Posted Nov 6, 2012, 11:20 PM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,919
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Meanwhile, the building continues to make progress in status with upgrades...
http://commercialobserver.com/2012/1...third-of-size/
Empire State Building Tenant Roster Cut to Third of Size Since 2006: Malkin
By Stephen Kleege
November 6, 2012
Quote:
The Empire State Building is becoming a more exclusive address.
The tenant roster in the iconic 81-year-old skyscraper has been cut to 171 companies from more than 600 in 2006, before Malkin Holdings took over supervision of the property. The average rent has increased to $42.10 a square foot from about $26. The building, which is among the few notable commercial assets in Murray Hill, is approximately 20 percent vacant, partly because Malkin is keeping space off the market as it looks to assemble offices suited to larger users.
The tower is in the midst of a $550 million modernization, including restoration of the Art Deco lobby and ceiling, new elevators, improvements to the mechanical and electrical and security systems and LED exterior lighting. Plans for next year include opening a “white tablecloth” restaurant on the ground floor, as well as tenant-only fitness and conference centers on the concourse level and the 65th floor, respectively, Mr. Malkin said.
“The Empire State Building really is a small neighborhood of its own,” Mr. Malkin said. “You never have to leave the building.”
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“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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