16 Court Street is 22 percent vacant

SL Green bought 16 Court Street, between Montague and Remsen streets, in August 2007 for $107.5 million, spent $20 million on renovations, and the office tower is now 22 percent vacant. Chris Havens, one of 16 Court Street‘s leasing directors, said the building is 25 to 30 percent below leasing targets, and that he usually shows the building to one prospective tenant a day. The building’s asking rent is in the mid-to-high $30 per square foot, which is below Manhattan’s average rent in December of $66.63, but more expensive than other office space in the neighborhood.