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July 12, 2022
Ivy Terrace, a private terrace overlooking East 44th Street and near Grand Central Station, has been an unexpected boon for its owner, Marx Realty.
The 7,500-square-foot terrace, which is on the seventh floor of the 10 Grand Central office building, has generated $500,000 from rentals over the past year, Marx Realty said.
The space, with views of East 44th Street and skyscrapers scattered among Lexington and Third Avenues, has become a popular destination for corporate summer parties, birthday parties and even engagement celebrations.
“It has been an unexpected surprise how popular this terrace has become especially to those outside of the building,” Marx Realty CEO Craig Deitezlweig told the New York Business Journal. “It’s also been a way for us to showcase the building to prospective tenants in a more casual environment.”
Ivy Terrace is nestled at the end of the building’s club space, which features a 40-person conference room with views of the balcony, a fully-stocked bar and gelato machine. The outdoor terrace spans 3,000 square feet while the indoor club space spans 4,500 square feet.
Marx Realty initially offered the building’s terrace to nonprofit organizations such as the Urban Land Institute, which has used the balcony for gatherings of up to 100 people. Soon after it opened in 2018, Deitezlweig says, his phone began ringing inquiring about renting the outdoor terrace space.
Deitezlweig says many people are surprised that the terrace is a part of the building’s original 1931 design by Ely Jacques Kahn.
“Office buildings in the 1930s had a more hospitality bent with lounge floors and terraces similar to what we’re working to bring back in many of our buildings,” he said.
Deitezlweig says 10 Grand Central has more terraces than floors. The building boasts 44 terraces reaching up to 5,000 square feet and 36 floors.
Tenants within the building have access to the club floor and can reserve the conference room for a certain number of days annually.
“We believe in the democratization of space,” Deitezlweig said. “Our space is for all of our tenants, their employees and their guests.”
Marx Realty Signs Over 16,000 Square Feet in New Office and Retail Leases at 10 Grand CentralJune 7, 2022
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced Merchants Bancorp, Strata Equity Group, and French bakery maman have signed leases totaling 16,000 square feet at the company’s iconic, hospitality-infused 10 Grand Central office tower in Midtown Manhattan. In total, 51,000 square feet of leases have been signed at 10 Grand Central in the last two months.
“10 Grand Central continues to play a pivotal role in Midtown Manhattan’s ongoing return to the office,” said Craig Deitelzweig, president and CEO of Marx Realty. “We are thrilled to welcome two highly regarded firms along with a fantastic French bakery to our already diverse tenant roster at this iconic building. The brisk leasing and tour activity is a testament to our incredibly successful hospitality-inspired repositioning strategy in place across our portfolio.”
Merchants Bancorp has signed a 10,000-square-foot, 10-year lease on the building’s 24th floor while Strata Equity Group signed a 3,000-square-foot, 7-year lease on the 23rd floor. Both companies are making 10 Grand Central their official New York headquarters and first location in the city. Additionally, Maman bakery has also signed a 3,000-square-foot, 10-year lease on the ground floor fronting 44th St. Maman joins a number of popular food and retail options at street level including Mediterranean restaurant CAVA, Little Collins Australian café, and health-conscious salad chain Sweetgreen.
“The latest leasing activity at 10 Grand Central proves the building is positioned as an ideal location for both national and international high-profile companies looking to have a presence in New York,” added Deitelzweig. “The building’s repositioning strategy, paired with an unbeatable location just steps away from Grand Central Terminal, continue to make it one of the most sought-after office towers in Manhattan.”
In 2019, Marx Realty completed a $48 million top-to-bottom repositioning of the 35-story, Ely Jacques-Kahn-designed building. Among the building’s most impressive features are its sleekly styled lobby as well as a 7,500-square-foot indoor/outdoor club floor boasting a well-appointed lounge, 40-seat conference space and The Ivy Terrace, all designed to mimic the world’s finest hotels.
