Grand Central Station NYC area is home to 104 Office Buildings and almost 50 Million Square Feet of space. Mitch Waldman owner of Cogent Realty Advisors has made available for the 2020 Office Rental Pricing and Cost Guide to leasing space in the area.
NEW YORK, NY / ACCESSWIRE / February 27, 2020 / Mitch Waldman owner of Cogent Realty Advisors, a commercial real estate broker in Midtown NYC, recently released a Guide to the cost of renting office space near Grand Central Station in Manhattan.
According to the Cogent Realty Office Price Per Square Foot Rental Report, there are 104 buildings totaling almost 50 million SF of space in the Grand Central Station Geographic Sub Market.
Costar, a leading data provider for commercial real estate rental rates in NYC and nationwide, defines the area as 38th Street to 47th Street, 2nd Avenue to Fifth Avenue. The sub market defined by Costar is slightly smaller than the Grand Central Business Improvement District which encompasses 35th St. - 54th St., Fifth Ave to Second Ave.
Costs per square foot have a big range depending on the location and type of building. The average PSF asking price is $75.00 while the cost range is approximately $40.00 - $150.00 Per Square Foot with vacancy approaching 9%.
NYC Office leasing expert Mitch Waldman said, "There are 6 buildings included in the Cogent Realty Advisors office rental price report that represent a range of leasing costs on a Per Square Foot basis".
One of the first properties included in the report is 420 Lexington Avenue, an iconic NYC building with direct access to Grand Central Terminal. Also called the Graybar Building, this is a popular business location for Metro-North commuters from Westchester County NY and Fairfield County Connecticut. Numerous subway lines with stops at 42nd St., serving many parts of NYC, make this building a convenient business location.
Also mentioned in the report, One Grand Central Place, is located on 42nd Street diagonally across from Grand Central and the Grand Hyatt Hotel. Also referred to as 60 East 42nd St, pricing ranges from mid $60.00 to low $70.00 psf. Vacancy rates are only 3% making it a challenge to find space. This building also has direct underground access for commuters on those rainy or snowy days.
Included in the Rental Guide is The Chanin Building at 122 East 42nd Street at Lexington Avenue. This is another building with direct access to Grand Central Station. It was originally built pre 1930. It has a unique architectural design referred to as Art Deco Style. Office rentals range from mid $50's to almost $70 Per Square Foot.
Another great building in the area for those willing to venture 1 block south of Grand Central is 370 Lexington Ave. at 41st Street. According to Mitch Waldman, "370 Lex is a great deal. Asking rental prices are $62 - $66 PSF. There are even short-term leases available for 3 years".
10 Grand Central, also in the report, is located at 44th St. and 3rd Avenue. This building was recently renovated. It's one of the most sought-after buildings near Grand Central area with amazing views of Manhattan on the upper floors. This prestigious building offers asking rents priced above $80 PSF.
The final building featured in the Cogent Realty pricing report is One Vanderbilt Avenue. This building is located on the West Side of Grand Central. One Vanderbilt, currently under construction, is state of the art and one of the most luxurious buildings in NYC. The new building will be commanding rental rates in the ballpark of $150.00 Per Square Foot.
For more information and details about the great buildings in Manhattan's Grand Central area, Visit https://www.rentnyoffice.com/office-space-price-guide-grand-central-station-2020/
Contact Info:
Name: Mitch Waldman
Email: Send Email
Organization: Cogent Realty Advisors, Inc.
Address: 1 Pennsylvania Plaza, New York, NY 10119, United States
Phone: +1-212-509-4049
Website: http://www.rentnyoffice.com/
SOURCE: Cogent Realty Advisors, Inc.