NEW YORK CITY-The Decorators Center Building at 315 E. 62nd St. has been put on the market. Newmark Knight Frank is exclusively marketing the 63,000-sf, 100% occupied property, which should go for $35 million.

Ken Zakin, senior managing director at Newmark, says the building, which now houses a retail component on the ground level, a couple office tenants and mostly design showrooms, could be purchased for a variety of uses. The surrounding area is mostly office buildings and residential complexes, either of which are a possibility for 315 E. 62nd St. Zakin also says it could become a boutique hotel or medical office complex.

The building is currently owned by an estate that is in the process of liquidation. In 1960 the building was net leased through 2011, which Zakin says is the only glitch in the sales plans. A company interested in the property would not be able to move in or begin renovations for another 4 years when the net lease ends and all the subleases expire. “It’s a positioning play,” he says.

Built in 1911, the building originally housed a Cuban cigar manufacturer, according to Zakin. The Decorators Center consists of two attached buildings, the larger being six stories and the second just three floors.

According to Zakin retail lease rents in the area average between $100 and $130 per sf. Commercial space varies, especially since a lot of the area is leased not on a per sf basis but as a whole, but Zakin says rents hit between $40 and $50 per sf.

Zakin, Neil Joffee, Barbara Craig and Randall Liberman, all with Newmark, are handling this transaction.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.