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CPC Subleases 35,000 SF From BNY

NEW YORK CITY-Here's a twist on a constricting market. The Community Preservation Corp.'s mortgage lending subsidiary actually needs space to grow. It found it, apparently, at 63 Madison Ave. A 16-year deal with sublessor Bank of New York has just been signed.

By John Salustri | Updated on April 02, 2003

NEW YORK CITY-Some 35,000 sf of sublease space can be taken off the market as the Community Preservation Corp. signs for 35,000 sf at 63 Madison Ave. The 16-year deal will house the non-profit’s CPC Resources Inc. subsidiary, a mortgage-lending institution specializing in low-, moderate- and middle-income housing.

CPC relocates from 5-9 W. 37th St. in a move designed to consolidate operations onto a single floor and provide contiguous expansion room. Ziff Davis holds the master lease on the 63 Madison Ave. space, and Bank of New York the sublease. Cresa Partners’ Patrick Gardner arranged the so-called sub-sublease for CPC, while Peter Turchin of Insignia/ESG spoke for BNY.

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