With 30K-sf lease, SUNY Empire shrinks Manhattan footprint

College also reduces its rent by half

New York /
Apr.April 16, 2021 02:45 PM
4 Park Avenue (Feil Organization)

4 Park Avenue (Feil Organization)

SUNY Empire is moving to Midtown from Hudson Square while chopping its Manhattan footprint and leasing cost by almost half.

Empire State College, part of the State University of New York, has signed a 10-year lease for the 29,747-square-foot space at 4 Park Avenue owned by the Feil Organization.

The college’s current Manhattan location is at 325 Hudson Street, where it leases two and a half floors — about 55,000 square feet — for its Metropolitan regional administrative office and the School of Labor Studies.

Although the college’s new location is smaller, “in every other sense [the move] is an upgrade,” said Solomon Syed, SUNY Empire’s spokesperson, who noted that the landlord is renovating the space to accommodate the school’s “unique blend of in-person and online instruction.”

In addition, Syed said, the new lease is “far more affordable — roughly half the cost — while in a prime location.” He declined to disclose more, citing the contract’s confidentiality.

Brian Feil of the Feil Organization said the mixed-use building has gone through an extensive capital improvement, including a new glass façade, lobbies and elevators.

“We have finished the commercial renovation and the new curtain wall has been put on,” Feil said, adding that SUNY Empire will have its own entrance.

The college is aiming to move into the new space this summer, though the timing is subject to change because of the pandemic, Syed said.

Since the onset of the pandemic last March, many office workers have been working from home, creating a massive uncertainty for the office real estate market. As of April 7, the physical occupancy rate of Manhattan offices was about 13.5 percent, according to Kastle Systems, which aggregates data from its swipe-card access system.





    Related Articles

    arrow_forward_ios
    From left: Michael Dell with 25 Water Street, Alex Sapir with 261 Madison Avenue and Marc Holiday with One Madison Avenue (Getty, Edge Funds, Sapir Organization, SL Green)
    Office properties (yes, office!) got Manhattan’s biggest December loans
    Office properties (yes, office!) got Manhattan’s biggest December loans
    Mark Zuckerberg, Jeff Bezos, Hudson Yards and San Francisco's Salesforce tower (Getty, Dead.rabbit/CC BY-SA 4.0/via Wikimedia Commons)
    Tech office leasing plummeted in fourth quarter
    Tech office leasing plummeted in fourth quarter
    Salim Assa with 15 West 55th Street
    Troubled Midtown rental saga headed for a foreclosure finale
    Troubled Midtown rental saga headed for a foreclosure finale
    Rendering of 640 Columbia Street in Red Hook, 9-11 Metrotech Center and TerraCRG's Ofer Cohen
    Brooklyn boasted $9B in investment sales last year
    Brooklyn boasted $9B in investment sales last year
    Atlas Hospitality Brokerage president Alan Reay (Atlas Hospitality Brokerage)
    Listen: Inside the looming distress across the hotel market
    Listen: Inside the looming distress across the hotel market
    Businessman arguing with buildings
    The bickering bros: Jemals escalate battle over portfolio
    The bickering bros: Jemals escalate battle over portfolio
    Oxford Hospitality's Paul Amoruso and 1 Computer Associates Plaza in Islandia (Getty, Jones Lang LaSalle IP, Inc., Oxford Hospitality)
    Owners of vacated CA Technologies’ campus paid pennies on the dollar
    Owners of vacated CA Technologies’ campus paid pennies on the dollar
    From left: Vanbarton Group’s Gary Tischler and Richard Coles along with 3 West 29th Street (Getty, Vanbarton Group, Google Maps)
    Vanbarton eyes life sciences project at former HFZ site in NoMad
    Vanbarton eyes life sciences project at former HFZ site in NoMad
    arrow_forward_ios

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

    Loading...