The most recent addition at 10 Grand Central, the Penthouse Collection, consists of 20,000 square feet of uber-luxe penthouse offices on floors 32 through 36, which offer exceptionally designed suites and an elevated first-of-its-kind aesthetic. Floors 32 and 33 have been completed while the rest of the collection is expected to be delivered later this year.
“We are proud to have created a completely new asset class through Marx Realty’s signature hospitality-infused sensibility,” added Deitelzweig. “We continue to see tremendous leasing activity at Marx-owned buildings that have undergone the same treatment, including 545 Madison in New York, The Herald in Washington D.C. and The Department Building in Atlanta.”
10 Grand Central’s repositioning allowed Marx Realty to review the building’s environmental footprint. In addition to daily focus on maximizing wellness for tenants, guests, and the community at large via cleaning procedures, janitorial processes and waste management, Marx Realty implemented a program to plant three trees in the area for every lease that is signed at 10 Grand Central, as well as its other assets across the country.
10 Grand Central’s remarkable new tenants join an already impressive and diverse roster of tenants, including conference organizer for health innovation HLTH; golf investing company LIV Golf Inc.; weekly online news magazine The Week; real estate investment firm Benenson Capital Partners; and Goldman Sachs-backed Crux Informatics. High-profile tenants also include Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the New York Post); insurance giant MassMutual, and international news agency Agence France-Presse.
The redesign was led by David Burns, principal of Studios Architecture. JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer, and Thomas Schwartz are leading a team handling the leasing for Marx Realty. The building’s asking rents range between $65 and $120 per square foot.
Marx Realty Signs Over 16,000 SF in New Office and Retail Leases at 10 Grand CentralJune 8, 2022
Merchants Bancorp, Strata Equity Group and Maman Bakery Join Remarkable Tenant Roster at Hospitality-Inspired Midtown Office Tower
Marx Realty (MNPP), a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced Merchants Bancorp, Strata Equity Group, and French bakery maman have signed leases totaling 16,000 square feet at the company’s iconic, hospitality-infused 10 Grand Central office tower in Midtown Manhattan. In total, 51,000 square feet of leases have been signed at 10 Grand Central in the last two months.
“10 Grand Central continues to play a pivotal role in Midtown Manhattan’s ongoing return to the office,” said Craig Deitelzweig, president and CEO of Marx Realty. “We are thrilled to welcome two highly regarded firms along with a fantastic French bakery to our already diverse tenant roster at this iconic building. The brisk leasing and tour activity is a testament to our incredibly successful hospitality-inspired repositioning strategy in place across our portfolio.”
Merchants Bancorp has signed a 10,000-square-foot, 10-year lease on the building’s 24th floor while Strata Equity Group signed a 3,000-square-foot, 7-year lease on the 23rd floor. Both companies are making 10 Grand Central their official New York headquarters and first location in the city. Additionally, Maman bakery has also signed a 3,000-square-foot, 10-year lease on the ground floor fronting 44th St. Maman joins a number of popular food and retail options at street level including Mediterranean restaurant CAVA, Little Collins Australian café, and health-conscious salad chain Sweetgreen.
“The latest leasing activity at 10 Grand Central proves the building is positioned as an ideal location for both national and international high-profile companies looking to have a presence in New York,” added Deitelzweig. “The building’s repositioning strategy, paired with an unbeatable location just steps away from Grand Central Terminal, continue to make it one of the most sought-after office towers in Manhattan.”
In 2019, Marx Realty completed a $48 million top-to-bottom repositioning of the 35-story, Ely Jacques-Kahn-designed building. Among the building’s most impressive features are its sleekly styled lobby as well as a 7,500-square-foot indoor/outdoor club floor boasting a well-appointed lounge, 40-seat conference space and The Ivy Terrace, all designed to mimic the world’s finest hotels.
