Commercial Real Estate Agent and Consultant, Mitch Waldman, CEO of Cogent Realty Advisors in NYC has recently published a pricing and cost guide to renting office space near Penn Station NYC. The guide also includes reference to office space in the Garment District encompassing 34th Street to 42nd Street, Fifth Avenue to Ninth Avenue.
View the Penn Station Business District Office Space Report here https://www.rentnyoffice.com/office-space-price-guide-penn-station-2020/
In the guide, Mitch Waldman reports there are 262 office buildings in the Penn Station Geographic Sub Market. Office space for rent includes new space, office sublets and short term leasing opportunities.
Cost Per Square Foot have a broad range from approximately $33 to over $125 PSF. The Cogent Realty Advisors Guide reports the average PSF price is $53.31 PSF. Due to the broad pricing range, the area has a diverse mix of business types.
The Cogent Real Advisors report includes details of 8 buildings that represent the variety of building types in the area.
One Penn Plaza is one of the most expensive buildings in the report with office space priced in the ballpark of $75.00 to $90.00 PSF. One Penn is directly above Penn Station adjacent to Madison Square Garden. Currently the building is in the process of a $200 Million remodel. It’s one of the prime buildings in the heart of the Penn Station neighborhood.
Another building in the Guide is 450 Seventh Avenue located just north of One Penn Plaza between 34-35th Streets across from Macy’s. Asking Rents are $58.00 to $62.00 with a low vacancy rate.
One block north of 450 Seventh Ave is another great Manhattan building referred to as 463 Seventh Avenue on the east side of the street between 35th and 36th Streets. This building in the heart of the Garment District is home to many fashion and apparel businesses. Asking Price rents are from $49.00 – $55.00 PSF.
Just south of Madison Square Garden between 30th and 31st Streets is 7 Pennsylvania Plaza. This building is over 350,000 Square Feet is Class “B” office tower with 18 floors built in 1921. According to the Office Rental Guide, asking rents are $70.00 PSF. It has a new lobby and elevators.
Another building in the guide located in the Garment District is 225 West 34th Street. The Cogent report indicated starting asking rates of $65.00 psf. Mitch Waldman mentioned, “This is an Art Deco style building with the classic feel of NYC. It’s one of the great buildings in the Penn Station neighborhood with 96% occupancy”.
The most affordable rents mentioned in the Pricing Guide is 237 West 37th Street. Asking Rent Costs range from $40.00 to $44.00 per square foot. This building is loft style located between 7th and 8Th Avenues. For years, this building was tenanted by garment center businesses. Today the building is occupied by a variety of small to mid-sized businesses including legal, accounting and technology.
According to Mitch Waldman, “though asking prices are frequently negotiable, building owners price their available space at true market value”.
For more information and market reports for Grand Central, Union Square, Chelsea, Murray Hill and Downtown Manhattan visit https://www.rentnyoffice.com/
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