NEW YORK CITY—The BNF Automotive Group has signed a 25-year lese with the Georgetown Co. for 265,000 square feet of space at 787 Eleventh Ave. In conjunction with the lease, BNF will create a new showroom and service facilities for several of its dealerships.
When completed, the redeveloped space will be home to the showrooms and service facilities for Jaguar Land Rover Manhattan and new flagship showrooms and service areas for Infiniti of Manhattan and Nissan of Manhattan.
The dealerships will occupy the first five floors of the building. Built in 1928, the eight-story 787 Eleventh Ave. building totals 464,000 square feet.
A team led by executive managing director Brian Goldman of Newmark Grubb Knight Frank represented BNF in the transaction. Michael Kadosh of CBRE represented Nissan while the firm's Mary Ann Tighe and Evan Haskell represented Georgetown in the deal. CBRE is handling lease activities at 787 Eleventh Ave. on behalf of the building owner.
The building's upper floors will be redeveloped by architect Rafael Viñoly to what the building owner terms "technologically-advanced and creative office space" with 60,000-square-foot floor plates. The property will also feature health and wellness activities amenities. Viñoly's recent projects in Manhattan include 432 Park Ave. and the Rockefeller University campus master plan.
"We look forward to welcoming Gary Flom and BNF Automotive Group's new luxury dealerships to what will be our unrivaled office building at 787 Eleventh Ave. in the heart of a revitalized Far West Side," says Adam Flatto, CEO of Georgetown.
No financial details regarding the lease transaction or the cost of the renovations were released. BNF Automotive Group's renovations will begin in early 2016.
"We are using the 265,000 square feet of space to build the ultimate global flagship dealerships located right in the heart of New York City's auto row," states Gary B. Flom, president and CEO of BNF Automotive Group. "Our vision is to transform the current idea of a typical Manhattan dealership into one that can deliver superior experience, which will exceed expectations for our loyal and future clientele and which will be clearly recognized as added value when purchasing, leasing or servicing your automobile."
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