Office space evaporates between Madison Square Park and Herald Square

New York /
Aug.August 10, 2011 11:22 AM

alternate
text
From left: the Eventi Hotel and the Ace Hotel (credit: PropertyShark)

The small, up-and-coming businesses that once thrived along the stretch between Madison Square Park and Herald Square, are becoming endangered by residential development, according to the New York Times.

Two decades ago the area was filled with vacant lots and rundown buildings. That old building stock offered start-ups, dentists, architects and other small tenants cheap rents.

But with rampant development in the area, which includs glassy condominiums, trendy hotels and razed lots readied for future construction, those small tenants fear their office space may no longer be so cheap.

Space in the area is already tight. Cushman & Wakefield data shows just 4.4 percent of Class B office space between 14th and 30th streets west of Sixth Avenue is vacant, compared to 8.3 percent for Manhattan as a whole.

“We need to have manufacturing when we can, we need to have small businesses that can’t afford Class A office space,” said Wally Rubin, district manager of the local Community Board 5. “It’s vital to the running of the city, just as residential that’s accessible to teachers and firemen is vital to the city.”

To that end, the City Planning Commission recently submitted a special zoning variance for a section of the neighborhood between 28th and 30th streets and Seventh and Eighth avenues, to strike a balance between protecting existing office space and cultivating a 24-hour neighborhood. Now, the community board wants that expanded to include more of the neighborhood. [NYT]


Related Articles

arrow_forward_ios
City Planning Commissioner Chair Marisa Lago (Getty, Dept. of City Planning)
Gowanus rezoning gets green light
Gowanus rezoning gets green light
Judge Katherine Levine (Getty)
Gowanus rezoning may move forward as soon as Monday
Gowanus rezoning may move forward as soon as Monday
Cushman & Wakefield CIO Nathaniel Robinson and CEO Brett White (iStock)
Cushman launches $250M SPAC
Cushman launches $250M SPAC
Saadia Group, Lord & Taylor's new owner, will sublet its new headquarters from Cushman & Wakefield. (Getty, RPW Group)
Lord & Taylor owner sublets new Midtown HQ
Lord & Taylor owner sublets new Midtown HQ
Cushman & Wakefield CEO Brett White
Cushman reports 10% drop in revenue in 2020
Cushman reports 10% drop in revenue in 2020
The building is near Herald Square and Penn Station. (Google Maps)
NYC sues Garment District landlord over tenant’s alleged prostitution activity
NYC sues Garment District landlord over tenant’s alleged prostitution activity
City planning chairperson Marisa Lago and Mayor Bill de Blasio. (Global Philanthropy Forum, NYC, Getty)
Ex-City Planning officials criticize “hollow” hotel permits proposal
Ex-City Planning officials criticize “hollow” hotel permits proposal
Cushman & Wakefield CEO Brett White, Mayor Bill de Blasio, and Donald Trump, Eric Trump and Donald Trump Jr. (Getty)
Cushman & Wakefield, NYC cut ties to Trump Organization
Cushman & Wakefield, NYC cut ties to Trump Organization
arrow_forward_ios

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

Loading...