Studley inks full floor Third Ave. tower deal

Real Estate Weekly, April 21, 2004

Studley has brokered a lease on behalf of The New York Community Trust (NYCT), a prominent community foundation that manages $1.7 billion in charitable assets, at 909 Third Avenue.

The organization has taken the entire 22nd floor of the building, comprising 31,000 s/f.

NYCT will relocate from 2 Park Avenue to its new offices in the 33-story, 1.3 million-square-foot tower, owned by Vornado Realty Trust, in the third quarter of this year.

Daniel O. Horowitz, senior managing director of Studley's New York office represented NYCT in the 16-year leasing transaction.

Negotiations on behalf of the landlord were handled in-house by David Green, along with Edward Goldman and Derrick Ades of CB Richard Ellis.

"NYCT, at the end of a 15-year lease, was driven by a need for more efficient quarters," explained Mr. Horowitz.

"After a lengthy search, NYCT situated themselves in a building conveniently located for its constituents, which offered Class A services at a favorable price."

According to Lorie Slutsky, president of NYCT, "We have leased space from Vornado for many years now, so relocating to 909 Third Avenue allowed us to continue what has been a positive, long-term relationship."

Created in 1924, The New York Community Trust consists of more than 1,700 charitable funds established by individuals, families and businesses.