Amalgamated Bank, long headquartered at 275 Seventh Ave. is relocating to Global Holdings’ re-energized 99 Park Ave. close to Grand Central Terminal – a milestone move for the union-owned financial institution.
Amalgamated’s new, 15-year lease for 94,045 square feet brings 99 Park Ave. to 98% leased, coming on top of 220,000 square-feet of recent deals there.
Amalgamated will occupy the entire second, third and fifth floors as well as a portion of the ground floor which will be used for a private entrance lobby.
The deal marks the latest success for a $30 million capital improvement program by Global Holdings, which is led by founder Eyal Ofer. Architectural firm VOCON is overseeing a detailed redesign of the Art Deco facade and of new tenants’ amenities such as a speakeasy, a golf simulator and conference center, to be completed early next year.
Global’s senior vice-president and director of leasing, Craig Panzirer said, “We’re committed to meeting the demand of best-in-class tenants and to elevating the standard of working on Park Avenue.”
Global Holdings has owned the 1950s-vintage, 600,000 square-foot property since 1990. Recent signings include strategic advisory firm Geller & Co., which took over 45,000 square feet. International children’s apparel company Garan. doubled its square footage in March. Last year saw a new lease for wealth-management firm Steward Partners and an expansion by Metropolitan Bank.
JLL’s Daoud Awad and Chris Kraus represented Amalgamated. The landlord was repped by Panzirer and Alex Radmin in-house and by JLL’s Paul Glickman, Diana Biasotti, Kristen Morgan, and Harrison Potter.
Amalgamated was long located in the Garment District that gave rise to it. Founded in 1923 by the garment workers union, it’s majority-owned by labor organization Workers United, which also owns 275 Seventh Avenue.
As reported by Investing.com, which cited an SEC filing by the bank’s parent, Amalgamated Financial Corp., the office portion of the deal is to be available by Apri1, 2026. Following a 16-month abatement period, the base rent at 99 Park will start at $6.205 million a year. The smaller ground-floor space will start at $142,830 per year.
Ferrari’s prancing horse will soon hoof it from its showroom at 410 Park Ave. to 425 Park Ave. across the street at East 55th St.
It isn’t just another retail relocation. Ferrari North America Inc.’s deal for 7,629 square feet on two levels at L&L Holding Co.’s tower brings its 670,000 square feet of office and retail space to 100% leased — a remarkable feat in less than three years.
The tower designed by Foster + Partners was developed by L&L with co-equity partner and co-developer Tokyu Land US Corp. and co-managing partner BGO. Ken Griffin’s Citadel is the anchor office tenant with 440,000 square feet. Jean-Georges Vongerichten’s restaurant Four Twenty Five was the first retail tenant.
The building at Global Holdings’ 410 Park is healthy at more than 90% leased. But Ferrari’s ground-floor, low-ceilinged space can’t compare with the visibility it will have at 425, nor with the prestige its architecture conveys.
L&L chairman and CEO David W. Levinson called the Ferrari move “a crowning achievement for L&L Holding and all our project partners.” He told Realty Check, “Ferrari is making a strong marketing move and wanted to have the best showroom in North America.”
According to Levinson, he and tower architect Norman Foster “always conceived of the space as an auto showroom,” and a model of it before the tower went up presciently depicted it as a Ferrari showroom.
Why? “Superior design. When you think of Ferrari, you think of enduring quality, power, leading innovation, which is precisely what 425 Park represents,” Levinson said.
The corner’s 3,000 square feet of ground space and 5,000 square feet on the mezzanine boast floor-to-ceiling glass 45 feet high.
“Ferrari is pleased to start a new chapter in our expanding presence in New York City in such an iconic building in the heart of mid-town Manhattan,” said Matteo Torre, president of Ferrari North America.
L&L Holding was represented in-house by Jonathan Tootell, Tanya Grimaldo, and Giannina Brancato. Ferrari was repped by Patrick Smith of JLL and Frank Recine of Accordia.
Done deal! Apollo Global Management’s talks for 100,000 square feet at 590 Madison Ave., first reported in the Commercial Observer, just resulted in a signed lease, Realty Check has learned.
It brings the one million square-foot tower managed by Edward J. Minskoff Equities to 87% leased, up from 77% two years ago following the departures of IBM and two other tenants. It’s a growth move for Apollo, which was subleasing under 72,000 square feet at 3 Bryant Park.
Apollo was repped by a CBRE team led by Stephen B. Siegel and Michael Geoghegan. The landlord was repped by Minskoff’s Jeffrey Sussman and Matthew Pynn in-house and a different CBRE team.
Siegel called 590 Madison “a premier example of the significant demand for renovated office spaces in desirable locations like the Plaza District.”
