A Fresh Take on CRE

51 Astor Place

51 Astor Place

Built on Spec by Minskoff Equities at a cost of $300 million, 51 Astor is one of the newest buildings in Midtown South. The CRE community was skeptical that the property could fetch the high asking rents, above and beyond the submarket average, but the building leased 100% of its office space when IBM expanded its footprint. As of summer 2015, the ground floor retail has been vacant for two years, though several tenants are said to be in negotiation for the space.

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