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MURRAY HILL OFFICE SPACE
Enjoy the Advantages of the Grand Central District at Much Lower Cost
When the old Murray farm was subdivided in the mid-19th century, restrictive covenants, later incorporated in the zoning code, ensured that the neighborhood would remain strictly residential. And that's what we think of when we think of Murray Hill: blocks of stately brownstones. But around the edges of the elegant district stand no fewer than 151 office properties. Given the charms of the neighborhood, the prestigious name, the proximity to Grand Central Terminal, the outstanding transportation, and the amenities, it's hard to go wrong with Murray Hill commercial real estate.
The district has only eight Class A properties, with a 5.2% vacancy rate. The average rent is $52.54 per square foot. The 75 Class B properties have a 5.0% vacancy rate, and the average rent of $45.30 per square foot is lower than for Class B properties in the adjacent Grand Central or Penn/Garment districts, though Murray Hill has nearly identical assets. The 69 Class C properties have a 6.0% vacancy rate and an average rent of $34.88 per square foot, which is more than six dollars less than for Class C properties in the Grand Central District.
Murray Hill Featured Properties
The main thoroughfares are Madison Avenue, Park Avenue South, and Lexington Avenue going south to Madison Square. The combination of older office buildings and loft properties proved alluring to many traditional Midtown businesses, including publishing, advertising, and public relations firms, beginning in the 1980s when Midtown rents began to exceed what such businesses could or were willing to afford. While Murray Hill rents have also risen, it is still an excellent alternative to the prime areas of Midtown.
Walk to Work from the Subway, Including the City’s Original Line
Transportation is excellent, as well it should be, given that the city's very first subway line, opened in 1904, ran through Murray Hill beneath Fourth Avenue (now called Park Avenue north of 32nd Street, and Park Avenue South between 14th and 32nd streets). Today's 4 and 5 express trains and 6 local train follow this original route, with stops at 28th, 33rd, and 42nd streets. The Sixth Avenue lines are also within easy walking distance.
Local landmarks include the Empire State Building, which is New York's tallest building, and the dazzlingly expanded and refurbished Morgan Library & Museum, one of the city's cultural jewels. The enormous former B. Altman department store, on Fifth Avenue at 34th Street, has been beautifully adapted to serve the City University Graduate Center, Oxford University Press, and the New York Public Library's outstanding Science, Industry, and Business Library, which many local businesses find a priceless resource.
Enjoy Splendid Amenities Including Excellent Hotels and Restaurants
Important nearby office buildings include 101 Park Avenue, at 40th Street; 3 Park Avenue, at 34th Street; and 2 Park Avenue--a 1920s Art Deco classic--at 32nd Street. The neighborhood is exceptionally well-served by hotels, including both high-fashion hotels (such as Morgans) and hotels intended for business travelers. Shopping, dining, and nightlife options are as abundant as anywhere in Manhattan.
The area is also a thriving residential distict, and many people who live here also work here. It is also blending in with the fashionable Flatiron District to the south.
Corresponding zip codes: 10001 10016 10018 10118