The Real Deal New York

Stahl pumps 46K square feet of office space into Midtown

Full-floor leases hit the market at the Chanin Building
June 24, 2014 12:25PM

Updated, 5:45 p.m., June 24, The Stahl Organization has brought more than 46,000 square feet of office space to market at the iconic Art Deco Chanin Building at 122 East 42nd Street between Lexington and Park avenues.

The leases include a 30,603-square-foot second-floor space tied to 1,350 square feet with a dedicated entrance on the first floor. The asking price for the bundle is $46 per square foot and includes 500 feet of lineal exposure on 42nd Street and Lexington Avenue. 

Two full-floor spaces with Chrysler and Empire State Building views further up the 56-story tower also came on line. The 32nd floor covering 7,092 square feet was recently leased at an asking price of $55 per foot. Stahl is seeking $59 per foot for 8,373 square feet on the 46th floor, which is still available.

Additional office space ranging from 1,483 to 9,273 square feet is available on floors three through 44.

In May, office availability in Midtown fell 40 basis points to 10.3 percent, the biggest one-month drop in a year.

The spaces are being marketed exclusively by Cassidy Turley’s James Frederick, Peter Occhi and Michael Hofmann.

Developed by Irwin Chanin in 1929, the Chanin Building was designated a New York City landmark in 1978. — Tom DiChristopher