NYC Office Tower on Billionaires’ Row Welcomes Luxury Italian Brand

A luxury Italian fashion brand has signed a major lease in a bustling NYC office tower, highlighting a surge in new deals.

NYC Office Tower on Billionaires’ Row Welcomes Luxury Italian Brand
NYC Office Tower on Billionaires’ Row Welcomes Luxury Italian Brand

New York City: LeFrak’s 40 West 57th St. has been a solid office spot since 1972. It’s pretty much stayed steady through market ups and downs. Recently, they wrapped up 82,000 square feet in new and renewed leases, keeping its impressive track record alive. The tower, which is 750,000 square feet, is almost fully occupied.

The big news? Italian luxury cashmere brand Loro Piana is taking the entire 21st floor, moving from 711 Fifth Ave. That’s a 25,000 square-foot lease!

LeFrak’s building has been busy, signing a total of 82,000 square feet in new and renewal leases. CBRE’s Howard Fiddle, who leads the leasing team, mentioned that fashion is booming, and they expect more brands to join. Right now, most tenants are in finance.

Other deals include Lee Equity Partners expanding their space to 25,000 square feet, MHR Fund Management with 14,231 square feet, Two Creeks Capital Management extending their lease for 13,487 square feet, and Andalusian Sports Advisors taking 4,250 square feet.

However, there’s a big move-out on the horizon. Paul Singer’s Elliott Management is set to leave in July 2026 for a larger space at 280 Park Ave., as they’ve simply outgrown their current digs.

To prepare for this change, LeFrak is kicking off an upgrade plan. This includes a new lobby designed by KPF, new elevators, and a second-floor amenities center with a cafe and a landscaped outdoor terrace overlooking 57th Street. Nobu, the tower’s retail tenant, will handle the food program.

Asking rents for the upper floors are now $140 per square foot, up from $110 just a year ago.

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