Ivy Terrace has generated $500,000 for Marx Realty in NYC. Here’s how.

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.”