$7,500,000 Trophy Member Units
10 Union Square East was acquired in December 1996 by a Limited Liability Company in which Peter L. Malkin and Anthony E. Malkin are the sole members of the Manager.
The investment comprises a 57,977 square feet, prime retail condominium unit, located in New York City on the east side of Union Square where Broadway and Park Avenue converge at 14th Street and is leased to prominent, national, and credit tenants such as A&P Supermarkets, Federal Express, HSBC, and Au Bon Pain.
The Retail Condominium unit is part of a successful mixed use development known as Zeckendorf Towers completed in 1987 including 670 residential condominium units (100% sold), a 362,000 square feet office condominium unit (100% occupied), a 350 seat not-for-profit theater condominium unit, and a 198 space parking garage condominium unit.
The Property has an outstanding location directly above one of the three busiest subway stations in New York, which is presently undergoing a $40,000,000 renovation, served by the L, N, R, 4, 5, and 6 trains. The Property encompasses the entire block and fronts on Union Square, 14th Street, Irving Place, and 15th Street. Other retail on Union Square includes Staples, Barnes & Noble, Toys "R" Us, Bradlees, P.C. Richards, and a new 100% pre-leased development which includes Virgin Records, The Sports Authority, Circuit City, and a 3,500 seat multi-plex movie entertainment center.
