Grand Central Facts
The Grand Central neighborhood of Manhattan runs from 36th Street to 47th Street between Fifth Avenue and the East River, with the focal point being Grand Central Station at 42nd Street. This is one of the most active commercial real estate leasing districts in NY, and it encompasses approximately 55,000,000 rentable square feet of Class A and B office space in the east Midtown area.
There is no better diverse collection of different businesses and practices anywhere, which makes the Grand Central neighborhood a prime location for shared professional office space in all industries. Shared legal office space, shared financial office space, shared tech office space and shared medical office space abound in this area – it is also a very healthy coworking area.
An unbelievable selection of restaurants and unusual dining venues like food trucks and food courts abound, taking into account a busy hour for all 3 meals of the day. It is home to corporate headquarters and is famous for its Park Avenue corridor as the corporate home to a diverse group of national and international corporations, as Grand Central Terminal is one of the busiest transportation hubs in Manhattan. There is also a diverse selection of embassy locations, diplomatic missions, and personnel due the the United Nations headquarters here.
Corporate headquarters locations include: Bloomberg L.P., JPMorgan Chase, Time Warner, Citigroup, CBS, Ernst & Young, Deloitte, Estee Lauder, MetLife, Morgan Stanley, NBC, Sumitomo Corp., Hachette Book Group, Alitalia, Viacom, TBWA Worldwide, Univision, Thomson Reuters and of course The New York Times Company, and CUNY.
Important new construction includes buildings at 1 Vanderbilt Avenue, 380 Madison Avenue and 425 Park Avenue. These projects coincide with the rezoning of the Grand Central office district which should revitalize the older office stock through renovation, construction and additions to modernize the inventory of available commercial office space.
Some buildings that rank high in the “office sharing” index include:
· 60 East 42nd Street
· 666 Third Avenue
· 708 Third Avenue
· 420 Lexington Avenue
· 405 Lexington Avenue
· 535 Fifth Avenue
· 555 Fifth Avenue
· 200 Park Avenue
· 230 Park Avenue
· 250 Park Avenue