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51 Astor Place

51 Astor Place
New York, NY 10003
(212) 554-0500
Office, Retail, New Construction, Leasing/Rental, Other
51 Astor Place
51 Astor Place is a 12-story, 400,000-square-foot office tower in the New York City's East Village developed by Edward J. Minskoff and designed by architect Fumihiko Maki. The project completed construction in 2013 and according to estimates cost over $300 million. 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. 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-square-foot deal in the history of the Midtown South area.
  • Year Built 2012
  • square feet 270,183
  • block and lot 1-00554-0035
  • BIN 1089443
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05/31/16
Korea Post, one of South Korea’s largest investment funds, is close to acquiring a 49 percent stake in a Midtown property almost fully occupied by...

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02/12/16
In a move that’s sure to provoke reaction one way or another, Minskoff Equities is planning to develop two townhouses and nine apartments on the...

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02/12/16
@FakeHopeConsolo eats “deals for breakfast, tenants for lunch, landlords for dinner and sexy junior brokers for dessert.” For the past month, an industry insider has...

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01/21/16
...and Edward Minskoff’s 400,000-square-foot angular, glass office tower at 51 Astor Place. Current projects include the Culture Shed, a visual and performing...

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01/13/16
...left: The GM Building at 767 Fifth Avenue, 11 Madison Avenue and 51 Astor Place Triple-digit rents used to be reserved for just a handful...

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10/12/15
...From left: Edward Minskoff and 51 Astor Place in the East Village Minskoff Equities had no troubling filling...

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10/06/15
...Union recently bought a minority stake in Edward Minskoff’s 51 Astor Place, a deal that values the futuristic-looking Midtown South office property...

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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...

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08/06/15
...From left: Edward Minskoff and 51 Astor Place Edward J. Minskoff Equities received a $370 million loan from Bank...

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07/13/15
...51 Astor Place in the East Village (inset: Edward Minskoff) Minskoff Equities’ angular...

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06/24/15
...buy a corner development site across from Edward Minskoff’s 51 Astor Place for roughly $50 million. (more&hellip...

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05/06/15
...51 Astor Place in the East Village (inset: Edward Minskoff) The office component...

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04/29/15
...From left: Edward Minskoff and 51 Astor Place IBM inked a lease for an additional 25,401 square feet at...

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12/18/14
...From left: Paul Tudor Jones II, 51 Astor Place and Edward Minskoff Tudor Investment Corporation, a $13 billion hedge fund...

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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
...backyard 4. Locals still getting used to IBM's Watson Building at 51 Astor Place  5. Savills Studley expands in the region  6. Lend Lease takes 12,000 square...

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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
...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 first...

04/15/14
...in Brooklyn’s history 5. Four months after leasing launched in 2013, 51 Astor Place hadn’t signed one tenant Like The Real Deal on...

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04/15/14
...51 Astor Place and Edward Minskoff From the April issue: When developer Edward...

04/04/14
...at 245-249 West 17th Street, IBM’s Watson Group at 51 Astor Place and Facebook at 770 Broadway...

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04/03/14
...year, including IBM’s Watson, which took 120,000 square feet at 51 Astor Place, and Twitter, which inked a deal to take more than...

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03/19/14
...From left: 51 Astor Place and Edward Minskoff Edward Minskoff is closing in on a...

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03/14/14
...From left: 51 Astor Place and Edward Minskoff Claren Road Asset Management, a credit-focused money...
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  • Event Retail leasing
  • Address 51 Astor Place
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 11,500
  • Price per foot $ 350.00
notes
The drugstore signed a lease.
  • 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 Office Leasing
  • Address 51 Astor Place
  • Neighborhood East Village
  • Borough Manhattan
  • Square feet 42,232
notes
The tenant signed a 15-year 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.

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,...

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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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