THE RIGHT OFFICE AT THE RIGHT PRICE!
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The reasons for this include:
(1) Declining commercial vacancy: Costar, the Commercial Real Estate Information Company reported an 8.2% vacancy rate in the Plaza District for the first quarter of 2015 and an average quoted rent across all building classes of $68.61 PSF.
(2) Exclusion of showroom and and gallery businesses from buildings: Landlords have re-positioned buildings in the Plaza District to secure prestigious office Tenants which are frequently financial service firms flush with cash.
(3) Re-development of office buildings for retail, residential and hotel use: Recently, the Crown Building at 730 Fifth Avenue was sold to two developers for $1.775 billion. They intend to vacate most of the fully occupied building. The retail portion will be expanded to include floors 1 though 3. A hotel is planned on floors 4 through 24. This “dislocation” is occurring frequently, especially along the 57th Street corridor.
A small sample of Plaza District showroom and gallery space is presented below. A substantial inventory of less expensive space can be found in side street buildings. Cogent Realty maintains a large database of current and future space availability. Contact us with your special requirement.
1270 Avenue of the Americas (51st Street): Class A landmark building fully modernized. Excellent transportation and amenities. Bright corner space measuring 4,735 RSF. Close to freight elevators. Landlord will build-to-suit or provide a cash contribution. Asking rent is $66.00 PSF.
693 Fifth Avenue (54th Street) Class A boutique building, originally developed by the Japanese retailer Takashimaya. Valentino now rents the store. The building is installing a new lobby, and elevators. Private floors from 2,502- 6,367 RSF are available with asking rents from $75.00 PSF. Long-term leases include an elegant custom-built office or a cash contribution.
625 Madison Avenue (58th Street): Class A modern office building. Notable Tenants include Canali, LAVO, Neiman Marcus, POLO/Ralph Lauren and Stuart Weitzman. 98% leased with a few spaces from 3,343 to 11,304 RSF remaining. Asking rents start at $75.00 PSF and include the option of a Landlord build-to-suit or cash contribution.
Your organization will save valuable time and money when it uses Cogent Realty Advisors to identify buildings with showroom and gallery spaces and negotiate the optimal lease terms. Cogent is an independent and licensed NO FEE broker with over 15 years of experience representing NYC businesses that lease office space. Contact us today: (212) 509-4049.
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