The most recent addition at 10 Grand Central, the Penthouse Collection, consists of 20,000 square feet of uber-luxe penthouse offices on floors 32 through 36, which offer exceptionally designed suites and an elevated first-of-its-kind aesthetic. Floors 32 and 33 have been completed while the rest of the collection is expected to be delivered later this year.
“We are proud to have created a completely new asset class through Marx Realty’s signature hospitality-infused sensibility,” added Deitelzweig. “We continue to see tremendous leasing activity at Marx-owned buildings that have undergone the same treatment, including 545 Madison in New York, The Herald in Washington D.C. and The Department Building in Atlanta.”
10 Grand Central’s repositioning allowed Marx Realty to review the building’s environmental footprint. In addition to daily focus on maximizing wellness for tenants, guests, and the community at large via cleaning procedures, janitorial processes and waste management, Marx Realty implemented a program to plant three trees in the area for every lease that is signed at 10 Grand Central, as well as its other assets across the country.
10 Grand Central’s remarkable new tenants join an already impressive and diverse roster of tenants, including conference organizer for health innovation HLTH; golf investing company LIV Golf Inc.; weekly online news magazine The Week; real estate investment firm Benenson Capital Partners; and Goldman Sachs-backed Crux Informatics. High-profile tenants also include Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the New York Post); insurance giant MassMutual, and international news agency Agence France-Presse.
The redesign was led by David Burns, principal of Studios Architecture. JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer, and Thomas Schwartz are leading a team handling the leasing for Marx Realty. The building’s asking rents range between $65 and $120 per square foot.
Merchants Bancorp Opening 10K-SF NYC Headquarters at 10 Grand CentralJune 7, 2022 | by Celia Young
The Indiana-based Merchants Bancorp is taking its business to the Big Apple.
The bank holding company inked a 10-year lease to open a new 10,000-square-foot New York City headquarters on the entire 24th floor of 10 Grand Central, according to landlord Marx Realty. Asking rent was $84 per square foot for the space in the building on the corner of East 44th Street and Third Avenue.
“[Merchants] wanted to have a real presence in New York and wanted the space to really speak to their brand and excite their employees to come into the office — as well as make a real impression on their guests when they come to the office,” Craig Deitelzweig, Marx’s CEO and president, said. The building, “with its hospitality vibe, spoke to them really from day one,” he said.
The bank plans to move into its new space this fall, Deitelzweig said. Merchants, which owns Merchants Bank of Indiana, will take over offices previously occupied by financial services firm Macro Holdings, which left the Midtown building at the end of last year, said Deitelzweig.
The 35-story building, which has an alternative address of 155 East 44th Street, also recently signed deals with the privately held real estate investment firm Strata Equity Group, which took 3,000 square feet on the 23rd floor of the tower in a seven-year lease, and Maman Bakery, which grabbed 3,000 square feet of ground-floor retail in a 10-year retail lease. The property is also home to online news magazine The Week, Dwayne “The Rock” Johnson’s production company Seven Bucks Productions, and insurance firm MassMutual.
JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer and Thomas Swartz represented Marx Realty in the deal. Savills’ Chris Foerch handled it for the tenant. Both JLL and Foerch did not immediately respond to requests for comment.
Marx Realty Signs Over 16,000 Square Feet in New Office and Retail Leases at 10 Grand CentralMerchants Bancorp, Strata Equity Group and Maman Bakery Join Tenant Roster
Marx Realty, a New York-based owner, developer and manager of office, retail and multifamily property across the United States, announced Merchants Bancorp, Strata Equity Group, and French bakery maman have signed leases totaling 16,000 square feet at the company’s iconic, hospitality-infused 10 Grand Central office tower in Midtown Manhattan. In total, 51,000 square feet of leases have been signed at 10 Grand Central in the last two months.
“10 Grand Central continues to play a pivotal role in Midtown Manhattan’s ongoing return to the office,” said Craig Deitelzweig, president and CEO of Marx Realty in a statement. “We are thrilled to welcome two highly regarded firms along with a fantastic French bakery to our already diverse tenant roster at this iconic building. The brisk leasing and tour activity is a testament to our incredibly successful hospitality-inspired repositioning strategy in place across our portfolio.”
