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Deals & Dealmakers

Olnick signs direct lease for floor at Charles Cohen’s Tower 57

The Olnick Organization, one of the city’s legendary real estate development firms has signed a long-term lease at Charles S. Cohen’s Tower 57, AKA 135 East 57th Street.

The space comprises the entire 13,000 s/f 22nd floor at the skyscraper. The 12-year lease agreement goes into effect in January, 2017, at the tower, which is home to the recently opened Saks OFF FIFTH department store.

The Olnick firm was founded in 1946 by Robert S. Olnick, who pioneered the development of residential housing in the Riverdale section of the Bronx and was one of the early builders of Battery Park City. Among its most noteworthy developments is Lenox Terrace in Harlem.

“We’re delighted that one of the giants of our industry has decided to call Tower 57 its permanent home,ˮ stated Cohen, CEO of Cohen Brothers Realty Corporation, noting that the fimr had previously subleased its space in the property.

Eric Cagner of Newmark Grubb Knight Frank represented the Olnick firm while Marc Horowitz, Senior Vice President and National Director of Office leasing for Cohen Brothers, represented the landlord. Asking rent for the space was $85 per square foot.

Opened in 1986, 135 East 57th Street, which is home to Stolichnaya, Audemars, Moroccan Oil, and Laura Mercier, was designed by the architectural firm of Kohn, Pederson, Fox.

Cohen, who acquired the building in 1997, refurbished and transformed the property’s adjoining vest pocket park into a public space in 2001.

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