Minskoff lands 51 Astor Place’s first tenant
Online vintage goods auctioneer 1stdibs has inked a deal for the first lease at 51 Astor Place, Edward Minskoff’s new construction office building in Midtown South.
The tech company, relocating from 156 Fifth Avenue, plans to take the 12-story building’s entire third floor, a 42,232-square-foot sprawl, for 15 years.
“They liked the building and realized that this is a state of the art property in one of the most vibrant areas of the city,” Minskoff told Crain’s.
Jones Lang LaSalle’s Paul Glickman represented the landlord in the negotiations.
Minskoff, who began building 51 Astor Place two years ago just as Manhattan’s office market began climbing out of the recession, banked on Midtown South’s burgeoning tech sector bringing a growing stream of tenants for the pricey new space.
The building got off to a slow start on the leasing front, with critics pointing to exorbitant rents in the $80s and $90s per square foot, big numbers even by the neighborhood’s lofty standards.
The property came close to landing social media giant Facebook as a tenant earlier this year, but the company ultimately opted for a space a block west of 51 Astor Place at 770 Broadway. [Crain’s] — Julie Strickland