THE RIGHT OFFICE AT THE RIGHT PRICE!
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Grand Central Station Office Rentals are in adequate supply in 2017. According to Costar, the Source for Commercial Real Estate Intelligence, the Grand Central Station sub-market has a vacancy rate of 9.8% and the average quoted asking rent is $68.18 per square foot (PSF). The sub-market spans Fifth Avenue to Second Avenue and from 38th to 47th Street. These 54 square blocks contain 180 buildings with 56 million square feet of office space. 89% of this space is in Class A buildings and this accounts for the overall high average quoted asking rent.
Grand Central Station is an epicenter for NYC business. Each day over 750,000 people utilize transportation at Grand Central Station. Trains include the 4, 5, 6, 7 and Shuttle subway as well as Metro North. This central business district has the city’s highest density of restaurants and professional services (legal, accounting, financial, health care, etc.).
Detail sub-market information follows in the table below.
♦ In certain modest side-street buildings asking rents can be as low as $42.00 PSF.
♦ Negotiated rents can be significantly less than the asking rent.
♦ Most leases include a rent abatement (free rent) incentive.
Office Buildings with Direct Access to Grand Central Station
420 Lexington Avenue, the Graybar Building: (4 Star Rating.) Access to the station through the building lobby. Asking rents starting at $60.00 PSF.
One Grand Central Place, 60 East 42nd Street: (4 Star Rating.) Access to the station through an underground passage. Asking rents starting at $63.00 PSF.
122 East 42nd Street, the Chanin Building: (4 Star Rating.) Access to the station through an underground passage. Asking rents starting at $58.00 PSF.
Chrysler Building , 405 East 42nd Street: (Landmark, 4 Star Rating.) Access to the station through an underground passage. Asking rents starting at $65.00 PSF.
200 Park Avenue, Met Life Building: (5 Star Rating.) Access to the station through an underground passage. Very limited availability. Asking rents starting at $85.00 PSF.
ABOUT COGENT REALTY ADVISORS
Cogent Realty Advisors is an independent and licensed NO FEE Realtor with over 15 years of experience representing businesses that lease NYC office space. Our goal is to secure the right office for your business at the right price. For information, phone Mitchell Waldman at (212) 509-4049.
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