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51 Astor Place

51 Astor Place
New York, NY 10003
Conversion
51 Astor Place
51 Astor Place is a 12-story, 400,000-square-foot office tower in the East Village of New York City developed by Edward J Minskoff and designed by architect Fumihiko Maki. The project completed construction in 2013 and according to estimations cost over $300 million to complete. Its biggest tenant is IBM Watson, which occupies 120,000 square feet in the building. Initially the project was criticized by many who felt the glass box look of the building was inconsistent with surrounding neighborhood at Astor Place. Others criticized the prospect of starting such a major commercial project during a recession, as well as expressing doubts about the high initial rental prices. Apart from IBM Watson, major tenants include 1stdibs, The Daily Mail and Claren Road, the last of which leases the 25,000 square foot top floor. The asking rental price for the floor was $118 per square foot, and the transaction is believed to be the most expensive per-quare-foot deal in the history of the Midtown South area. WP
  • Address 51 Astor Place
  • neighborhood East Village
  • borough Manhattan
  • owner/developer Edward J. Minskoff Equities
  • architect Adamson Associates International
  • floors 14
  • Year Built 2012
  • square feet 270,183
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01/21/16
From the January issue: Sciame founded his eponymous construction company in 1975 and to date has completed more than 1,000 projects in NYC. The firm,...
GM Building 11 Madison 51 Astor thumb
01/13/16
Triple-digit rents used to be reserved for just a handful of New York City’s spiffiest office buildings, but a new report sheds light on the...
Edward Minskoff
10/12/15
Minskoff Equities had no troubling filling the office space at 51 Astor Place, but retail at the building remained vacant for years. Now, three more...
KTCU-51-AstorFB
10/06/15
UPDATED, 3:44 p.m., Oct. 8: The Korean Teachers’ Credit Union recently bought a minority stake in Edward Minskoff’s 51 Astor Place, a deal that values the...
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08/10/15
James Kuhn is stoical about his company’s removal from the Empire State Building portfolio, saying “It’s been a wonderful partnership.” Despite his company, Newmark Grubb Knight...
Edward Minskoff
08/06/15
Edward J. Minskoff Equities received a $370 million loan from Bank of America and Barclays to refinance its fully occupied Astor Place office building. Tags:...
51-astor-and-edward-minskoffFbox
07/13/15
Minskoff Equities’ angular, noir office building at 51 Astor Place has found a fittingly antiseptic lessee to sign on as its first retail tenant. Tags:...
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06/24/15
UPDATED, 12:18 p.m., June 24: Real estate investor Arthur Shapolsky is in contract to buy a corner development site across from Edward Minskoff’s 51 Astor...
51AstorPlace
05/06/15
The office component of Edward J. Minskoff Equities’ 51 Astor Place hit full occupancy last week, capping an extremely successful leasing run for the $300...
51-astor-place-thumb
04/29/15
IBM inked a lease for an additional 25,401 square feet at Edward J. Minskoff Equities’ 51 Astor Place, bringing the 400,000-square-foot to full occupancy. Tags:...
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12/18/14
Tudor Investment Corporation, a $13 billion hedge fund led by Robin Hood Foundation co-chairman Paul Tudor Jones II, is coming to Edward Minskoff’s 51 Astor...
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11/05/14
One of the city’s grittiest hotels — once a notorious haven for unsavory clientele — is expanding. The St. Mark’s Hotel, an East Village landmark...
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10/29/14
UPDATED, 5:52 p.m., October 29: Midtown South continues to hold the torch for the Manhattan office market – the tech-tenant magnet was responsible for 26 percent of...
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10/17/14
8 Hamilton Avenue in Weehawken, N.J. Mansion at the site of Alexander Hamilton duel in Weehawken goes for $6.2 million. These neighborhoods have the highest...
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09/16/14
Condominiums at veteran hotelier Ian Schrager’s upcoming Public hotel on the Lower East Side are poised to break a sales record for the neighborhood, The Real Deal...
04/16/14
Most popular articles on The Real Deal: 1. Minskoff’s big gamble on 51 Astor Place paying off 2. New York REIT goes public in a...
04/15/14
1. Camden, N.J. dubbed the most dangerous ‘burb in the United States 2. Renderings: NYU reveals new look for its nursing and dentistry schools 3....
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04/15/14
From the April issue: When developer Edward Minskoff set out to build a new office tower in the East Village, with asking rents ranging from just...
04/04/14
From the April issue: Some of the most valuable office leases inked in Manhattan’s Midtown South in the last year were with the new darlings of...
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04/03/14
From left: Sean Black, 229 West 43rd Street (Credit: CoStar Group) and Sacha Zarba Welcome to the world of tech brokers, a group of dealmakers...
51-astor-place-FB
03/19/14
Edward Minskoff is closing in on a fully-leased 51 Astor Place, as negotiations for the remaining two floors of the property near a deal. Tags:...
51-astor-and-edward-minskoffFbox
03/14/14
Claren Road Asset Management, a credit-focused money manager that is a subsidiary of private equity giant the Carlyle Group, will take the top floor of...
Midtown-and-office-chartsFbox
02/07/14
UPDATED, 12:15 p.m., Feb. 7: Class A office space in Midtown South tumbled to its lowest vacancy rate since early 2006 while asking rents across Manhattan...
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02/03/14
Celebration of the New Lunar Year in Chinatown Top 10 Kent Swig facts from NYT profile on struggling developer. Chinatown ushers in the Year of the...
From left: Twitter logo, 245 and 249 West 17th Street
01/23/14
Wasting no time after missing the boat at Edward Minskoff’s 51 Astor Place, where IBM recently edged them out as anchor tenant, social media giant...
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  • Event Office Leasing
  • Address 51 Astor Place
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 25,401
notes
IBM now takes up 143,836 square feet in the building.
  • Event Retail leasing
  • Address 51 Astor Place
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 11,500
  • Price per foot $ 350.00
  • Publication Date 08/01/2015
  • Event Date 06/22/2015
  • Party 1 Minskoff Properties
  • Party 1 Brokerage SRS Real Estate Partners
  • Party 1 Broker Patrick Smith
  • Party 2 CVS Pharmacy
  • Party 2 Brokerage Newmark Grubb Knight Frank
  • Party 2 Broker Jason Pruger
notes
The drugstore signed a lease.
  • Event Sales
  • Address 51 Astor Place
  • Neighborhood East Village
  • Borough Manhattan
  • Price $ 96,970,000
notes
The 99-year ground lease sold for $96.97 million. Minskoff plans to build a 410,000-square-foot mixed-use property on the site, with office and retail space and one floor reserved for educational use. The lease also entitles Cooper Union to participate in the property's future income. The new building is expected to be ready for occupancy by 2010.
  • Event Office Leasing
  • Address 51 Astor Place
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 42,232
notes
The tenant signed a 15-year lease.
Midtown Manhattan
Newmark Knight Grubb Frank’s Paul Ippolito recently spent time touring properties with a technology company on the hunt for Manhattan office space. He showed the...
comm-market-report-feb-2014-chart
If further proof was needed that Manhattan is becoming a technology-company haven, look to leasing activity in January. Several tech powerhouses, including Twitter and IBM,...
028 Commercial market se FINAL.indd
There’s no winter chill in the Manhattan office leasing market. Despite the distracting hubbub of parties and holiday dinners, transactions traditionally rise in the fourth...

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