New York, NY – April 19, 2018 – The Xerxes Group (“Xerxes”) and Infinity Real Estate (“Infinity”) announced today the successful leasing of the property’s unique 4,110-square foot Penthouse suite to Independent Music Publisher Arcade Songs.
The building’s full lobby renovation by award-winning design firm, Julian Von Der Schulenburg, is also under way and set to maximize the lobby’s spatial experience by doming the space to double the ceiling height. The revitalized lobby is on schedule for completion by June 1.
The extensive renovation of the classic, 10-story, 45,000-square foot building, located between 47th & 48th Streets, also includes upgrading several floors and renovating the elevator cabs.
With the penthouse now leased, Advisors Commercial Real Estate (“ADVISORS”) is marketing the remaining space available on the column-free third floor (4,425 SF), which connects by internal staircase to the fourth floor but may be leased separately (4,425 SF), the eighth floor (1,518 SF) and the column-free ninth floor (4,110 SF).
The third, fourth, and ninth floors – which feature 11-foot high ceilings and polished concrete floors – will each receive newly installed tenant-controlled HVAC systems and new bathrooms. The ninth floor will also feature a state-of-the-art pantry with high-end finishes and stainless-steel appliances.
Industry veteran and executive managing director, Jeffrey Zund, who leads ADVISORS’ leasing team, Brett Hanfling and Elie Steinberg, noted “We look forward to leasing the remaining spaces at 587 Fifth Avenue to entities like Arcade Songs that recognize the building’s long-term value and convenient location,” said Zund.
Daniel Gohari added, “Xerxes and Infinity welcome Arcade Songs to 587 Fifth Avenue and look forward to similar entities following their lead as we continue to co-market with Jeff and the team at ADVISORS.” JV partners Xerxes and Infinity have collaborated successfully on two other New York City properties. Scott Bennett of Prime Manhattan Realty served as Arcade Songs’ broker.