Massey Knakal NNN Leases Building On Madison Square Park
A triple-net-lease has been secured for an entire building at 206 Fifth Avenue (aka 1126 Broadway). The property is located between West 25th and West 26th Streets on Madison Square Park.
This five-story building contains approximately 18,078 rentable square feet and sits on a 28.17’ x 112’ irregular lot, with frontage along both Fifth Avenue and Broadway. The building currently comprises five floor-through commercial units with an abundance of natural light and stunning views of Madison Square Park. Each floor has private elevator access and its own tenant controlled air-conditioning package.
This property is situated in one of Manhattan’s most desirable locations, facing Madison Square Park. It is conveniently located near newly opened destinations like Eataly, the Italian food market and eatery, and the Ace, NoMad, and Flatiron Hotels. Public transportation is easily accessible with local bus and subway trains only a short walk away.
“Investor demand was at an all-time high for this property given its superb location on Madison Square Park which is bordered by the Flatiron District/Gramercy Park to the South, Chelsea to the West, and NoMad to the North,” said Massey Knakal’s John F. Ciraulo, who exclusively handled this transaction with Craig M. Waggner. “The long-term lessee will look to capitalize on this location’s surge in rents buoyed by the flourishing tech scene which has witnessed the lowest vacancy rate in the country at 6.96%, average office rents hovering around $70 per square foot and average retail rents escalating towards $200 per square foot,” added Waggner.
Massey Knakal specializes in the sale of investment and user properties in the New York Metropolitan area. Since 1988, our agents have closed over 4,500 transactions having a market value in excess of $17 billion.