Minskoff inches towards full tenant roster at 51 Astor Place

Final lease deal to close in next 45 days

New York /
Mar.March 19, 2014 04:00 PM

Edward Minskoff is closing in on a fully-leased 51 Astor Place, as negotiations for the remaining two floors of the property near a deal.

Minskoff told the New York Observer that he is “optimistic” the IBM Watson building will be 100 percent occupied within the next month-and-a-half. And though he declined to tell the Observer the discussed rental rate, the space is expected to fetch more than $100 per square foot.

“Leases are in negotiation (for all of that space) right now and we’re optimistic that in the next 45 days we’ll be fully leased,” Minskoff told the Observer.

Minskoff, who began building 51 Astor Place three years ago as the Manhattan office market began climbing out of the recession, banked on the area’s burgeoning tech sector to bring the building tenants and hefty rental prices. Critics initially raised an eyebrow at rents in the $80s and $90s per square foot, but money manager Claren Road Asset Management, one of the building’s latest signees, reportedly agree to $118 per square foot for 25,401 square feet across the building’s top floor. [NYO]Julie Strickland


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