Merchants Bancorp has signed a 10,000-square-foot, 10-year lease on the building’s 24th floor while Strata Equity Group signed a 3,000-square-foot, 7-year lease on the 23rd floor. Both companies are making 10 Grand Central their official New York headquarters and first location in the city. Additionally, Maman bakery has also signed a 3,000-square-foot, 10-year lease on the ground floor fronting 44th St. Maman joins a number of popular food and retail options at street level including Mediterranean restaurant CAVA, Little Collins Australian café, and health-conscious salad chain Sweetgreen.
“The latest leasing activity at 10 Grand Central proves the building is positioned as an ideal location for both national and international high-profile companies looking to have a presence in New York,” added Deitelzweig. “The building’s repositioning strategy, paired with an unbeatable location just steps away from Grand Central Terminal, continue to make it one of the most sought-after office towers in Manhattan.”
In 2019, Marx Realty completed a $48 million top-to-bottom repositioning of the 35-story, Ely Jacques-Kahn-designed building. Among the building’s most impressive features are its sleekly styled lobby as well as a 7,500-square-foot indoor/outdoor club floor boasting a well-appointed lounge, 40-seat conference space and The Ivy Terrace, all designed to mimic the world’s finest hotels.
The most recent addition at 10 Grand Central, the Penthouse Collection, consists of 20,000 square feet of uber-luxe penthouse offices on floors 32 through 36, which offer exceptionally designed suites and an elevated first-of-its-kind aesthetic. Floors 32 and 33 have been completed while the rest of the collection is expected to be delivered later this year.
“We are proud to have created a completely new asset class through Marx Realty’s signature hospitality-infused sensibility,” added Deitelzweig. “We continue to see tremendous leasing activity at Marx-owned buildings that have undergone the same treatment, including 545 Madison in New York, The Herald in Washington D.C. and The Department Building in Atlanta.”
10 Grand Central’s repositioning allowed Marx Realty to review the building’s environmental footprint. In addition to daily focus on maximizing wellness for tenants, guests, and the community at large via cleaning procedures, janitorial processes and waste management, Marx Realty implemented a program to plant three trees in the area for every lease that is signed at 10 Grand Central, as well as its other assets across the country.
10 Grand Central’s remarkable new tenants join an already impressive and diverse roster of tenants, including conference organizer for health innovation HLTH; golf investing company LIV Golf Inc.; weekly online news magazine The Week; real estate investment firm Benenson Capital Partners; and Goldman Sachs-backed Crux Informatics. High-profile tenants also include Dwayne “The Rock” Johnson’s production company, Seven Bucks Productions (as reported by the New York Post); insurance giant MassMutual, and international news agency Agence France-Presse.
The redesign was led by David Burns, principal of Studios Architecture. JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer, and Thomas Schwartz are leading a team handling the leasing for Marx Realty. The building’s asking rents range between $65 and $120 per square foot.
Merchants Bancorp inks Grand Central lease
Address: 10 Grand Central, Manhattan
Landlord: Marx Realty
Tenant: Merchants Bancorp
Lease size: 10,000 square feet
Lease term: 10 years
Asset type: Office
Brokers: JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer and Thomas Schwartz represented the landlord.
Maman bakery opens in Midtown East
Address: 10 Grand Central, Manhattan
Landlord: Marx Realty
Tenant: Maman
Lease size: 3,000 square feet
Lease term: 10 years
Asset type: Retail
Brokers: JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer and Thomas Schwartz represented the landlord.
Three new leases signed at Grand Central office tower
June 6, 2022
Three new leases totaling 16,000 square feet of office and retail space were signed at 10 Grand Central, marking 51,000 square feet of space leased at the tower since April.
