For years, 400 Park Avenue has been home to the King of Schlocky Store’s, Syms. Since their departure last year, Tod Waterman has valiantly repositioned his asset into a respectable building for hedge funds and boutique financial services firms. His most recent achievement for the building includes the renewal and expansion of Los Angeles- based City National Bank (CNB)- including a retail component. The bank has plans to create a dramatic 2-story entrance for their retail unit, which will undoubtedly create a better vibe than Sym’s did.
Since Sym’s departure, Waterman has had success leasing space to other financial firms as well. Fieldpoint Private Bank & Trust inked a deal for about 11,000 square feet in Q1 2012. Asking rents for the building are quite competitive for Park Avenue, ranging in the high-$60’s to mid-$80’s per square foot. Additionally, the landlord will build-to-suit an incoming tenant’s needs using very high-end materials (renderings and typical building finishes below).