GFP Real Estate LLC announced five lease transactions totaling 11,437 square feet at 515 Madison Ave. in Manhattan’s Plaza District, bringing the historic office tower to 95% leased.
“Since the pandemic, 515 Madison has performed exceptionally well. We’re now nearing full occupancy with close to 100% leased, and several more deals in the pipeline,” said Jeffrey Gural, chairman of GFP Real Estate. “The demand has been strong, and we expect the building to be fully leased very soon.”
Luxury bridal showroom and boutique Mark Ingram Atelier expanded, signing a 20-year lease for an additional 2,000 square feet of space on the sixth floor. The atelier, which first moved into the building in 2023, has 8,360 square feet of space on the second floor, bringing the company’s total footprint at the building to 10,360 square feet. Martin McGrath of GFP Real Estate and William Grover of Newmark represented the landlord, GFP Real Estate, and the tenant in the transaction.
The Ladies of Charity of the Catholic Charities of the Archdiocese of NY Inc., a charitable organization that assosts those in need, particularly through emergency aid, signed a five-year lease for 1,277 square feet of space on the 12th floor. GFP’s McGrath and William Grover of Newmark represented the landlord, GFP Real Estate; Ellen Sanfilippo and Ephriam Setton of R New York represented the tenant.
Grace & White, an investment management firm catering to high-net-worth individuals, signed a 10-year lease extension for its 3,073 square feet of space on the 17th floor. McGrath of GFP Real Estate represented the landlord, GFP Real Estate; Josh Berger of Norman Bobrow & Co. Inc. represented the tenant. The company moved into the building in 2004.
Andrei Mark, DDS, P.C., a board-certified oral surgeon, signed a 10-year lease extension for its 3,794 square feet of space on the 28th floor. McGrath represented landlord GFP; Peter Olans of Trident Commercial Realty represented the tenant. The company moved into the building in 2011.
George Lederman Inc., a family-owned custom jewelry design and manufacturing company and tenant at 515 Madison Ave. for nearly 75 years — signed a 10-year lease extension for its 1,293 square feet of office and showroom space on the 19th floor. McGrath represented landlord GFP and the tenant.
Built in 1932 and known as the DuMont Building, 515 Madison is a 42-story, 370,000-square-foot class A building designed by John H. Carpenter. One of the building’s most distinctive features is a broadcasting antenna that traces back to the building’s role in the first television broadcasts of Allen B. DuMont’s experimental television station W2XWV in 1938.