“10 Grand Central continues to play a pivotal role in Midtown Manhattan’s ongoing return to the office,” Marx Realty CEO Craig Deitelzweig said.
Marx Realty owns 10 Grand Central, which is located at at 155 E. 44th St.
Merchants Bancorp and Strata Equity Group have secured office space for their first New York City locations that will serve as their regional headquarters while Maman, a French bakery, has grabbed a ground floor retail space.
Merchants Bancorp signed a 10-year, 10,000-square-foot lease on the building’s 24th floor.
Strata Equity Group signed a 7-year, 3,000-square-foot lease on the building’s 23rd floor.
Maman’s ground floor space spans 3,000 square feet with a 10-year lease term with frontage along 44th Street. Little Collins Australian cafe’, Mediterranean restaurant Cava and salad chain Sweetgreen are nearby tenants.
“The latest leasing activity at 10 Grand Central proves the building is positioned as an ideal location for both national and international high-profile companies looking to have a presence in New York,” Deitelzweig said.
New tenants in the building include HLTH, a conference organizer for health innovation; LIV Golf Inc., a golf investing company; Seven Bucks Productions, Mass Mutual, international news agency Agence France-Presse and weekly online news magazine, The Week.
Asking rents in the building are between $65 to $120 per square foot.
JLL’s Mitchell Konsker, Benjamin Bass, Kip Orban, Carlee Palmer, and Thomas Schwartz are leading a team handling the leasing for Marx Realty.
Marx Realty’s Craig Deitelzweig on buying office buildings, amenities to attract office workers, moreMay 6, 2022
10 Grand Central
By Adam Pincus
Craig Deitelzweig joined Marx Realty in 2017 as president and CEO, and is responsible for repositioning the existing portfolio of 67 properties as well as expanding it, with a focus on value-add office investments in three core markets: New York City, Washington D.C. and Atlanta.
Marx Realty owns commercial properties nationally, including 19 office and retail properties in New York City including 10 Grand Central, 545 Madison Avenue, 430 Park Avenue, 201 East 57th Street and others in Tribeca, the Bowery, Williamsburg, Soho, and elsewhere.
The interview has been condensed and edited. The questions have been edited to provide more clarity. This 30-minute interview is available on our YouTube channel in its entirety.
Q: What kinds of properties are you looking to buy?
It’s going to be a really wide range our range, [it] would be from like $100 million to $2 billion. So it’s a broad broad range and if it’s $100 million it would have to be a special boutique type building that just really speaks to us.
Q: Are you looking at only office buildings to purchase?
We also are looking at hotel properties to convert those to office. So we came very close to one of those deals with a lender and then the lender decided to give their borrowers some more time.
Q: What building characteristics are you looking for?
If it has all the ceiling heights and the column spans and views and location, then you’re able to [rehab it in the Marx Realty style], but there are some buildings that you just look at and it doesn’t have a prayer.
Q: What’s a property you bid on and lost?
Some of the properties we looked at and bid on were 360 Park Avenue South. That was really the last one that we liked a lot. [Boston Properties entered a joint venture with the existing owner, Empire Asset Management, in December 2021, valued at $300 million.]
Q: What kind of criticism have you heard from brokers?
Brokers were telling us [that] we’re not going to attract a good portion of the market, those conservatives — the law firms, the accounting firms, the insurance companies — and what we found was actually the complete opposite.
Q: Do the amenity investments lead to higher rents?
At 10 Grand Central on our lower floors we just got two floors back, the rents were in the $30s which is insane and we just did a deal there for $67 and we think the next one will be in the $70s. So if we hadn’t done this type of hospitality-infused experience maybe we would have gotten rents in the $50s.
Q: How much more per foot on average?
You will get at least ten dollars a square foot more by doing [hospitality-infused design]. It’s very real, it’s very worthwhile to do.
Q: Can you compete with the Plaza District towers?
