2/24/2010

Phillips de Pury Moving to 57th Street

The New York post is reporting auction house Phillips de Pury appears to be moving to 57th Street at 450 Park Avenue. This location puts Phillips in prime luxury NY City real estate, surrounded by the likes of Bergdorf Goodman, Carnegie Hall, restaurant Nobu 57 and the Four Seasons Hotel. The article states Phillips has signed a lease for 5 five year period on 30,000 square feet at 450 Park Avenue, the building which sold in 2007 for a record $1,600.00 per square foot.

The NYP reports
Stalled or slow-moving development sites have left unsightly empty lots and craters.

Several store sites have failed to draw tenants after years of trying, while more space continues to come onto the market.

On the possible good news front, Phillips is said by several sources to have signed a lease for 30,000 square feet at the base of Somerset Partners' 450 Park Ave., the black-glass tower it bought in 2007 for a record, near-$1,600 a square foot (remember those days?).

Somerset Executive Vice President Gregory Knoop did not return calls.

The lease would be for a relatively short term — just five years. But it would eliminate one of 57th Street's most embarrassing vacancies on a corner flanked by an empty lot and empty store buildings, where Harry Macklowe's development plans are bogged down with lenders.

Phillips was recently purchased by Russia's Mercury Group.
To read the full NYP article, click HERE.

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