 41st Street in Brooklyn (Credit: Liquid Space...

Peter Kalikow is president of the development and management firm H.J. Kalikow & Company and a third-generation executive in the Kalikow family real estate business....

06/29/18
1893: Hospital sale puts a value on Fifth Avenue The $2.4 million sale of St. Luke’s Hospital 125 years ago this month was reported in The...

06/28/18
Host Hotels is considering selling off several of its non-core hotels in a deal that could exceed $2 billion. Specific properties that would be included...
  • 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

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...