Cogent Realty Advisors specializes in office rentals for NYC Companies and Landlords. They are a leading market research guide provider for businesses in NYC. Visit their website for market rents by neighborhood, building and unique types of space from lofts to Class A space.
New York, NY: The Grand Central Station business district, New York City’s largest, has a diverse inventory of office rentals for relocating companies. The area spans Fifth to Second Avenue and from 38th to 47th Street. It contains 180 office buildings with 56 million square feet of space.
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Cogent Realty Advisors, an office tenant representation firm, reports that the average quoted rent is $68.18 per square foot with a vacancy rate of 9.8%.This relatively high average is due to the fact that 89% of all of the buildings in the area are rated Class A which is the best quality available for lease. The price for a modest side-street building can be as low as $42.00 per square foot, compared to an elite Park or Madison Avenue corporate tower where the rent may exceed $130.00 per square foot.
Grand Central Station (GCS) is located at 89 East 42nd Street and the surrounding neighborhood is considered to be the epicenter of New York City business. The transportation terminal is used by 750,000 commuters each day. It accommodates five different subway lines and the Metro North railroad which serves Westchester, northern New York counties and Connecticut. The GCS Business District has a high concentration of hotels, restaurants and meeting rooms, as well as legal, accounting, financial and health care service professionals.
Cogent noted that there are only five office buildings that provide direct access to GCS. The Graybar building at 420 Lexington Avenue and the Met Life building at 200 Park Avenue are connected to the terminal though their lobbies. The Graybar building is popular with small companies and offers pre-built office space that is priced from $60.00 per square foot. The Art Deco landmark Chrysler Building (405 Lexington Avenue), Chanin Building (122 East 42nd Street) and One Grand Central Place (60 East 42nd Street) all have an underground passage connecting to the terminal. The minimum asking rents at these properties are $65.00, $58.00 and $62.00, respectively.
An insider’s guide about the Grand Central Station office market is being offered free of charge by Cogent Realty Advisors. Visit the Cogent Realty Website for additional information.
