Jones Lang LaSalle
COTY GOING TO PARK
By STEVE CUOZZO
THE seductive aroma of the world's biggest fragrance company, Coty Inc., is wafting its way to 2 Park Ave. at 32nd Street. The firm just signed for 75,000 square feet, one of the young year's largest new leases, at the tower owned by Germany's SEB Immobilien-Investment GmbH.
"Coty was looking to consolidate staff from two of its existing Manhattan locations into one building, making the large floor plates of 2 Park Ave. especially attractive," said Jones Lang LaSalle's Craig Panzirer, who repped the landlord with JLL's Peter Gottlieb.
Coty will move from two more expensive addresses, 1325 Sixth Ave. and Trump Tower (725 Fifth Ave.), to 2 Park — right across from Coty U.S.'s corporate offices at 1 Park Ave., creating a "campus," said Trammell Crow regional president Richard Bernstein, who repped Coty with Ralph Giordano.
Bernstein said asking rents at 2 Park Ave. are in the mid-$40s a square foot. He would not comment on what Coty pays at 1325 Sixth, but he said Coty would put the space up for sublease for the remaining four years on its lease.
At Trump Tower — home to Coty's Calvin Klein fragrance brand — the lease is up in a few months. The cost of a new lease there would be "astronomical," Bernstein said.
*
Two just-closed midblock deals reflect the strength of the investment-sale market between Midtown South and SoHo.
Columbus, Ohio-based investor group Beck Street is paying $37 million for 625 Broadway, the 12-story, 1896 vintage office building between Houston and Bleecker streets that's home to giant Tex-Mex eatery Gonzales y Gonzales.
Eastern Consolidated's Eric Anton and Ron Solarz represented the sellers, a local partnership. Eastern's Marcia Rose Yawitz brought in the buyers.
Anton called the price — around $450 per square foot — "huge" for a midblock address in the area. He said Beck might continue to operate the building as an office-and-retail location.
However, there's no question about what's going to happen at another site whose sale was also brokered by Eastern.
Ginsburg Development Corp., which paid $13.5 million for two small apartment buildings at 241-245 W. 19th St., has already demolished them and will build a 12-story condo project.
Solarz and Anton repped the sellers while Eastern's Mary Willison repped Ginsburg.
Anton said the previous owners, a local partnership, first devised the condo scheme, but decided to sell instead. Ginsburg will now go ahead with the plans, which call for a 38,358 square-foot structure.
steve.cuozzo@nypost.com
NEW YORK POST is a registered trademark of NYP Holdings, Inc. NYPOST.COM, NYPOSTONLINE.COM, and NEWYORKPOST.COM
are trademarks of NYP Holdings, Inc.
Copyright 2005 NYP Holdings, Inc. All rights reserved
COTY GOING TO PARK
By STEVE CUOZZO
THE seductive aroma of the world's biggest fragrance company, Coty Inc., is wafting its way to 2 Park Ave. at 32nd Street. The firm just signed for 75,000 square feet, one of the young year's largest new leases, at the tower owned by Germany's SEB Immobilien-Investment GmbH.
"Coty was looking to consolidate staff from two of its existing Manhattan locations into one building, making the large floor plates of 2 Park Ave. especially attractive," said Jones Lang LaSalle's Craig Panzirer, who repped the landlord with JLL's Peter Gottlieb.
Coty will move from two more expensive addresses, 1325 Sixth Ave. and Trump Tower (725 Fifth Ave.), to 2 Park — right across from Coty U.S.'s corporate offices at 1 Park Ave., creating a "campus," said Trammell Crow regional president Richard Bernstein, who repped Coty with Ralph Giordano.
Bernstein said asking rents at 2 Park Ave. are in the mid-$40s a square foot. He would not comment on what Coty pays at 1325 Sixth, but he said Coty would put the space up for sublease for the remaining four years on its lease.
At Trump Tower — home to Coty's Calvin Klein fragrance brand — the lease is up in a few months. The cost of a new lease there would be "astronomical," Bernstein said.
*
Two just-closed midblock deals reflect the strength of the investment-sale market between Midtown South and SoHo.
Columbus, Ohio-based investor group Beck Street is paying $37 million for 625 Broadway, the 12-story, 1896 vintage office building between Houston and Bleecker streets that's home to giant Tex-Mex eatery Gonzales y Gonzales.
Eastern Consolidated's Eric Anton and Ron Solarz represented the sellers, a local partnership. Eastern's Marcia Rose Yawitz brought in the buyers.
Anton called the price — around $450 per square foot — "huge" for a midblock address in the area. He said Beck might continue to operate the building as an office-and-retail location.
However, there's no question about what's going to happen at another site whose sale was also brokered by Eastern.
Ginsburg Development Corp., which paid $13.5 million for two small apartment buildings at 241-245 W. 19th St., has already demolished them and will build a 12-story condo project.
Solarz and Anton repped the sellers while Eastern's Mary Willison repped Ginsburg.
Anton said the previous owners, a local partnership, first devised the condo scheme, but decided to sell instead. Ginsburg will now go ahead with the plans, which call for a 38,358 square-foot structure.
steve.cuozzo@nypost.com
NEW YORK POST is a registered trademark of NYP Holdings, Inc. NYPOST.COM, NYPOSTONLINE.COM, and NEWYORKPOST.COM
are trademarks of NYP Holdings, Inc.
Copyright 2005 NYP Holdings, Inc. All rights reserved
posted by Jones Lang LaSalle NJ News Blog at 2:50 PM
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