BankUnited is not only securing a new flagship branch on Fifth Avenue but also expanding its office space along Park Avenue. The Florida-based bank signed a lease for 10,068 square feet of retail space on the south-east corner of the Amazon tower at 452 Fifth Avenue, also known as 10 Bryant Park. Additionally, BankUnited leased extra space and extended its long-term lease for its main office at 450 Park Avenue.
The new retail space at 10 Bryant Park is located on the prominent corner of West 40th Street and spans the ground floor and a mezzanine level overlooking Bryant Park. The bank branch is scheduled to open in 2027. At 450 Park Avenue, BankUnited added an entire office floor of 10,392 square feet and extended the lease for its second floor and mezzanine level, bringing its total footprint there to 27,392 square feet. Together, the two transactions represent a long-term commitment in Manhattan totalling 37,460 square feet.
Contract details and parties involved
Kim Mogull, founder and CEO of Mogull Realty, represented BankUnited in both transactions. Mogull has worked with the bank's senior leadership on its New York commercial real estate for over two decades. Paul Amrich, Neil King, Alex D’Amario, Matthew Dichter and Brooke Dewing of CBRE represented SL Green Realty, the owner of 450 Park Avenue. The asking rent for the lower office floor was $135 per square foot.
Patrick A. Smith, Matt Ogle and Amanda Sujak of JLL represented the owner of 10 Bryant Park, Property & Building Corporation (PBC), whose US division, PBC USA, is led by CEO Eli Elefant. PBC is controlled by Discount Investment Corporation, one of Israel’s largest real estate companies. According to sources, the asking rent for the Fifth Avenue retail space was in the mid-$400s per square foot.
Strategic expansion in New York
Rajinder P. Singh, Chairman, President and CEO of BankUnited, stated that New York is crucial to BankUnited's growth and remains one of the most important markets for building business relationships and core deposits. The new flagship branch at 10 Bryant Park in the heart of Midtown and the expanded offices in the Plaza District at 450 Park Avenue reflect the bank's long-term commitment to the city and to the clients and communities it serves there.
The new flagship branch marks the latest chapter for BankUnited, which launched its brand in New York City in 2013 with three corner branches at 960 Avenue of the Americas in Herald Square, and at 299 Park Avenue and 136 East 57th Street in Midtown, all brokered by Mogull. In 2021, still during the COVID-19 pandemic, BankUnited expanded its presence at 450 Park Avenue by 17,000 square feet for new executive offices. At a time when rents were declining and vacancies were peaking, the bank secured the entire second floor and mezzanine directly above the Aston Martin car showroom, with extensive signage encompassing the corner of East 57th Street.
Frank Martorana, Senior Executive Vice President of Corporate Real Estate and General Services at BankUnited, stated that bankers consistently deliver excellent service to clients and the properties enhance brand value. Highly visible and favourable locations in prime properties such as 450 Park Avenue and 10 Bryant Park are rarely found. The new retail flagship branch will be located in the historic portion of 10 Bryant Park, originally designed in the early 1900s. The building's podium also includes 1 West 39th Street and the former Kress Department Store on the western and southern corners.
In recent years, PBC reportedly invested $100 million in modernising the Bryant Park property and renaming it 10 Bryant Park. In June 2025, PBC leased 52,000 square feet to the luxurious “athletic urban country club” fitness club by Life Time, scheduled to open in 2027. Last July, however, PBC engaged Adam Spies, Adam Doneger and Avery Silverstein of Newmark to sell both 10 Bryant Park and the adjacent 1 West 39th Street, which could become a standalone corporate headquarters of nearly 140,000 square feet. Bids were due last week, with expectations to achieve well over $800 million again. According to sources, however, the process has shifted to a recapitalisation of the tower. The outcome naturally depends on the potential partners and the desired stake.
