Sublet rentals are often completely furnished, and available at below-market rates.
Sublet rentals are often completely furnished, and available at below-market rates.

Is an Office Sublet in NYC Right for your Business? 

Subleasing commercial real estate in Manhattan can be very cost effective.  In NYC, sublets for office, loft, showroom or retail space are often offered substantially below market rates. Commercial tenants (sub-lessor or over-tenant) who want to vacate their currently leased space are motivated to offer terms at below market rates.

Benefits of Sublet Office Space in NYC:

  • Lower rental rates – a good value
  • Often in Great Condition if build out is recent.
  • Often includes furniture and phone systems – cost savings to you
  • The lease term is short – attracts start-ups, growing firms & allows you to “try out” a location
  • Lower security deposit – smaller up-front cost

Landlords aren’t the only ones offering sublet office space rentals in Manhattan. Additional opportunities exist to sublet excess office space. Metro Manhattan Office Space services business owners on both sides of the transaction:  helping connect business owners who are seeking available office space with those who are currently looking to sublet excess office space.

  • Executive Office Suite in East 45th Street Search no more..228 E. 45th St.: Two bright, newly renovated private window offices Search no more..228 E. 45th St. bet 3rd & 2nd Ave Your perfect office space in Midtown East, 2 blocks from GRAND CENTRAL – U.N. – MET-LIFE – CHRYSLER Two bright, newly renovated private window offices High-Speed Internet/WiFi, Custom Nortell Phone Hook-up, High-Floor  Large office (approx 10' x 12') can be spacious executive office or group of 3-4 Smaller office (approx. 7-1/2' x 11' w/built-in cabinets), perfect for one. Also available:  Huge desk space area with built-ins in shared office
    • Unlimited FREE access to Conference Room and Kitchen
    • Signage in electronic Lobby directory and front door of office suite
    • Furnished or bring your own….  Shared fax, postage meter
    • New marble lobby with excellent Security; High Speed elevators
    • 24/7 Class A+ Building at Affordable Prices
    Large Office accommodating one executive or 3-4 professionals:             Asking:  $1475 Smaller Office with built-in cabinets for 1 or 2 working side-by-side     Asking:  $1250 Large Desk Space with built-in, and cabinets above and below                Asking:    $550   Year-to-year or shorter lease terms.   Terms negotiable on more than one spot. Contact: David     212 573-6000    reichcomm@earthlink.net Bambe  212 490-6500    bambe@earthlink.net      
    Office
    0 Search no more..228 E. 45th St.: Two bright, newly renovated private window offices
    228 East 45th Street New York NY
  • Below Market Sublease in West 38th Street Commercial Loft Sublease, Garment District/Bryant Park
    102 West 38th Street, Partial 8th Floor
    Bright commercial loft located in an upscale "Class B" boutique building. This unit faces 38th Street has wood floors throughout and high ceilings. It contains a private bathroom and is cooled via central air conditioning. The space is configured with a large open area and a corner office.Conveniently located within minutes of Grand Central, Penn Station, Port Authority, Path and most major subway lines.
    Perfect for a showroom (current use), an ad agency, a public relations firm or an architectural firm.
    This commercial loft measures 1,400 Rentable Square Feet. The asking rent on this sublease is $35 per Square Foot ($4,083 per month).
    The sublease term is until the end of February 2016. Water, sprinkler and guard charges are $200 per month. Electricity is sub-metered.
    The building lobby is attended Monday through Saturday, 7:00AM -8:00PM. There is 24/7 access at other times via a key card system.
    The property is just off Avenue of the Americas and a short walk from from Bryant Square Park.
    Call Alan Rosinsky at (212) 447-5403 for further information.
    Office
    5600 Commercial Loft Sublease, Garment District/Bryant Park
    102 West 38th Street New York NY
    • Office
    • 1,748 Sq. Ft.
    • $6,264 / month
    • Battery Place South
    • Downtown / Financial District
  •  in Battery Place South Battery Place South (Financial District) Sublease 2 private offices, open area, conference room.  Partial 13th floor. Good light. Term thru May 2015. Call Alan Rosinsky at (212) 447-5403 to arrange an inspection. Office
    6264 Battery Place South (Financial District) Sublease
    17 Battery Place South New York NY
    • Office
    • 4,840 Sq. Ft.
    • $18,150 / month
    • Maiden Lane
    • Downtown / City Hall/Insurance
  •  in Maiden Lane Below Market Sublet: Maiden Lane Office Space Best value in Lower Manhattan. 4,840 Square Feet, 4th Fl., $26.00 per S.F. ($10,486/month). Low loss factor. Sublet through August 2014. Bright space. Bullpen with 30 cubicles, perimeter offices, conference room, and pantry. Furniture, phone systems can be included. Attended lobby. Call Alan Rosinsky at (212) 447-5403 to for details about this listing. Office
    18150 Below Market Sublet: Maiden Lane Office Space
    75 Maiden Lane New York NY
    • Sublet Space
    • 2,000 Sq. Ft.
    • $9,833 / month
    • Fifth Avenue
    • Midtown / Park Avenue
  •  in Fifth Avenue Gramercy Park Sublease-16th Street

