TD Bank’s latest real estate move lends new meaning to their gestures at increased transparency.
The Canadian-based bank has just signed a lease for a 4,000-square-foot space on the ground floor of a new all-glass retail and office space at 201 East 57th Street, the New York Post reported. Although currently little more than a hole in the ground, the site’s owner, Merchants National Properties, intends to open the building within the year.
Marx reality is managing the development project which, according to their website, will offer 30,814 square feet of glass enclosed retail space. Susan Kurland and Sloane Rhulen of C.B. Richard Ellis represented the landlord, while Joanne Podell of Cushman & Wakefield represented the tenant.
Unfortunately transparency comes with a hefty price tag. The New York Post reports that TD Bank will pay $1.22 million rent for the first year. Considering the neighborhood, however, TD Bank’s investment becomes crystal clear: the new building is within spitting distance of Bloomingdales, Le Cirque and the Four Seasons. We can only hope that the window washers’ fees are included in the settled upon sum.