At $26,000/month for 8,160 SF, the economics are attractive on a headline basis, particularly for a company that values a large contiguous floor in central Midtown without paying premium Class A rents.
Financial snapshot
- Monthly rent: $26,000
- Annual rent: $312,000
- Rent/SF/month: $3.19
- Rent/SF/year: $38.24
- Approx. cost per 1,000 SF/month: $3,186
The location is one of the stronger aspects of the offering. 34th Street–Herald Square is roughly 0.14 miles away, providing access to the B/D/F/M/N/Q/R/W trains, while PATH at 33rd Street and Penn Station are also within easy walking distance. This makes the office particularly convenient for employees commuting from elsewhere in Manhattan, Brooklyn, Queens, New Jersey, or via Penn Station.
The building itself is Class C rather than Class A, so this should be evaluated primarily as a value-oriented Midtown office rather than a prestige-building proposition. Comparable marketing for an 8,160-SF full floor in this building has described a high-end professional-services installation and lists a 24/7 lobby attendant.
At approximately $38/SF/year, the quoted $26,000 rent is also slightly below the roughly $39/SF asking level previously marketed for an 8,160-SF full floor in the building.
So purely from the numbers and location, this looks potentially compelling: a substantial 8,160-SF footprint, excellent transportation access, and a relatively low occupancy basis for central Midtown. The trade-off is building quality—the tenant is getting space and location rather than a modern trophy-office environment.
The main thing I would investigate before judging the $26,000 as a true bargain is the lease economics beyond base rent: real-estate-tax escalations, operating-expense increases, electricity/HVAC, cleaning, annual bumps, security deposit, free rent and tenant-improvement allowance. Those could materially change the effective occupancy cost.
At approximately $38.24/SF/year, the headline rent looks potentially attractive for a Midtown office of this size. The critical issue is whether the $26,000 figure represents base rent only or the effective all-in occupancy cost.
Before comparing it with other office opportunities, I would verify the lease structure, especially real-estate-tax escalations, operating expenses/CAM, utilities, cleaning, annual rent increases, security deposit, tenant-improvement allowance and free-rent period. Those items can materially change the effective $/SF.
