57th Street Office for Rent

57th Street Office for Rent

If your business is looking for a 57th Street office for rent, a concise overview of the market is important. 57th Street is a trophy business district and high rents confirm this. Many financial firms (wealth management, hedge fund and private equity) populate its buildings, as well as professional services, showrooms and galleries. Luxury retailers and restaurants line the street and surrounding areas. Nordstrom  recently announced that it will open a 225,000 SF midtown flagship store at 225 West 57th Street which is a 1,550 foot residential condominium tower now in development.    

57th Street- High Rents

An analysis of Q4 2013 market conditions in 57th Street office buildings between Lexington Avenue and Eighth Avenue reveals that the vacancy rate is 17% (the city average is 7.3%) and the average asking rent is $81.51 PSF. Actual rents range from $40.00- $140 PSF. On average, the vacant spaces have been on the market for 19 months which means that Landlords are able to wait for those Tenants willing to pay the higher rents.

 57TH STREET OFFICES FOR RENT- QUICK REFERENCE GUIDE

 An abbreviated list of 57th Street office buildings is found below. Comprehensive information on all buildings can be obtained by contacting Cogent Realty Advisors.

Building	Class/Built, Renovated/ Size	Asking Rent PSF	Remarks
950 Third Avenue S/W/C East 57th	A/1971,2001/356,020	$55- 62	Swank pre-built offices.
145 East 57th Street Btwn Third & Lexington	B/1926/62,500	$56- 58	Loft-office building w/ 4,750 RSF floors.
135 East 57th Street N/W/C Lexington	A/1988/449,113	$75- 85	Exciting architecture! Broad selection of offices.
445 Park Avenue Btwn 57th & 56th	A/1947/379,600	$85- 90	Limited space.
590 Madison Avenue S/W/C East 57th	A/1981, 2006/1,006,360	$90- 140	IBM Building. Impressive. Pre-built offices available.
595 Madison Avenue aka 41 East 57th Street N/E/C East 57th	A/1929/311,000	$75	Landmark, Art-Deco.  Galleries. Limited space.
730 Fifth Avenue S/W/C West 57th	A/1921/366,200	$65- 80	Crown Building. Exclusive. Limited space.
24 West 57th Street Btwn Fifth & Sixth	B/1928,2002/98,134	$60- 70	New York Gallery Building. Diverse Tenants.
40 West 57th Street Btwn Fifth & Sixth	A/1972/712,000	$75- 95	Many private equity & hedge funds.
50 West 57th Street Btwn Fifth & Sixth	B/1926, 2000/78,800	$55	Loft-office building. 4,500- 5,400 RSF floors.
140 West 57th Btwn Sixth & Seventh	B/1908, 1998/75,968	$58- 65	Boutique landmark. Dramatic small offices.
142 West 57th Street Btwn Sixth & Seventh	A/1986/245,500	$68- 75	Metropolitan Tower. Pre-built offices.
152 West 57th Street Btwn Sixth & Seventh	A/1990/547,000	$85	Carnegie Hall Tower/ Sleek & exclusive.
250 West 57th Street Btwn Broadway & Eighth	B/1921, 1989/543,049	$40- 52	Value-play, good quality. Broad selection of offices.

 

STRATEGY FOR IDENTIFYING THE RIGHT 57TH STREET OFFICE FOR RENT

Renting an office on an expensive block like 57th Street is best accomplished by using a knowledgeable licensed Broker that can identify the best office spaces for your business and negotiate the most advantageous lease. Cogent Realty Advisors is a Tenant Representation firm with over 15 years of experience. Contact Mitchell Waldman today: (212) 509-4049.