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The Sapir Organization Announces the Signing of 4,876 Square Foot Lease Extension at 261 Madison Avenue
"In midtown's incredibly hot market we are pleased to extend Crowley Tar's lease and retain them in a building with an incredible tenant roster which also includes Primedia, Target Health, AFTRA, GL Consultants and United Staffing," said Alex Sapir.
"Crowley Tar is excited to be expanding their lease in this prime location. This location offers exceptional office space in today's commercial real estate market," said Ricky Kramer of Newmark Knight Frank who is one of the brokers representing Crowley Tar in the lease. The tenant was also represented by Ken Kronstadt of Newmark Knight Frank.
"The lease further evidences a solid commitment to 261 Madison and the strength of this building within the Midtown market. It also proves that our tenant retention program is successful along with The Sapir Organization's commitment to expand extraordinary amenities to our tenants. We are thrilled that the leasing activity in the building has reached new heights and we expect to be 100% leased by year's end," added Alex Sapir.
Crowley Tar is a chemical company founded in 1920. Its world headquarters is in New York, with plants in Ohio and Oklahoma. Crowley Tar is extremely unique in its market in that the company supplies organic chemicals derived from both petroleum and tar.
About The Sapir Organization The Sapir Organization is a privately held, New York-based real estate holding and development firm with over 7 million square feet of prime Manhattan commercial office space. Founded by Chairman Tamir Sapir, the company is embarking on ambitious new residential and multi-use projects under the leadership of its President Alex Sapir... The Sapir Organization owns significant architectural landmarks throughout Manhattan including 11 Madison Avenue and the Duke Semans Mansion, as well as 2 Broadway, 260 Madison Avenue, 261 Madison Avenue, 384 Fifth Avenue, 100 Church Street, and two residential buildings, 50 Murray Street and 53 Park Place. Additionally, the company is expanding its reach with SDS Investments, an investment and development company that funds a wide range of real estate projects. Sapir is at the forefront of the revitalization of downtown Manhattan and currently has projects in the U.S. and Mexico in excess of $1.5 billion.
