Charles Cohen of Cohen Brothers Realty has vacancy at 622 Third Avenue on his horizon — a total of 200,000 square feet inside the 900,000-square-foot property when leases expire. Bruce Mosler of Cushman & Wakefield will lead a team to fill the empty space, the New York Observer reported.
Cohen told the Observer that he’s seeking rents ranging in the $50s and $60s for the property.
As the marketing proceeds, Cohen plans to invest in upgrades at the building, as well as others that he owns to make them more attractive to tenants during a Midtown leasing slump.
At 622 Third Avenue, work includes a new lobby and new elevators, which are currently under construction. “I would say we’ll spend about $5 million doing the work,” Cohen told the Observer.
Three Park Avenue will also get a lobby facelift, whereas a more significant upgrade is taking place at 475 Park Avenue South, which is getting a façade replacement and a lobby renovation. [NYO] –Zachary Kussin