Space available at 115 East 23rd

Real Estate Weekly, August 14, 2002

In addition to offering individual 6,000-SF floors for lease, the long term owners of 115-117 East 23rd St., a 56 x 110-foot, 12-story, 3-elevator, concrete and steel building have indicated they would consider a 49-year net lease of the entire 78,000-SF building to an organization that wishes to control and gradually occupy the entire building.

If a quality user organization required a period beyond 49 years up to 99 years, a 2 1-year net lease with options to renew to 99 years would be possible provided the tax due on a term beyond 49 years was factored into the lease.

115 East 23rd St has windows on three sides, 11-foot ceilings two entrances - one a passenger entrance and a second service entrance which could serve as a separate entrance for a multi-floor tenant subject to the rights of existing tenants.

Located 150 feet east of Park Avenue South and the East Side subway, 115-117 East 23rd St. presently has available for lease the entire fifth and ninth floors, with the seventh, eighth and ninth floors to be available on or about Sept. 1.

Rents for individual floors start at $22 per SF with the ownership providing new bathrooms, new Oak floors, air conditioning and windows. The 21-year net lease plus options, would be at $17 per SF with CPI adjustments.