The Real Deal New York

Commercial developers ready to pounce on High Line area

January 11, 2012 12:00PM

Although Frank Gehry’s IAC and the Albanese Organization got a head start with their respective projects, IAC and 510 West 22nd Street, in terms of office development next to the High Line, other developers are eyeing the area as a prime spot for office buildings, due to the cachet the elevated park lends, the New York Times reported.

The Albanese Organization is looking for a 75,000-square-foot anchor tenant, with rents around $80 a square foot, for 510 West 22nd Street, which is a $140 million project. The site was previously being developed by the rapper Jay-Z.

“The office market down here is relatively small when it comes to number of buildings,” Charles Bendit, a co-chief executive at Taconic Investment Partners, told the Times. “I’m not sure what the demand is for 100,000-square-feet signature properties like this, but I would say there are a lot of cool companies that want to plant their flag down here. It will be very interesting to see how they do.” [NYT]