Whereas TF Cornerstone is figuring out the conversion of 135 East 57th Road on Billionaires’ Row, it’s going to have Chelsea Piers Health to work out the shoppers beneath.
The gymnasium operator signed a 47,000-square-foot lease for the ground-floor retail house at Charles Cohen’s former constructing in Midtown, the Business Observer reported. Particulars of the lease weren’t disclosed, however the common asking hire for retail house on Madison Avenue between 57th to 72nd Streets within the third quarter was $837 per sq. foot, in line with CBRE.
The lease was first reported by the New York Put up.
TFC signed a floor lease with the Wallace household over the summer season to take management of the property; TFC paid $159 million for the 99-year lease.
The agency plans to redevelop the 32-story workplace constructing right into a 350-unit residential advanced, that includes market-rate and reasonably priced housing; 25 % of the models will likely be for these incomes as much as 80 % of the realm median earnings.
TFC plans to make use of the state’s 467m tax exemption program, which helps facilitate the conversion of workplace buildings to residential properties. The agency plans to launch the conversion early subsequent 12 months and full it by 2028.
TFC and Chelsea Piers developed an ongoing partnership, which noticed the health chain take house at 33 Bond Road in Manhattan and 595 Dean Road in Brooklyn; for the latter, the foyer of the property’s east connects to the gymnasium.
Final month, Chelsea Piers signed a lease for more than 48,000 square feet on the base of GFP Actual Property’s 200 Varick Road, although particular plans for the house weren’t disclosed.
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TF Cornerstone converting former Charles Cohen building on Billionaires’ Row
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Chelsea Piers signs lease at GFP’s 200 Varick Street
