Manhattan, NY SL Green Realty Corp. said that Electra USA, Inc., an electrical contractor in the New York market, has signed a new 10-year lease covering 25,331 s/f on the entire 4th and 31st floors at 10 East 53rd St.
“We are pleased to welcome Electra USA, Inc. to 10 East 53rd St.,” said Steven Durels, executive vice president and director of leasing and real property at SL Green. “The building is now 100% leased.”
Located between Fifth Ave. and Madison Ave., 10 East 53rd St. is located in the Plaza District and features views of Central Park and the city skyline. The 37-story building underwent a comprehensive redevelopment which included a new lobby integrated with a dramatic interior arcade, new elevator cabs and redesigned plazas. A high-end Equinox fitness club and efficient side-core floor plates make the building popular with tenants such as Swarovski, Tarsadia Capital, Investec USA Holdings, First State Investments, Capital Dynamics and International Swaps & Derivatives Association.
The tenant was represented by Joseph Cirone, Patrick Dugan and Zachary Price at CBRE.
New York tri-state multifamily investors are increasingly reallocating capital to less-regulated markets across the U.S. as rent control and legislative risk erode returns at home. With over 60% of New York City’s rental housing stock classified as rent-stabilized, the traditional value-add model — buying under-performing buildings,