    Beautiful furnished offices. Below market sublease. This space is in move in condition.

    Prestigious Fifth Avenue (16th & 17th St) building in the heart of Gramercy Park/Flatiron District. 24/7 attended lobby. Below average loss factor. Computer network and phone system (furniture available) in place.

    Six offices with conference room & wet pantry. Wood floors, exposed red brick and high end finishes. Three windows face North with good natural light. Interior offices have exposed brick walls and glass panel inserts that create an open spacious feel. Ceiling heights are 11 feet.

    Great for any office intensive usage. Electricity is billed direct from Con Edison. There are no additional charges. For inspection call Alan Rosinsky at 212-447-5403 or email inquiries to

    Office
    9833 Gramercy Park Sublease-16th Street
    87 Fifth Avenue New York NY
  • Office Sublet Midtown Manhattan in East 42nd Street Grand Central Sublease-Above Standard Build Out Opportunity to sublease 2,000 Square Feet of below market office space. Sublet expires April 30th, 2018.  Located in "white glove" building with direct access to Grand Central Terminal. Office intensive build out. Great for accounting or law firm. Four windowed offices, wet pantry, open area for cubicles, and a wet pantry. This Midtown office space was recently built out and is in great condition. Phone systems and furniture are available for new tenant. Cleaning is included in the base rent. Cooling is via tenant controlled HVAC. The magnificent lobby of this Class A landmark skyscraper is magnificent. It is attended 24/7 and visitors must all sign in. Direct access to Grand Central Station via tunnel. Call Alan Rosinsky at (212) 447-5403 for further information. Office
    8000 Grand Central Sublease-Above Standard Build Out
    60 East 42nd Street New York NY 10165

Sublet Manhattan Office Space-A Cost Saving Strategy 

So, you’ll be paying below-market rents, potentially using existing furniture and phones, while  putting up a smaller security deposit. Check, check and check. But, before you sign on the dotted line, we’ve provided a few tips to consider.

4 Tips to Decide if an NYC Sublet Office Space is Right for You:

1.  Sub lessors generally offer office sublet space in “as is” condition. You, as the sub-tenant are usually responsible, at your own cost, for hiring the contractor, filing for permits (if necessary) and paying for improvements.  Usually the sub-lessor offers free rent to help offset the cost of construction.

2. Before signing a sub-lease, review the over-tenant’s financial condition. Ask your broker to request the last two years of their financial statements.  If the over-tenant is financially weak, your security deposit could be at risk.

3. All sub-lease agreements are subject to the landlord’s consent. The landlord usually must notify you within thirty to ninety days if they have approved the sub-tenancy. If you need to move into your new space sooner than that, this may not be the best choice for you.

4. A sublease does not provide you the benefit of establishing a direct relationship with the landlord. That would be useful if you ever want to expand your space within the building or in any of the landlord’s other Manhattan office buildings.

Issues to Consider in an Office Sublet Situation 

Subletting excess NYC office space can be a bit complex since there are typically 3 parties involved (the sub-tenant, the over-tenant and landlord).

As a sub-tenant, while you may benefit from a below-market rate, you have to consider any additional costs as well as being subject to the original lease (over-lease). It’s important to fully understand the details whether you are the sub-tenant or the over-tenant.

As the over-tenant, you may require assistance finding prospective sub-tenants and negotiating the sub-lease terms.  When you need to dispose of excess space Metro Manhattan can market it for you to ensure you sublet it to a credit worthy sub-tenant. We constantly receive inquiries from companies seeking shorter term leases and firms that prefer furnished space.

Metro Manhattan is happy to assist you with locating the right NYC office sublet space or tenants and negotiating favorable terms. We will also help to clarify any of the following issues:

  • Effect of master lease on subtenant
  • Potential costs incurred by subtenant in acquiring their new space.
  • Are there any outstanding payments due to the landlord that need to be paid by you?
  • Does the sublease space meet your needs as a business, in “as is” condition?

 

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