Walk and Talk with L&L Holding Co's Robert Lapidus Part 2

The second part of EisnerAmper Partner Lisa Knee's interview with Robert Lapidus of L&L Holding Co. features a discussion of 425 Park Avenue, the first Park Avenue full-block development in nearly fifty years.


Lisa Knee: So you mentioned the highest rent payer so this is a good segue into 425 Park Avenue which is the first office building in the last 50 years that's been redone on Park Avenue which I guess when you originally started talking about it you were talking about having rents and $200-$250 a foot we all read that Citadel which is a hedge fund based out of Chicago is recently signed for a $300 a foot for penthouse which is an average rent $175 a foot, what makes that area so special to you at 425 Park and how are you able to get the right balance of the right architect, the right feel to draw those tenants in and collect the rent that you guys put a gamble and said you were going to go out there and achieve?

Robert Lapidus: Well 425 Park is the first block-front new building on Park Avenue in almost 50 years but it's a bespoke office building really speaking to boutique type of tenants, Citadel will be the largest tenant there by far most of the tenants there will be 20,000 feet 40,000 feet. That piece of land we felt was so important that we decided to have a global architectural competition and we actually invited nine Pritzker Prize winning architects to compete, we narrowed it down to four, we spent six months with those four architects and we ended up selecting Norman Foster who has been unbelievably great to work with a real visionary very talented we always try to match what to do in a building with what we think the tenants for that building will need so 425 Park we knew it was going to be hedge funds private equity firms maybe family offices and sovereigns architectural engineering firms that everything passes through to the partners, they're not going to pay that kind of time to rent there but it's a very small segment of the market that we're catering to in that building.


About Lisa Knee

Lisa Knee is a Tax Partner and Co-Leader of the national Real Estate practice and leader for the national Real Estate Private Equity Group with expertise in the hotel, real estate, financial services, aviation and restaurant sectors and is a member of AICPA, New York State Society of Certified Public Accountants and the New York State Bar Association.

Contact Lisa

* Required

More Videos in This Series
Face to Face with L&L Holding Co's Robert Lapidus Part 4

In the fourth part of this interview series, EisnerAmper Partner Lisa Knee speaks with Robert Lapidus of L&L Holding Co. about his career path including his transition from real estate lawyer to real estate developer.

Face to Face with L&L Holding Co's Robert Lapidus Part 3

EisnerAmper Partner Lisa Knee interviews Robert Lapidus of L&L Holding Co. In the third part, they discuss foreign investors' flight to quality product, the importance of design, investing in New York's 'Downtown North,' and CMBS uncertainty.

"The Future is Here" - One-on-One with L&L Holding Co's Rob Lapidus Part 1

Robert Lapidus of L&L Holding Co. was interviewed by Lisa Knee, a Real Estate Partner at EisnerAmper, about the development at 390 Madison Avenue, spaces that institutional tenants are looking for in order to attract employees, the needs of Millennial tenants and more.