A penthouse perch
Financial outfit puts its money on Astor offices
CBAM Partners, a fastgrowing financial firm with $6.8 billion under management, is moving from Hudson Yards to 51 Astor Place, where it will have a dramatic 12th-floor penthouse of 25,401 square feet.
CBAM occupies 5,992 square feet on part of the 41st floor at 10 Hudson Yards with sweeping city and Hudson River views. The space is listed on CoStar for sublease through April 2022 via CBRE’s Evan Fiddle and Michael Movshovich. Sources said the duo also repped CBAM in its new deal.
While it seems like an unusual relocation choice, brokers say there are few choices available for floors that size that are move-in ready in tech-friendly new space.
Despite being on the top of a mere 12-story building, the sprawling triangular floor at 51 Astor has walls of glass with plenty of open views.
The full-blockk building in the middle of Astor Place is bound by East Eighth and East Ninth streets along with Third and Fourth avenues.
The interiors were designed by the Mufson Partnership. Floor plans on CoStar show a gym facility overlooking Ninth Street facing north with both men’s and women’s locker rooms and a yoga room.
Its former occupant, Claren Road Asset Management, was a financial darling, but in 2015, it was rocked by billions of dollars in redemptions. The following year, backer Carlyle handed back its 55 percent stake to the founders. Claren Road’s market value was down to $891,000 last fall.
Sources said the company gave back the space to 51 As-
tor developer Edward J. Minskoff Equities, which is represented in-house by Jeffrey Sussman.
Through a spokeswoman, CBRE declined to comment, while Minskoff and CBAM did not return calls.
The building’s tenants include IBM’s Watson division, Tudor Investment, St. John’s University and Shake Shack.
Short for Cain Brothers Asset Management, CBAM was founded in late 2016 by Don Young, Mike Damaso and Jay Garrett — veterans of Och-Ziff, Guggenheim Investments and MatlinPatterson, respectively — as an Eldridge Industries company focusing on opportunities across the credit spectrum.
With $5.1 billion priced, it was the largest issuer of collateralized loan obligations in 2017, Creditflux reported. Joe McMillan’s DDG is plotting a new boutique project on North First Street in Williamsburg. The mid-block site from 102-110 is between Wythe Avenue and Berry Street and has been owned by the same family since the 1970s. Since the long-term ownership would be subject to hhuge capital-gains taxes via a sale, this deal was structured as a ground lease with purchase options. DDG purchased a 99-year ground lease last year for roughly $12.6 million and has since amassed air rights from some other low-rise build- ings for another $740,000.
The site measures approximately 135 x 85 feet. The mixed zoning allows a mere 30,648 square feet, although that could change if other parcels are later included.
The petite size won’t stop DDG’s creative team from designing something extraordinary, although a ground lease would restrict the project to rentals or perhaps a cool office project.
DDG is also busy restoring and converting The Standish hotel in Columbia Heights and has a penthouse in contract for more than $16 million.
The company declined to comment through a spokeswoman.