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http://www.commercialobserver.com/20...-for-51-astor/

First Tenant Near Signing at 51 Astor

By Daniel Geiger 5/14

Quote:

Maverick developer Edward Minskoff is close to bagging his first tenant for 51 Astor Place, the spec office building he is boldly building in Cooper Square without any guaranteed tenants in hand.

Hult International Business School is in talks to take 51 Astor’s entire second floor, a roughly 55,000-square-foot space. Sources say the school could pay rents that begin in the $60s per square foot but escalate to around $100 per square foot over the life of a long term lease at the roughly 400,000-square-foot property. The deal isn’t done just yet, however. The school is still waiting to receive approval from the New York Board of Regents, the government body that oversees all educational institutions in the state, a source said.

The deal would be the first transaction in the 12-story building, which was designed by the acclaimed Japanese architect Fumihiko Maki and is currently under construction.

While Mr. Minskoff has been shopping the office property to a host of prominent tenants, including Facebook and Microsoft according to industry sources, a deal with an education tenant was preordained when he bought into the project. Mr. Minskoff purchased the site from the university Cooper Union in 2007. The parcel used to be home to one of the school’s engineering buildings and included a requirement in its zoning that any structure Mr. Minskoff built retain about 50,000 square feet of educational use.

Great news. The square footage prices are pretty surprising to be honest.

Anyways, I walked by the site late last week and they were pouring concrete

Interesting article on Bloomberg, long but good insight on the commercial market as a whole.

Manhattan Tenants Pay Top Office Rents For Midtown South
By David M. Levitt - May 21, 2012 2:09 PM ET

"Most landlords offering prestige Manhattan office space hate to be pinned down on their asking rents. Not Ed Minskoff. “Between $88 and $115 a foot,” he said without hesitation of the prices he’s seeking at 51 Astor Place, the Fumihiko Maki- designed office project he’s building in the East Village.

Those rates approach the highest rents for top-quality space in midtown Manhattan, the most expensive U.S. office market, as a booming technology market fuels demand for trendier areas.

“We’re having a huge amount of interest” from “lots of very, very exciting companies,” Minskoff said.

Office demand in New York is shifting from the glossy skyscrapers of Midtown preferred by banks to the quirkier mix of neighborhoods to its south that’s home to Chelsea warehouses, Soho galleries and the punky shops on St. Mark’s Place where Joey Ramone and Madonna refined their fashion sense. Technology, media and information firms that gravitate to the area took more Manhattan office space than financial companies this year for the first time, brokerage Cushman & Wakefield Inc. said..."

This should be moved to U/C.

Photo credit to thejacko5 on SSC.

http://i.imgur.com/XmahH.jpg

the previous building was hideous, but the coffee shop facing se at st. marks was one of the most useful places for pedestrians around. i see that section has an angle cut and i am hoping they reinstall some kind of indoor-outdoor cafe there. this building is so uber-corporate looking i doubt it, but it would be a street engaging and thoughtful ode to what was.

Even though this isn't a massive skyscraper...the impact is going to be huge.

Astor place was a clunky under utilized area...with this building and the recent futuristic cooper union building, new hotel, etc...astor place is going to become the meeting spot it always should have been

Nice to see a different angle. I have increasingly high expectations for this building, could be quite nice.

thejack05 on SSC:

http://i.imgur.com/xH8bf.jpg

I walked by at about 8pm last night. The coloring and reflectivity of the cladding is pretty crazy. I'm curious how the material on the upper floors will look like comparatively.

I do believe the title should say 12 stories, per the 51 Astor website.

Here's the most recent update.

51 Astor Place October 2012 Construction Photos

http://1.bp.blogspot.com/-YddRDKmAHM...40/51astor.jpg

As of 10-27-2012

Some new pictures I took yesterday (October 27th) from the corner of East 9th Street and 3rd Avenue, as well as the corner of East 9th Street and Stuyvesant Street. The building is making some serious progress. I've got to say, it's downright startling to see most of the block taken up by such a big building when it's been so much more open for my entire life! Astor Place feels more hemmed in now.

http://farm9.staticflickr.com/8335/8...9cef71ae_b.jpg

http://farm9.staticflickr.com/8470/8...df5f7b72_b.jpg

http://farm9.staticflickr.com/8323/8...79262d95_b.jpg

Nice update somehow this got overlooked, and I agree with your sentiment about the building. It feels massive. Looks topped out too, HVAC equipment can be seen up top. Haven't seen the glass but it looks pretty decent, hard to judge from a kind of overcast day. But nice update!

Cladding isn't too dissimilar to the cladding on 250W55th street. I think it looks gorgeous, so far.

Looking pretty good. Even though it has a bit of a corporate appearance, it is a huge improvement over the building that was there previously.