The Real Deal New York

51 Astor remains tenantless despite Jones Lang’s efforts

July 29, 2013 11:00AM

You can’t say 51 Astor Place doesn’t have potential. Tech titans Facebook and Microsoft were eyeing moves to the 400,000-square-foot office building, between Third and Fourth avenues in the Midtown South office market, before opting to relocate elsewhere, the Wall Street Journal reported. Alas, a major tenant is yet to sign at the massive project, built on speculation by developer Edward Minskoff.

The 13-story building opened in May, but commercial brokerage Jones Lang LaSalle, who represent Minskoff, have yet to close a deal. Paul Glickman, a vice president at of Jones Lang, told the Journal that he is currently in talks to lease approximately 70 percent of the building, though.

“It has been extremely well received,” Glickman told the newspaper. “We’re close on a whole bunch of good stuff.”

Some say the sleek, modern tower is struggling to fit in among the older buildings in the area.

“Given the energy of this location, and the fact that Manhattan is generally starved for new office product, it seems logical to believe that 51 Astor should eventually garner tenants,” Michael Knott of Green Street Advisors told the Journal. “The question may be at what price.”

Rents range from $80 per square foot for lower floors to more than $100 per square foot for higher floors, a source told the Journal. Minskoff hired Jones Lang to head up leasing a year and a half ago, though leasing efforts launched only two months ago.

St. John’s University was steps away from signing a lease for two of the base floors earlier this month, as previously reported. The university was vying for a 42,000-square-foot space on the second floor, but that deal fell apart. [WSJ]Mark Maurer

  • Mandrew

    In what universe is this Midtown South?!

  • real estate insider

    It is only in Midtown South when you are trying to lease an empty building other wise it is in the East Village (see below)

    The Cooper Union for the Advancement of Science and Art is situated on the edge of Manhattan’s East Village, easy walking distance of Washington Square Park and the bookstores, galleries and film houses of Greenwich Village.

  • pablo

    Maybe calling it midtown south has hidden it from all those tech space seekers….

  • pablo

    $80 per sq ft next to St Marks!

  • HughGass

    $100 psf across from Continental? (is it still even open?)

  • yobaby

    looks like a lego construction

  • Tribecaboy

    Midtown South is the designation of the commercial sub market that goes from 34th St to Canal St. It just is.