Unique High-End Office Space on Fifth Avenue and 57th Street
The office buildings surrounding the Plaza Hotel, also known as the Plaza District, are known for catering to high-end office space users. Premium towers such as the GM Building, 9 West 57th Street, 712 Fifth Avenue, 745 Fifth Avenue, 660 Madison Avenue and 650 Madison Avenue, typically command triple digit rents and are amongst the most coveted addresses in the world. However, 730 Fifth Avenue, also known as The Crown Building, is an often forgotten gem. Due to the fact that there are rarely any availabilities within the tower, most boutique tenants never have the opportunity to experience the allure of the incredible location, architectural significance and views.
Nestled on Fifth Avenue, between 56th and 57th Streets, The Crown Building is a stone’s throw away from Central Park. Convenient to hotels, transportation and restaurants, the office building is perfect for just about any type of user. The base of the building offers two incredible value plays- namely the partial 7th and 6th floors. For the more discerning tastes, the entire 24th floor is available as well, with asking rents in the triple digits.
As most small hedge funds and boutique financial companies are likely aware, it is atypical to find full floors in class A office buildings that are less than 5,000 square feet. However, the 24th floor measures a mere 3,250 square feet. Although the unit itself is quite small, the views and finishes are exquisitely grand. The office space is currently built to a very high-end standard with 4 windowed offices, a conference room, pantry, reception area and several workstations. With minimal work, the unit would be perfect for a small hedge fund. The unobstructed Central Park views will leave anyone who visits absolutely speechless. The views don’t come cheap… Ownership is asking $125 per square foot.
For the value tenant, the asset has several spaces available that are sub-$80 psf. The partial 7th floor measures 8,202 square feet, with an asking rent of $75 per foot. It is a fantastic corner unit with views of Fifth Avenue, 57th Street and the Apple Cube. The space is currently in raw condition and the landlord will build-to-suit an incoming tenant’s needs. Additionally, the partial 6th floor is also available. The loft-like unit measures 5,455 square feet and boasts extra high ceilings and exposed brickwork. The asking rent is $75 per foot with a market work allowance.
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