NEW YORK CITY - For the first time in more than half a century, the ownership of 60 East 42nd Street is making available the penthouse suite on floors 53-55, complete with a clearstory 30' ceiling on the 55th floor, a wrap-around private rooftop patio and private elevator, announces Brian Waterman, executive vice president of Newmark Knight Frank, the property's managing and leasing agent.
The 31,072-square-foot space comprised the offices of legendary real estate investor and developer Harry B. Helmsley, and is expected to be vacated by Helmsley-Spear (the firm he founded) this month. Ownership will then demolish the premises and deliver possession in the W&H white-box standard in April 2009.
"It is truly a grand space," says Mr. Waterman. "There is tremendous natural light and spectacular, unobstructed views on all four sides. And the private rooftop terrace is an almost unheard-of luxury, especially in the Grand Central area."
Ownership would consider leasing the floors separately, he notes. The individual floor sizes range from approximately 9,500 square feet to 12,000 square feet. The building will host a grand preview broker event in the spring to showcase this spectacular space.
60 East 42nd Street, with 55 stories, is one of the most prestigious addresses in the Grand Central District. It offers direct underground access to Grand Central Terminal, as well as to the 4, 5, 6, 7 and Times Square shuttle subway lines.
The property's recently completed upgrade program, totaling $85 million, includes new windows throughout the building; newer, faster elevators; new elevator cabs with marble interiors; renovated air-conditioned public corridors and bathrooms, and upgraded building-wide systems. The building also features a tenant conference center, messenger center and a law library.
Part of the W&H Properties portfolio, 60 East 42nd Street is owned by Lincoln Building Associates, L.L.C., a partnership led by Peter L. Malkin and Anthony E. Malkin. "The building has been under the same solid ownership for over half a century, which gives it the financial stability that is one of its most attractive features," says Mr. Waterman.
Available space at 60 East 42nd Street ranges from partial floors of 1,200 to 8,000 square feet to full floors of 9,500 to 47,589 square feet. Retail opportunities are available in the lobby arcade, with spaces ranging from 244 to 728 square feet.
Broker commissions are paid in full at lease signing.
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