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Steve Cuozzo

Steve Cuozzo

 Business
realty check

Famed Park Avenue office tower gives aging event space a facelift

By
Steve Cuozzo
Published Oct. 21, 2024, 9:51 a.m. ET

There’s a new look and new life for one of Realty Check’s favorite private gathering spots.

Club 101 at H.J. Kalikow’s 101 Park Ave. is warmer and more colorful than it was in the years Peter Kalikow owned the New York Post, when he threw memorable holiday parties that included, if memory serves, his surprise entrance on a motorcycle.

The remodeled Club 101 now boasts plush red carpeting, new lighting and wall treatments.
The remodeled Club 101 now boasts plush red carpeting, new lighting and wall treatments. CS Designworks

The tenants-only restaurant and lounge, which was once 1980s-style silver and gray, now boasts plush red carpeting, new lighting and wall treatments. A new kitchen was installed to bring food service up to 2024 standards.

The redesigned club is part of the tower’s amenity program for office workers and visitors, which includes Five Iron Golf and the American Kennel Club Museum.

The tower at East 40th Street is 88.5% leased to tenants such as Corient, Morgan Lewis and Alliant Insurance. Asking rents range from $90 to $175 per square foot.

H.J. Kalikow’s 101 Park Ave., which is nearly 90% leased, continues to upgrade tower's amenities.
H.J. Kalikow’s 101 Park Ave., which is nearly 90% leased, continues to upgrade tower’s amenities. Google Maps

We often leave commercial refinancings to the trades, but this one’s too monumental to ignore. Tishman Speyer refinanced Rockefeller Center via a $3.5 billion CMBS loan, which it said was the largest ever for a single commercial asset.

The five-year loan for which Bank of America and Wells Fargo acted as co-lead managers will replace Rock Center’s previous 20-year, $1.7 billion CMBS loan and additional financing to mature in May 2025.

Tishman Speyer owns the site with Chicago-based Henry Crown & Co. Over the past 20 years, Tishman CEO Rob Speyer led a methodical modernization, beautification and re-tenanting of the landmarked, 13-building, 7.3 million square-foot Midtown complex. Its offices are  93% leased to firms like Deloitte, Lazard, Simon & Schuster and JPMorgan Chase.

Another week, another financial firm’s early renewal and expansion at the same prominent location.

Mirae Asset Securities has doubled its space at SL Green’s 810 Seventh Ave. with a 10-year renewal starting in March 2027 on its current 17,320 feet, and a separate lease for an additional 17,320 square feet.

The 760,000 square-foot tower between West 52d and 53d streets is also home to Brightwood Capital, Berkeley Research Group, BOND residential brokerage, Ballon Stoll Bader & Nadler, Dragados USA, Ion Media Networks, Inc., and TAG Associates Ltd.