PENN/GARMENT DISTRICT OFFICE SPACE

Lease New York City Office Space Near the Greatest Hub of Subway and Commuter Lines in the City

The Penn/Garment District is in the West 30s of Midtown Manhattan. Class A commercial properties cluster near Penn Station, which serves the Long Island Railroad, New Jersey Transit, and the A, C, E, 1, 2, and 3 subway lines. Nearby, at Sixth Avenue, are seven more subway lines. This combination of subway lines and commuter trains is unmatched elsewhere in the city.

Rent in an Manhattan Commercial Real Estate District That Is Just Getting Better and Better

The first Pennsylvania Station opened in 1910 facing Seventh Avenue between 31^st and 33^rd streets. Shortly thereafter, Manhattan's General Post Office (now known as the Farley Post Office) opened right behind the station, on Eighth Avenue. To the west of the post office are vast train yards built for the New York Central Railroad and now used by the Long Island Railroad. The city plans to deck over these yards (just as the open-air yards north of Grand Central Terminal were decked over in the early 1900s) and create a whole new neighborhood of office buildings and apartment houses. (If New York had succeeded in its bid for the 2012 Olympics, this is where the main stadium would have been built.) Plans also call for the Farley Post Office to be transformed into a beautiful new railroad station to be called Moynihan Station after the late U.S. Senator who lobbied hard for the project.

The current Penn Station is part of a complex that also includes Madison Square Garden, New York's premier arena, home to the New York Knicks and New York Rangers, as well as to concerts and other entertainments. The complex also includes office space for rent while additional office rentals have risen all around the complex.

Find Out How Adaptable Garment District Loft Buildings Can Be

To the north, street after street of brick-faced high-rise loft buildings were built for the garment industry, once New York's largest industry. Today, when most garment manufacturing has moved overseas, these sturdy buildings are being repurposed as NYC office space. The lofts were designed to accommodate manufacturing, showrooms, and offices, and are wonderfully adaptable to all kinds of businesses.

The district has 161 Class B properties with a 4.6% vacancy rate and an average rent of $53.76 per square foot. The 289 Class C properties, among which there is only a 2.8% vacancy rate, have an average rent of $38.99 per square foot. For Class C buildings in Midtown Manhattan, these are the best rents you will find.

Other loft buildings in the neighborhood were built for--and many remain occupied by--the printing industry. Once again, these sturdy buildings have proven highly adaptable. In recent years architectural and design firms have flocked to this area for the suitability of the buildings to their needs and for the Midtown location. The neighborhood is also proving popular with fashion, publishing, and advertising firms.

Enjoy Unsurpassed Shopping in an Area Tended by Two Major Business Improvement Districts

The city's convention hall, Javits Center, is located right in the Penn/Garment District, as are numerous hotels, mainly around Penn Station. Restaurants and stores abound throughout the area, which includes the exciting Herald Square shopping district where you will find Macy's, the beautifully refurbished Herald Square and Greeley Square, Manhattan Mall, and much more in a area brought back to life by two Business Improvement Districts. Several blocks in the district form the commercial center of Manhattan's Korean community, featuring many outstanding restaurants.