New York Community Bancorp in Hicksville, N.Y., has agreed to take over Signature Bank’s lease in midtown Manhattan.
Empire State Realty Trust, which owns the building, said in a press release that the $123.7 billion-asset New York Community, through its Flagstar Bank unit, will lease roughly 313,000 square feet of office space.
The lease is through 2039.
Empire State said it agreed to reduce the rent by $3 a square foot over the first five years of the lease, or roughly a 1.5% reduction.
While Flagstar bought certain Signature deposits and assets it was under no obligation to pick up the failed bank’s lease.