GFP Real Estate, LLC is pleased to announce five lease transactions totaling 18,124 square feet at 515 Madison Ave. in Manhattan’s Plaza District.
Blackbern Partners, an investment firm that “invests in mature operating companies in the lower middle market,” signed a three-year lease renewal for 2,956 square feet on the 14th floor. The company will use the space for its general, administrative and executive offices. Martin McGrath of GFP Real Estate and William Grover of Newmark represented the landlord, GFP Real Estate; Cooper Weisman and Scott Gutnick of Newmark represented the tenant in the transaction.
Boyd, Boyd, Boyd, P.C., d.b.a. Drs. Boyd P.C., a four-generation-run family dentist office, signed a 15-year lease extension and expansion for 7,098 square feet of medical and administrative office space on the 16th floor. A tenant since 1970, Drs. Boyds’ new lease includes the addition of 1,196 square feet, expanding on the company’s preexisting 5,903-square-foot office. Martin McGrath of GFP Real Estate and William Grover of Newmark represented the landlord, GFP Real Estate; Ted Andrews of Andrews Real Estate Advisors represented the tenant.
Lefko Properties, a New York City-based real estate investment firm that specializes in executing value-add and opportunistic strategies, signed a new three-year lease for 1,828 square feet of office space on the 17th floor. The company relocated from 37 West 57th Street. Martin McGrath of GFP Real Estate and William Grover of Newmark represented the landlord, GFP Real Estate; Tony Builder of Bradford Allen represented the tenant.
Wells Hill Partners, a private investment banking and advisory firm that provides financial advisory services to the real estate industry, signed a new eight-year lease for 3,956 square feet of general and executive office space on the 32nd floor. The space was previously occupied by Clearbridge Compensation Group. Martin McGrath of GFP Real Estate and William Grover of Newmark represented the landlord, GFP Real Estate; Jonathan Franzel and Claire Koepel of Newmark represented the tenant.
Xianglong Li DDS, provider of general & cosmetic dental care for adults & children of all ages, signed a new 15-year lease for 2,286 square feet of medical and office space on the 18th floor. Li, who is expected to move in this Fall, will relocate from 18 East 50th Street. Martin McGrath of GFP Real Estate and William Grover of Newmark represented the landlord, GFP Real Estate; Sam Matayev of Norman Bobrow & Company Inc. represented the tenant.
Built in 1932 and known as the DuMont Building, 515 Madison is a 42-story, 370,000-square-foot class A building designed by John H. Carpenter. One of the building’s most distinctive features is a broadcasting antenna that traces back to the building’s role in the first television broadcasts of Allen B. DuMont’s experimental television station W2XWV in 1938. This building’s careful restoration of its renovated entrance and lobby in 2009 kept its beautiful architectural elements intact yet modernized for today’s tenants.
Located just south of Central Park, 515 Madison provides access to a multitude of dining options and well-known landmarks like the New York City Center for Performing Arts, Carnegie Hall and Rockefeller Center, which are all just a short walk away. The E and M trains are located in the building and the 6 train is only a block away, providing convenient transportation options.
About GFP Real Estate, LLC
Committed to building a better New York since 1952, GFP Real Estate is a vertically integrated owner, operator, property manager and developer of commercial real estate in the New York metropolitan area. With over 56 buildings and more than 13.8 million square feet under ownership, GFPRE’s portfolio includes some of New York’s most iconic real estate assets.
