The Manhattan commercial real estate market comprises a wide variety of commercial space including retail, loft, industrial, showroom, medical, and office space for rent. Commercial real estate in New York serves major banks, financial services companies, public corporations, law firms, accounting firms, insurance companies, creative industries (publishing, advertising, design, architecture), and not-for-profit corporations.
Some of the world's best-known companies make their headquarters in Manhattan: Time Warner, Colgate-Palmolive, Time & Life, Condé Nast, Bertelsmann, Random House, Simon & Schuster, McGraw-Hill, Morgan Stanley, AXA, MetLife, New York Life, Credit Suisse First Boston, JPMorgan Chase, Citigroup, American Express, News Corporation, NBC, ABC, CBS, Goldman Sachs, Major League Baseball, the National Football League, Verizon, Ernst & Young, the New York Times, the New York Stock Exchange, Bloomberg, MTV, HBO, Associated Press, PricewaterhouseCoopers, Pfizer, and countless others.
Office space for rent in New York is found within Class A, Class B, and Class C properties. Class A properties contain the finest quality of office space for rent, while Class C properties provide an excellent opportunity to do business in Manhattan at a more affordable rent. Class B buildings are somewhat below the quality of Class A buildings, but at a more affordable rent. We have access to listings for all types of New York City office space and classes of commercial real estate in every Manhattan's three most desirable districts.
The Manhattan commercial real estate market breaks down into three main districts: Midtown, Midtown South, and downtown Manhattan.
Midtown sub-districts include: the Penn/Garment district near Pennsylvania Station and the loft buildings of the Garment District in the West 30s; Grand Central, near the magnificent terminal of the Metro North Railroad on East 42nd Street; Fifth/Madison, which includes two of the most fabled thoroughfares in Manhattan; Park Avenue, still the most prestigious corporate address in America; Sixth Avenue/Rockefeller Center, including what remains the largest privately built business complex in America; East Side, including the Third Avenue corridor; and West Side/Times Square, including the newest and most enticing New York office rentals district.
Midtown South sub-districts include: Chelsea, a vibrant neighborhood with the city's hottest arts scene; Murray Hill, the part of Midtown South nearest to Grand Central; Flatiron, where the Internet business boomed in the 1990s which has become popular with creative industries such as architects, designers and publishers; and Park/Madison Square, where bankers in suits rub elbows with designers in T-shirts.
Downtown Manhattan sub-districts include: City Hall/Insurance District, with the highest concentration of government offices and courts; Financial District, home to the New York Stock Exchange and some of the biggest banks; Hudson Square/Tribeca, a red-hot market for creative and arts-related industries; World Trade Center/World Financial Center, which has made a remarkable comeback and continues to be home to some of the biggest financial companies; Noho/Soho, now an established district for creative companies, not-for-profits, and national and international retailers; and Greenwich Village, with some office rentals and a great deal of high-end retailing and other commercial real estate.
Manhattan's commercial real estate marketplace offers more than office space for lease. Businesses seeking to insulate themselves from future rent increases have the option of purchasing office space in the form of commercial cooperatives and condominiums. And of course at any given moment there is a sizable inventory of commercial and residential investment grade properties for sale offering attractive rates of return as well as the potential for future appreciation.
We have access to every commercial building and space in New York City and experience negotiating with most major landlords and managing agents in Manhattan.