We’re competing with buildings that historically were the ones that were the “club buildings,” whether it’s 667 Madison, the GM Building… we have tenants from those buildings that have come to us recently, and those are “view” buildings so they’re giving up a view of central park to be in a building that has more of an experience to offer.
Q: How much are you investing in the 10 Grand Central penthouse, and what are rents?
At 10 Grand Central we have a penthouse collection which is five floors. We leased one of them, we have a lease out on the second one and then the others will be together as a group. One of the floors is our mechanical floor which has 24-foot ceiling heights. It’s really remarkable and we’re putting all the mechanical above that and then that floor will have two terraces, one of the terraces will be made into a solarium.
So the investment is about $8 million dollars and then the rent, we’re marketing it for for $140 but we’ll probably get something closer to $120.
Seven BCW Hall of Fame awards handed outBy Peter Katz – April 28, 2022
Seven awards were presented by the Business Council of Westchester (BCW) at its 20th Hall of Fame Awards Dinner held on April 26. About 400 business and community leaders attended the event at the Glen Island Harbour Club in New Rochelle.
Marsha Gordon, the president and CEO of BCW, said, “Tonight, we celebrate innovation, which is fitting as we look to the future and to exciting new ideas.” She noted that the thee of the evening was to highlight BCW’s Westchester Innovation Network, which focuses on elevating Westchester County as a center for knowledge, innovation and economic development.
Seated from left: Craig Deitelzweig ; Elena Rivera-Cheekt; William Balter; Belinda Miles; Robert Duncan Jr. Standing from left: David Demilia; Program Co-Chair James Giangrande; Marsha Gordon; Heidi Davidson; Program Co-Chair Elizabeth Bracken-Thompson, of Thompson & Bender; J.D. Summa.
Heidi Davidson, board chairman for the BCW, told the gathering that the Hall of Fame honors have been bestowed on “a wide range of businesses, from Fortune 500 companies to budding entrepreneurs to outstanding, small, women- and minority-owned businesses.”
The Corporate Citizenship Award was given to the Cross County Shopping Center, which has been in operation for 67 years and is one of the oldest shopping malls in the country. Accepting the award was Craig Deitelzweig, president and CEO of Marx Realty.
The Small Business Success Award went to Kings Capital Construction, which was described as using innovative technology in the form of project management software to improve communication and efficiency. Accepting the award was J.D. Summa, the company’s president and CEO.
Wallauer Paint and Design Centers received the Family Business Success Award.Wallauer has been serving Westchester, Rockland and Putnam since 1921. Accepting the award was Robert Duncan Jr., Wallauer’s vice president.
William Balter, principal of WBP Development LLC and Griffon Construction LLC, accepted the Entrepreneurial Business Success Award on behalf of the companies. WBP and Griffon were cited for innovations in creating affordable, mixed income and market-rate housing, along with their financing and construction practices.
The Minority Business Success Award was accepted by Elena Rivera-Cheek, founder and owner of Copy & Art, a woman-owned certified business enterprise that bills itself as a next-generation ad agency.
Dr. Belinda Miles, president of Westchester Community College (WCC), received the Women in Business Success Award. At WCC, Covid-19 led to innovative changes to learning with remote classes and the adoption of new digital tools.
Tompkins Community Bank received the Chairman’s Recognition Award for its delivery of unique financial solutions through contemporary technological advancements with a personal touch. Accepting the award was David Demilia, the bank’s president and CEO.
HLTH Signs 19,000 SF Office Lease Expansion, Renewal in Midtown ManhattanApril 19, 2022
NEW YORK CITY — HLTH, which organizes conferences and events for the healthcare industry, has signed a 19,000-square-foot office lease expansion and renewal at 10 Grand Central in Midtown Manhattan. The firm is growing its footprint from 7,000 to 19,000 square feet on the sixth and seventh floors. Marx Realty owns the 35-story building and completed a $48 million redesign and capital improvement program in 2019. JLL represented the landlord in the lease negotiations.