New York City real estate climbed to new record heights as hedge fund Citadel agreed to pay $300 per square foot for space in a luxury office tower at 425 Park Avenue in Midtown Manhattan.
Previous peak rents in New York topped out at about $200 per square foot. The property’s developer, L&L Holding Co., put several plans in play to justify the hefty price tag. They include:
An exclusive restaurant managed by Daniel Humm and Will Guidara, the duo behind the Eleven Madison Park and Nomad.
Ventilation that filters 95 percent of the outside air,according to Crain’s New York.
A community space on the 26th floor where tenants can mingle and meditate in private rooms.
Watch the video above to learn more about Citadel’s purchase. Bloomberg’s Betty Liu and Mark Crumpton report on “Bloomberg Markets.”