As Midtown South fills, tech firms find homes along Broadway in Midtown

New York /
Aug.August 29, 2012 03:30 PM

As tech firms have proliferated throughout New York City it was only a matter of time before the industry grew too large to remain in the confines of Midtown South. Citing city data, the New York Times reported that of the 1,400 digitally based businesses in the city, 100 call the area between the Flatiron District and Central Park — or Midtown proper — home.

The trend can be attributed to the lack of vacancies — and higher prices of those availabilities — in Chelsea, the Flatiron District and Soho. Due to tech firms’ interest in the region, rents can reach as high as $70 per foot. On the other hand, in certain high-vacancy pockets of Midtown, especially along Broadway south of Times Square, asking rents are as low as $40 per foot.

The Times said landlords in that area, including Malking Holdings at the Empire State Building, are trying to cash in on the trend by opening their layouts to tech firms’ tastes — even if they aren’t quite the warehouse-like space that typically gives birth to startups.

Tech firms “are moving away from environments that are about creativity into those that are more ‘Let’s get to work,’ ” Anthony Malkin told the Times. [NYT] — Adam Fusfeld


Related Articles

arrow_forward_ios
Empire Asset Management CEO Jason Pizer and 360 Park Avenue South. (Getty, 360 Park Avenue South)
Midtown South owner offers big test for post-vaccine Manhattan
Midtown South owner offers big test for post-vaccine Manhattan
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
338 West 39th Street and Sam Chang (Photo via Google Maps)
Sam Chang sells Garment District hotel site for $32M
Sam Chang sells Garment District hotel site for $32M
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna closes on Garment District office with $388M loan
Savanna closes on Garment District office with $388M loan
Christopher Schlank, Nick Beinstock and 1375 Broadway (Credit: Google Maps)
Big Midtown deal looms over Savanna’s latest fundraising effort
Big Midtown deal looms over Savanna’s latest fundraising effort
56 West 22nd Street and Michael Kasmierski (Credit: Google Maps)
Kaufman, AXA make $50M Midtown South buy
Kaufman, AXA make $50M Midtown South buy
Savanna’s Chris Schlank and Nick Bienstock with 1375 Broadway (Credit: Google Maps)
Savanna buying Garment District office building for $435M
Savanna buying Garment District office building for $435M
229 West 28th Street with Rodgers & Hammerstein (Credit: Getty Images, 229nyc, Rumi)
Lexin Capital puts Midtown South office building up for sale
Lexin Capital puts Midtown South office building up for sale
arrow_forward_ios

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

Loading...