Founder – HedgeFundSpaces.com
New York State Licensed Real Estate Salesperson
There is no question that the word penthouse is synonymous with luxury and success. As a result, it is no coincidence that one of New York City’s largest and most prominent owners, Vornado Realty Trust, is spending an absurd amount of money to pre-build the penthouse office space (41st) of 90 Park Avenue. With their deep pockets, they have decided to construct two of the most well-appointed workspaces in Manhattan with the hopes of attracting big rent payers.
For those unfamiliar with the building, 90 Park Avenue is located between 39th & 40th Streets and is just a short walk to both Bryant Park and Grand Central Terminal. Having recently undergone a massive redevelopment- including a brand new lobby and elevator cabs, the asset is home to notable tenants such as PwC, Alston & Bird, FactSet Research, Foley & Lardner, First New York Securities and Financial Technology Partners. Though the tower is well-leased on a direct basis, these small units on the 41st floor will unquestionably become the most coveted spaces in the building.
Measuring 4,076 rentable square feet each, ownership is speculatively building both suites with extremely modern and well-thought out finishes, surfaces and textures. Boasting extra-high (exposed) ceilings and super high-end materials including wood, glass, concrete and black steel, the fit-out will be one of the most extraordinary on the market. Coupled with the unparalleled views, these spaces will be ideal for any hedge fund, private equity firm, investment bank or boutique financial firm. The asking rent is $115 per square foot and construction should be completed within the next couple of months. Additionally, if the layout doesn’t work as-is, Vornado will consider reasonably modifying the proposed layouts.
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