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NYC RE: More Moves Along New York’s Sixth Avenue Corridor

Trepp, LLC in the past has written about the various comings and goings on Manhattan’s Sixth Avenue (also known as Avenue of the Americas) a number of times. Several more large lease changes were reported over the last few days. None of the leases touch CMBS in a material way, but they do show how much current movement there is in that neck of the woods.

On Tuesday, Steve Cuozzo of the New York Post noted that law firm White and Case was just a few days away from signing a new lease for 400,000 square feet at 1221 Sixth Avenue (also known as the McGraw-Hill Building). The firm will be moving from 1155 Sixth Avenue some time in 2016.

Nabbing White and Case was an important get for the Rockefeller Group’s 1221 property. It was less than a month ago that the building’s namesake–McGraw-Hill–announced it was departing for 55 Water Street.

Finally, Lois Weiss, also of the New York Post, noted on Wednesday that Macy’s was moving from 1080 Sixth Avenue to 112 West 34 St. It is unclear how much square footage the retailer was shedding at 1080.

The only property to have a presence in CMBS is 1155 Avenue of the Americas, and it is a very unusual loan. The loan’s current balance is $2.9 million. The loan backs part of LBUBS 2006-C6. We believe the portions outside of any CMBS trust totaled almost $100 million when the loan was made.

Compliments of Trepp, LLC – A EACCNY Member