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GlobeSt.com EXCLUSIVE: Newmark Lands Leasing Agency; Closes on Grand Central Asset Sale

NEW YORK CITY-In two separate transactions, Newmark & Co. Real Estate Inc. completes the purchase of the 20,600-sf 12 East 52nd St. and wins the leasing assignment for the office portion of 52 Vanderbilt Ave., a 186,000-sf property adjacent to Grand Central Station.

By Diana M. Rodriguez | Updated on April 28, 2003

NEW YORK CITY-Newmark & Co. Real Estate Inc. has been busy in Manhattan’s office sector lately. The brokerage firm recently garnered the marketing rights for office and retail space at the 186,000-sf 52 Vanderbilt Ave. and sealed the deal for the sale of 20,600-sf 12 East 52nd St.

Brause Realty Inc., which has owned the Vanderbilt property since 1978, recently named Newmark the building’s exclusive agent. Brokers David A. Falk and Stephen J. Schofel will head up the marketing efforts.

Currently, there are five 8,900-sf floors available in the property, which sits adjacent to Grand Central Station. Asking rents were undisclosed, but according to a Cushman & Wakefield first quarter 2003 report, class A office space in the Grand Central neighborhood rents for an average $51.96 per sf. The building offers direct access to the train station.

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