The Real Deal New York

St. John’s nears deal for base floors of 51 Astor Place

July 17, 2013 11:30AM

  • Print
51-astor

51 Astor Place rendering

St. John’s University is steps away from signing a lease for two of the base floors of the 400,000-square-foot 51 Astor Place in Midtown South, the New York Post reported.

The Catholic university was vying for a 42,000-square-foot space on the second floor, but that deal fell apart. Edward J. Minskoff’s development is required by zoning to rent about 50,000 square feet to a school.

Fumihiko Maki designed the space, which is about $90 per square foot. Peter Riguardi, Paul Glickman, Mitchell Konsker and Cynthia Wasserberger of Jones Lang LaSalle are representing the developer. The property, which is vacant , had asking rents of $88 to $115 per square foot last year, the Post said.

With the addition of 51 Astor Place, the average Class A asking rent surged in Midtown South, and for the first time surpassed Class A asking rents in Midtown. Midtown South Class A asking rents hit $75.63 per square foot, besting the Midtown Class A asking rent of $73.63 per foot, according to Cushman & Wakefield figures previously reported by The Real Deal. [NYP, 2nd item]Mark Maurer

  • no-permits

    what? why would they have sold a building only to lease elsewhere all within a few months? who’s running things at stj?

  • A worker

    Well, the interest on the purchase price can cover the rental. If you consider the maintenance and upkeep of ownership versus renting, well…..

MENU

Subscribe to our email newsletters

New York Real Estate News
South Florida Real Estate News