David Levy, a principal of locally based Adams & Co. Real Estate LLC, represented both the tenant and landlord in the transaction. The asking price was $40 per sf. Levy tells GlobeSt.com that the taking rent, however, was $33 per rentable sf. He also notes that the aggregate lease value is approximately $9.1 million.
The 18-story property is located near Bryant Park in the transit triangle between three Times Square, Grand Central Station and Penn Station. Recent renovations include new windows throughout the building. The property's tenant roster includes Ismael Leyva Architects PC, John Murray Architects and E & B Giftware LLC. Retail tenants include Ebi Fashion, Bingo, Brosur II and Margola Import Corp.
"New York's Silicon Alley is once again attracting a lot of attention from the technology industry," Levy says in a prepared statement. "ASI is in a great, central location close to their customers and we are happy to have them as a tenant for another 10 years."
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