C21 expands with move from Madison Avenue to near Grand Central

New York /
Mar.March 31, 2010 01:04 PM

Century 21 NY Metro is relocating to a 13,000-square-foot office at 228 East 45th Street, the company announced today.
The sales and rental company, which has around 150 agents and staff, will vacate its current space at 575 Madison Avenue June 1, according to President and CEO Marc Lewis. The new office is some 40 percent larger and can house up to 200 people, Lewis said.

The asking rent for the new space is listed on CoStar as $29.50 per foot. Lewis would not comment on the taking rent, but said it was comparable to what the company is paying now.

Since the recession hit, a number of real estate companies have switched locations to take advantage of lower rents for office space.

Aside from offering more space for a comparable price, Century 21’s new office — on 45th Street between Second and Third avenues — is “in a much better location,” Lewis said.

“This is really a neighborhood for shopping bags,” he said of the company’s current Madison Avenue location, between 56th and 57th streets. But the new space is near Grand Central, convenient for millions of commuters and Midtown office workers. “My clients can leave their desks for an hour and come to the office,” he said. “It’s better for what we do.”

The Company Has Occupied The Madison Avenue space since the 2006 merger of Dwelling Quest and Century 21 Kevin B. Brown that created Century 21 NY Metro. In June 2009, the company added a new commercial real estate division and absorbed a small Queens firm, Lewis said.

As a result, the company has outgrown the Madison Avenue space, Lewis said.

“I’m using the conference room for commercial leasing,” he said, adding: “right now, somebody comes for an interview and I don’t have a desk for them.”


Related Articles

arrow_forward_ios
Realogy's Ryan M. Schneider (Realogy, iStock, Illustration by Kevin Cifuentes for The Real Deal)
Realogy reports strong quarter, expands iBuying
Realogy reports strong quarter, expands iBuying
ASG Equities' Raymond Gindo and George Karnoupakis with 472 86th Street in Bay Ridge (ASG, Getty)
Gindis finish assemblage to redevelop ex-Century 21 site
Gindis finish assemblage to redevelop ex-Century 21 site
175 Park Avenue with RXR Realty's Scott Rechler and TF Cornerstone’s Frederick Elghanayan (SOM Architects, Getty, TF Cornerstone)
RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central
RXR, TF Cornerstone cleared for 1,500-foot tower at Grand Central
(iStock)
Real estate agent accused of squatting in Hamptons Bay
Real estate agent accused of squatting in Hamptons Bay
ASG Equities' Raymond Gindi and Century 21 25 Church Street (Photos via ASG, Google Maps)
Landlord offering concessions to lease up Century 21’s old FiDi store
Landlord offering concessions to lease up Century 21’s old FiDi store
Century 21 president Marc Benitez (LinkedIn; iStock)
Return of the retailer: Century 21 relaunches
Return of the retailer: Century 21 relaunches
The MTA board approved rent relief for small businesses in Grand Central and other locations (iStock)
MTA cuts rent up to 90% for small businesses
MTA cuts rent up to 90% for small businesses
(Getty)
MTA proposes percentage-based rent payments for Grand Central retailers
MTA proposes percentage-based rent payments for Grand Central retailers
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...