Business Services Industry
Real Estate Watch: Retailers, office tenantshustling after same site; Multilevel hotel space draws varied crowd.
Crain's New York Business, December, 2000 by croghan, lore
Office leases are getting so expensive in Manhattan that some tenants are chasing after multilevel retail spaces because they're cheaper than many conventional office locations. One of their targets is a 20,000-square-foot retail block at the New Yorker Hotel at 481 Eighth Ave. The layout includes 1,000 square feet on the ground floor, plus room in the basement, the mezzanine and the second floor.
The street-level portion is priced at $100 a square foot but the rest is much cheaper, so that the blended asking rent for the whole thing is just $40 a square foot. An Internet firm is looking at the space, says Andrew Pittel, a senior managing director at Garrick-Aug Associates Store Leasing Inc., who is marketing the site. A local advertising agency and a cable...
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