What does some of the cheapest office space in Midtown NYC look like? Not too bad at all…

January 3, 2013

Lance Leighton

Co-Founder – HedgeFundSpaces.com
Senior Managing Director, Savills Studley, Inc.
New York State Licensed Real Estate Salesperson

Call 212-326-8668

Cheapest Office Space In Midtown – A Hidden Gem at SL Green’s 48 East 43rd Street

Typically, tenants associate subleases with cheap and affordable office space in NYC.  However, I had the urge to find the most economically priced direct office space in The Plaza District.  (Click here for your own customized search)

I had two simple parameters:

First: A real institutional quality landlord.
Second: In a desirable neighborhood, close to transportation. 

I inquired about dozens of class B and B- buildings and came across the entire 4th floor at 48 East 43rd Street,  a building owned by SL Green.  The building agent suggested that the space is great for the money… She called it, “the best value play in Midtown”.  With the certainness in her voice, I knew I had to take a look.

After arranging a physical inspection for 10:30am, I arrived to the building to find that the door was locked.  There was an intercom system and I needed to be buzzed in.  I summoned the building super and he came down to escort me to the fourth floor.  We walked through the building lobby- which was clean and simple.  There was no desk, doorman, or greeter.  Just a narrow corridor leading me directly to my destination- the elevator.

The elevator vestibule was clean and fulfilled its obligation.  It opened to the entire fourth floor without a bump, jerk or a jump.  I stepped out and was completely in awe.  I found the hidden jewel of small Midtown Manhattan Office Spaces… The coveted space that EVERY start-up and cost conscious tenant is looking for- 3,770 rsf, on a full floor,  with primarily open area.

To be fair and exact, the floor is built with 2 offices, a conference room, pantry, storage room, private restroom and open space for about 20 people.  There are oversized and operable windows along 43rd street- which gives the space more than adequate light (especially for a mid-block building).  The ceiling is exposed and showcases the  brilliant metallic finish of the ductwork.  There is a creative and edgy feel to the space.  The vibe that many tenants want near Grand Central but have to venture to Midtown South for.  SL Green will repaint and carpet for an incoming tenant, but that is the extent of their work.  The space works well for any type of industry (hedge fund, creative, advertising, trading, sales, tech, software, etc.). Oh yea, did I mentioned that the building is literally 100 feet from Grand Central Station?

Although the space is in a no frills side-street building, at a mere $35 psf asking rent, WHO CARES?!

Actual photos below:

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