Grand Central Office Tenants to Benefit from LIRR Expansion

Grand Central Office Tenants Benefit from LIRR Expansion

Grand Central office tenants benefit from LIRR expansion. The Long Island Rail Road’s new hub deep beneath Grand Central Station is scheduled for completion in late 2022. Dubbed Grand Central Madison, the $11.1 billion project which began in the late 1990s, includes two new tunnel under the Hudson River and a seven block long train hall 14 stories beneath the street. The new 700,000 square foot terminal will increase train capacity to and from New York City by 50% and improve reliability. Link here for a draft of the Grand Central-LIRR Schedule. For commuters now using Penn Station, Grand Central Madison will reduce commuting times and allow them to avoid the besieged Penn Station area.

 

 

 

 

 

 

Local Office Market Statistics

Costar, the Commercial Real Estate Information Company reports that in the first quarter of 2022 the vacancy rate for Grand Central office space was 13,4% with an average market rent of $76.72 PSF (per rentable square foot, per annum.) There are 174 office buildings in the submarket with a total inventory of 59.7 million rentable square feet. As a result of the Covid 19 pandemic and adoption of the work-from-home/hybrid work model: (1) Tenant demand declined; (2) Vacancy increased; (3) Rents reduced; and (4) Tenant Incentives increased.

 

 

 

Buildings You Should Know

Photo courtesy of Costar.

One Vanderbilt  : Spectacular 1,657,000 RSF office tower built in 2020. Already 97% rented by some of NY’s most powerful corporations including the Carlyle Group, TD Bank, Heidrick & Struggles International and Greenberg Traurig LLP. Includes a 30,000 SF Tenant amenity floor and restaurants by Daniel Boulud. Highest level of LEED and WELL certifications. Asking rents recently exceeded $300 PSF. Call for current rates.

 

 

 

 

 

 

 

 

5,547 RSF. Raw Space. Landlord will custom build.

6,393 RSF. Pre-built and furnished.

25.488 RSF. Test Fit shown. Landlord will custom build.

 

 

 

 

 

 

 

 

 

 

 

 

 

420 Lexington Avenue : Situated on top of Grand Central Station with lobby access directly into the terminal. This large building (1,513,673 RSF) is a business hub for well over 300 plus professional companies from diverse industries. Efficiently designed pre-built office from 500 to 20,000 RSF are available for immediate occupancy. Asking rents range from $60.00- $73.00 PSF.

928 RSF

3,903 RSF

6,589 RSF

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Photo courtesy of Costar.

353 Lexington Avenue : Located at the southeast corner of 40th Street. This clean economical building includes a security guard 7 days each week. Pre-built offices ranging in size from 1,050 to 2,400 RSF are available for immediate occupancy. Flexible lease terms. Asking rents are only $35.oo PSF.

 

 

 

 

Useful Links

Directory of Grand Central Terminal and Stores

Grand Central Hotel Guide

Restaurants & Reservations

 

 

 

 

 

 

 

About Cogent Realty Advisors, Inc.

Cogent Realty Advisors is an independent licensed no fee Realtor representing New York businesses that lease office space. Cogent Realty provides intelligent real estate solutions for Tenants of all sizes and from any industry. For information phone Mitchell Waldman at (212) 509-4049.

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