Posted Jun 25, 2024, 3:38 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,398
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http://www.ten-x.com/listing/135-w-5...0020/32097295/
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Institutionally owned and maintained with over $76 million in recent investment inclusive of elevator upgrades, a new lobby, and others.
Opportunity to create substantive value through leasing as the asset is 35% occupied with 9.5 years of remaining average term.
Flexible zoning allows for as-of-right conversion optionality to mixed-use, office, residential, hospitality, or community facility uses.
Midtown remains the country’s preeminent corporate office destination, serving as the chosen headquarters location for prominent companies.
Ideally located to capture the unmet renter demand of high-income earners from Midtown’s saturated office market and affluent Upper West Side.
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The location of 135 W 50th Street is a major selling point for the building. Midtown is Manhattan’s most desired office submarket. With over 13.5 million square feet of tenancy actively seeking space in Midtown, the market is booming.
Some of the city’s most desirable buildings are in Midtown, including One Vanderbilt, the Seagram Building, 9 West 57th Street, the GM Building, and JP Morgan’s new headquarters at 270 Park.
This locale is also positioned to attract residential tailwinds. The Upper West Side multi-housing supply remains constrained as evidenced by a 1.9% vacancy rate, a limited pipeline, and escalating monthly rents averaging $100 per square foot.
The area is also known for compelling demographics, top restaurants, high-end retail, proximity to the Theater District, and easy access to transportation, providing timeless residential demand drivers.
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NEW YORK is Back!
“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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